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Income Tax Calculation

  • 26-03-2013 4:09pm
    #1
    maria_81
    Banned (with Prison Access) Posts: 56 ✭✭


    Hi All,

    I am paying income tax (very late).

    Can someone confirm if following is correct?

    I am a sole trader.

    Total wage taken for the year: €16,100

    Income Tax

    Not sure how to calculate this?

    Universal Social Charge

    Wages €16,100

    2% on 1st €10,036 = € 200.72
    4% on next € 5,980 = € 239.20
    7% on balance (€84)
    Total = €445.80

    PRSI

    4% of total or €253 (whichever is greater).

    Total = €644

    Would be grateful if someone could confirm that PRSI and USC are correct and how to calculate income tax?

    Thanks
    Maria


Comments

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


    Income tax (and USC) are paid on your profit for the year. That doesn't necessarily bear any relationship to how much you drew out of the business.

    You probably need some help in working out those profits.


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