Started new job - calculating tax, prsi, usc etc

oB1

Hi,

So.. i just started a new job; I wasnt working at all in 2013 and started this new job a few weeks ago, in 2014.

Would i be taxed any differently because i have not worked in over a year?

i left work in June 2012 so didnt work at all for the rest of that year and then all of 2013.

I fall under the lower rate band of 20% -- and have 3300 tax credits.

i have calculated my PRSI and USC as 4% of my gross annual salary.. is that correct?

namenotavailablE

Try the spreadsheet linked in my signature- Excel 2007 or higher version needed and allow macros to run.

relax carry on

RobertHopkins wrote: »

Hi,

So.. i just started a new job; I wasnt working at all in 2013 and started this new job a few weeks ago, in 2014.

Would i be taxed any differently because i have not worked in over a year?

i left work in June 2012 so didnt work at all for the rest of that year and then all of 2013.

I fall under the lower rate band of 20% -- and have 3300 tax credits.

i have calculated my PRSI and USC as 4% of my gross annual salary.. is that correct?

What happened last year should have no impact on this tax year. You should be allocated a rate band of 32800 and credits of 3300 as standard in relation to PAYE.
Usc is calculated on at 2, 4 and 7%. PRSI rates are in the links below.

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

http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html

http://www.welfare.ie/en/Pages/1896_Pay-Related-Social-Insurance.aspx

Geuze

RobertHopkins wrote: »

Hi,

So.. i just started a new job; I wasnt working at all in 2013 and started this new job a few weeks ago, in 2014.

Would i be taxed any differently because i have not worked in over a year? = NO.

I fall under the lower rate band of 20% -- and have 3300 tax credits.

Yes, typically most single people have 1650 tax credit + 1650 PAYE tax credit = 3300 in total.

i have calculated my PRSI and USC as 4% of my gross annual salary.. is that correct?

If you earn over 350 approx pw, then PRSI is 4% of wages.

USC has several rates, I don't have time to check it, sorry.

thesimpsons

RobertHopkins wrote: »

Hi,

So.. i just started a new job; I wasnt working at all in 2013 and started this new job a few weeks ago, in 2014.

Would i be taxed any differently because i have not worked in over a year?

i left work in June 2012 so didnt work at all for the rest of that year and then all of 2013.

I fall under the lower rate band of 20% -- and have 3300 tax credits.

i have calculated my PRSI and USC as 4% of my gross annual salary.. is that correct?

you may also be entitled to tax a rebate for unused tax credits from 2012. Ask revenue for a balancing statement for 2012

oB1

namenotavailabl wrote: »

Try the spreadsheet linked in my signature- Excel 2007 or higher version needed and allow macros to run.

relax carry on wrote: »

What happened last year should have no impact on this tax year. You should be allocated a rate band of 32800 and credits of 3300 as standard in relation to PAYE.
Usc is calculated on at 2, 4 and 7%. PRSI rates are in the links below.

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

http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html

http://www.welfare.ie/en/Pages/1896_Pay-Related-Social-Insurance.aspx

Geuze wrote: »

If you earn over 350 approx pw, then PRSI is 4% of wages.

USC has several rates, I don't have time to check it, sorry.

thesimpsons wrote: »

you may also be entitled to tax a rebate for unused tax credits from 2012. Ask revenue for a balancing statement for 2012

Thanks all for the above information, much appreciated.

I found the excel sheets very helpful

R