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USC query

  • 18-07-2012 12:08pm
    #1
    Dubhlinner
    Registered Users, Registered Users 2 Posts: 456 ✭✭


    Hi

    I just got a job and worked out I'll earn just under 11K between now and the end of december.

    This puts me into the 4% bracket mentioned in the sticky if it was done over the entire year

    on a per annum basis though the salary would put me in the 7% bracket. obviously I'll be paying that for 2013

    So just wondering does anyone know if I'll be charged 4 or 7% for what I earn this year

    thanks


Comments

  • #2
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,702 ✭✭✭✭namenotavailablE


    The USC is calculated on a 'cumulative basis'.

    This basically means that because you started in the middle of the year that you should pay a low rate for the first couple of months of pay (depending on your precise earnings maybe only 2% of pay) but later in the year (say around October/November) the deduction will increase.

    As an example, if you're earning €1900 gross per month from July then you'll pay a total USC of €255 between July and end December, made up of 4 months @ €38 and the last 2 months @ €44 then €59.

    To get a more accurate calculation, download the spreadsheet [best one is Excel 2007 one] linked in my signature below or also at my profile.

    Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm



  • #3
    goldenhoarde
    Registered Users, Registered Users 2 Posts: 863 ✭✭✭goldenhoarde


    Dubhlinner wrote: »
    Hi

    I just got a job and worked out I'll earn just under 11K between now and the end of december.

    This puts me into the 4% bracket mentioned in the sticky if it was done over the entire year

    on a per annum basis though the salary would put me in the 7% bracket. obviously I'll be paying that for 2013

    So just wondering does anyone know if I'll be charged 4 or 7% for what I earn this year

    thanks

    As far as i know its calculated on pay as you can see so as long as you don't go over 10,036 its 2% on the next 5g its 4% and the 7% on the rest!

    2011 2012
    2% - on the first €10,036 2% - on the first €10,036
    4% - on the next €5,980 4% - on the next €5,980
    7% - on the balance 7% - on the balance

    taken form http://www.revenue.ie/en/tax/usc/index.html


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