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P60 - Figuring out final total pay

  • 12-06-2012 10:24am
    #1
    nathan_snake
    Registered Users, Registered Users 2 Posts: 34 ✭


    Hi guys,

    Sorry if this is a bit of a noob post but I'm currently in the process of applying for a college grant and am a bit lost as to my father's P60 form and what his final pay for last year was. It says:

    Total pay - 20000 (Pay from previous employment 12000, pay from current 7500)
    Tax - 23 (is that even possible?)
    Universal Social Charge - 260
    PRSI - 150
    Tax Credit - 5000

    It's mainly the tax figure that's throwing me off, especially since the tax credit is 5K, but mind you I seem to have forgotten everything from my economics and business classes in school. :P

    Anyone able to help me?

    Thanks in advance.


Comments

  • #2
    Tow
    Registered Users, Registered Users 2 Posts: 9,177 ✭✭✭Tow


    What is the exact wording used by the college?

    The P60 is a document for Revenue and does not include pension contributions your father made via his employer etc.

    20000 - (23+260+150) = his net take home pay.

    Re his Tax: we are still a low tax country and from the basic info given on 20k with a COP of 5000 he should have paid no tax.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    nathan_snake
    Registered Users, Registered Users 2 Posts: 34 ✭nathan_snake


    Ah I see, I appreciate all the info, thanks.

    What do you mean about the wording of the college? It's just the authority that I have to apply to needs to know exact income of my household but perhaps I ought to wait until the P21 comes to see if it's a bit more clear. Thanks though!


  • #4
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    If you are applying for college grant , you need to do so online at SUSI

    Get your fathers P21 and of course one for yourself if you had earnings in 2011 .

    Check in case you father also had other income in 2011 like Social Welfare , as you will need a statement from SW if so .

    Your father is more than likely due refund for all deductions above .


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