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business HL LC question?

  • 01-06-2012 10:40pm
    #1
    It neny!
    Registered Users, Registered Users 2 Posts: 65 ✭✭


    from the following figures calculate the NET ANNUAL TAKE HOME PAY of mark noonan?


    gross pay: 55,000

    annual tax credits: PAYE: 1,650
    personal: 1,650

    standard tax rate: 20%

    higher tax rate: 41%

    cut-off point: 32,800

    PRSI: 4%

    universal social charge: 7%

    pension deduction: 3,700




    how do u calculate this? thanks in advance!


Comments

  • #2
    PictureFrame
    Registered Users, Registered Users 2 Posts: 3,989 ✭✭✭PictureFrame


    Gross Salary: 55,000

    TAX:
    32,800 @20%= 6,560
    22,200 @ 41%=9102
    Gross Tax= (15,662)

    Less Tax Credits:
    Single Person=1650
    PAYE=1650
    (3,300)

    Tax Payable
    15,662-3,300= 12,362

    USC
    55,000 @ 7%= 3,850

    PRSI55,000 @ 4%= 2,200

    Pension= 3,700


    Total Deductions (Tax + USC + PRSI + Pension) = 22,122

    Net Pay (Annually)

    55,000-22,122

    => 32,888


  • #3
    It neny!
    Registered Users, Registered Users 2 Posts: 65 ✭✭It neny!


    Thank you very much!


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