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Revenue Calculation

  • 18-10-2012 2:41pm
    #1
    Longford Lass
    Closed Accounts Posts: 260 ✭✭


    Hi there.
    Looking for a little help here and would be grateful if anyone can!
    Scenario...
    Net weekly pay e300....how do I figure out how much in total is due to Revenue at the end of the year. ie
    Employer PRSI Employee PRSI PAYE USC
    Single person.
    Tax bracket AL.
    Tax Credit e3300.
    Standard Rate Cut Off Point 32,800
    Thanks a million in advance!!


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Unless your tax credit certificate is wrong, you won't owe anything to Revenue at the year end. That's how the PAYE system is supposed to work.

    Are you actually an employer, and you've agreed to pay someone a net amount of weekly wages?


  • #3
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    nompere wrote: »
    Unless your tax credit certificate is wrong, you won't owe anything to Revenue at the year end. That's how the PAYE system is supposed to work.

    Are you actually an employer, and you've agreed to pay someone a net amount of weekly wages?

    Hi Nompere.
    Thanks so much for taking the time to reply!
    The situation is I'm employed in a small struggling (unfortunately) family run business.
    I'm trying to work out all the outgoings in the hope that the shop is breaking even and this is the only figure I need to complete the exercise.
    So...in essence your question re employer and agreeing to pay someone a net wages is the scenario....
    Your help on this is most appreciated!


  • #4
    douglastubbs
    Users Awaiting Email Confirmation Posts: 69 ✭✭douglastubbs


    Hi,
    This is a fairly accurate calculator -http://www.deloitte.ie/tc/http://www.deloitte.ie/tc/

    Just addon 10.75% for employer PRSI and you should have the total costs.

    Hope it helps


  • #5
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    douglastubbs wrote: »
    Hi,
    This is a fairly accurate calculator -http://www.deloitte.ie/tc/http://www.deloitte.ie/tc/

    Just addon 10.75% for employer PRSI and you should have the total costs.

    Hope it helps

    Would the employer prsi not be in the lower brcket (4.25%) for that sort of wage ?


  • #6
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    Let the confusion begin! Hehe!
    Thanks for input folks....still not too sure how to work out the info I need so any help is appreciated.
    Cheers xx


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  • #7
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    Longford Lass wrote: »
    Let the confusion begin! Hehe!
    Thanks for input folks....still not too sure how to work out the info I need so any help is appreciated.
    Cheers xx

    What's your weekly gross pay ?


  • #8
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    greendom wrote: »
    What's your weekly gross pay ?

    You're having me on now right?!! LOL!!
    See above for all info.


  • #9
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    Longford Lass wrote: »
    You're having me on now right?!! LOL!!
    See above for all info.

    You've said what your net is, not your gross


  • #10
    thomlin
    Closed Accounts Posts: 66 ✭✭thomlin


    Hi LongfordLass,

    Gross Pay for year €16466.00
    Gross PRSI " " €394.48
    Gross USC " " €471.42
    Employer PRSI " " €699.81 (assuming 4.25% as wages is below limit but you will need to confirm with revenue in case some limitation with business)

    HTH


  • #11
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    thomlin wrote: »
    Hi LongfordLass,

    Gross Pay for year €16466.00
    Gross PRSI " " €394.48
    Gross USC " " €471.42
    Employer PRSI " " €699.81 (assuming 4.25% as wages is below limit but you will need to confirm with revenue in case some limitation with business)

    HTH


    A massive thank you for taking the time to work out and reply!
    Am most appreciative of your help.

    Thanks to everyone else for your replies too...


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  • #12
    noeleenred
    Registered Users, Registered Users 2 Posts: 152 ✭✭noeleenred


    Based on a gross pay of €16,466 per year, your gross pay is €316.65 per week which would see your class as A0 not AL and there is no EE PRSI on this class.


  • #13
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    noeleenred wrote: »
    Based on a gross pay of €16,466 per year, your gross pay is €316.65 per week which would see your class as A0 not AL and there is no EE PRSI on this class.

    Hi Noeleenred.
    I was looking at last years P60 and took tax the information off that.
    As salary has decreased since then the class has changed alright. My mistake!
    So...in the above figure I've been given should I now remove the EE PRSI figure would you say??
    Cheers :)


  • #14
    noeleenred
    Registered Users, Registered Users 2 Posts: 152 ✭✭noeleenred


    Based on the above tax credits and SRCO, your annual wages based on €300 net per week is

    Class: A0
    Gross Pay: €16,041.63
    PAYE: €0
    EE PRSI: €0
    USC: €441.63
    Net Pay: €15,600 (52*€300)
    ER PRSI: €681.77

    Total due to the Revenue: €1,123.40


  • #15
    Longford Lass
    Closed Accounts Posts: 260 ✭✭Longford Lass


    noeleenred wrote: »
    Based on the above tax credits and SRCO, your annual wages based on €300 net per week is

    Class: A0
    Gross Pay: €16,041.63
    PAYE: €0
    EE PRSI: €0
    USC: €441.63
    Net Pay: €15,600 (52*€300)
    ER PRSI: €681.77

    Total due to the Revenue: €1,123.40

    Thank you very much.
    Appreciate your help on this.


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