Tax Calculation Thread

CIARAN_BOYLE

Blitz17 wrote: »

Just a quick question, Was looking at my payslip earlier and noticed my SRCOP was 637.52 instead of 650.

With a little digging I found my tax credit and tax band have been decreased due to Jobseeker Benefit.

I finished a job in January, claimed for 3 weeks and signed off as I picked up another job then.

Anyone be able to give some info on this? Does it stay like that for the year or what?

Thanks

Normal SRCOP 650*52=33800
Your SRCOP 637.52*52=33151.04
Difference 648.96 which should be what you received in job seekers.

MB Motors

Hi lads as in topic, i am sick of tax here is the story : i started work in January i gave my p45 from last employee to new company and also tax credit cert from 2015 with the figures :

Gross tax credits : 3300
Tax credit reduced by JB : 2845
All income over 31,525.00 @ 40%

Tax credits : Y : 2845 M : 237.09

As i am on monthly payment my first salary was on last day of January with the figures : \

gross pay 2160

Paye : 194.91
Prsi 86.40
Usc 62,16

Total ded 343.47

Pay 1816.53

Cumulative details :

Gross pay 2160
non tax ded
taxable pay 2160
tax credit 237.09
Std cut off 2627.09
Tax pay 194.91

Pay period 28/01

February pay :

gross pay 2556

Paye : 274,11
Prsi 102,24
Usc 83,95

Total ded 460,30

Pay 2095,70

Cumulative details :

Gross pay 4716
non tax ded
taxable pay 4716
tax credit 474,18
Std cut off 5254,18
Tax pay 469,02

Pay period 25/02

After this pay slip i discover that i am paying too much and my tax credit was from 2015 !

i apply to revenue for new tax credit for 2016. And i got it with figures :

Gross tax credits : 3300

All income over 33,800 @ 40%

Tax credits : Y : 2845 M : 275

so standart for single person dated on 19.02

So i forwarded it to my accountant and ive been told that i am gonna get tax refund in this month. And my tax credit will be updated in ( March ) Payment

March Payment :

gross pay 2925

Paye : 347,91
Prsi 117
Usc 104,23

Total ded 569,14

Pay 2355,86

Cumulative details :

Gross pay 7641
non tax ded
taxable pay 7641
tax credit 711,27
Std cut off 7881,21
Tax pay 816,93

Pay period 31/03

After this payment on the pay slip my tax credit was still old 237.09 instead of 275 so i went to acc again to ask him whats the story with my refund etc...

so i got new pay slip after 4 days and cheq for 120.55e

New Pay slip figures : -

gross pay 2925

Paye : 234,18
Prsi 117,00
Usc 97,41

Total ded 448,59

Pay 2476,14

Cumulative details :

Gross pay 7641
non tax ded
taxable pay 7641
tax credit 825
Std cut off 8450,01
Tax pay 703,20

and now i have 275 tax credit on payslip.

Pay period 31/03

so after all i got 120.55e return and i think is still wrong as i should get more..i am on a cummulative tax. Any help ???? Please as i am sick of it...

allthedoyles

As a single person your March payslip is correct

Meesared

Hey everyone, started a new job recently, and I'm getting taxed a lot more this month than before, even though I only earned €50 over the previous months. These are the details;

Gross pay: 1903.38
PAYE 233.42
PRSI 76.14
USC 82.23

Previous month:
Gross Pay: 1853.38
PAYE 101.51
PRSI 74.14
USC 43.02

I don't really understand why there is an extra €170 taken out of my pay for only another €50 being added to my gross

Can anyone help me out?

CIARAN_BOYLE

Meesared wrote: »

Hey everyone, started a new job recently, and I'm getting taxed a lot more this month than before, even though I only earned €50 over the previous months. These are the details;

Gross pay: 1903.38
PAYE 233.42
PRSI 76.14
USC 82.23

Previous month:
Gross Pay: 1853.38
PAYE 101.51
PRSI 74.14
USC 43.02

I don't really understand why there is an extra €170 taken out of my pay for only another €50 being added to my gross

Can anyone help me out?

Was there a period of unemployment before you started your new job?

What was your pay for the rest of the year.

What is your tax credits and cut off point.

Meesared

CIARAN_BOYLE wrote: »

Was there a period of unemployment before you started your new job?

What was your pay for the rest of the year.

What is your tax credits and cut off point.

No there was no unemployment.

My tax credits are €3,351.50

Standard rate cut off point is 33,800.00

Gross pay to date this year is €6660.93

CIARAN_BOYLE

Meesared wrote: »

No there was no unemployment.

My tax credits are €3,351.50

Standard rate cut off point is 33,800.00

Gross pay to date this year is €6660.93

If thats your pay to date (3 months) I would estimate PAYE to date should be €482.44 and USC should be €386.26.

No idea why its fluctuating month by month.

Meesared

To date im at €595.50 PAYE and USC at €235.39

My pay fluctuates a bit month to month, due to overtime and bonuses and stuff, and I'd expect my tax to change a bit with it, but €170 from one month to the next, seems like a lot. Also a total deductions (all tax) of €391.79 on a pay cheque of 1900 seems high (maybe its just the change from last month is throwing me)

MB Motors

allthedoyles wrote: »

As a single person your March payslip is correct

e i c see it but whats happen with all the tax that i overpay in previous months ? and march as on 2 payslips for march there is over 100e diffeence in tax so where this money go ?

boxy_80

hey...

I have some questions about taxation on married couples.

I got married in Feb last year. My husband at the time was PhD student and getting paid some stipend. However, he stopped getting paid from September last year. So from Sept last year, I am the sole earner.

How can I get tax relief for a dependent or if there is any way to pay less tax?

I called the tax office and they sent the Assessable spouse/ Nominated Civil partner Election form. I do not know how to fill it up and how can it help us?

Thanks

allthedoyles

boxy_80 wrote: »

hey...

I have some questions about taxation on married couples.

I got married in Feb last year. My husband at the time was PhD student and getting paid some stipend. However, he stopped getting paid from September last year. So from Sept last year, I am the sole earner.

How can I get tax relief for a dependent or if there is any way to pay less tax?

I called the tax office and they sent the Assessable spouse/ Nominated Civil partner Election form. I do not know how to fill it up and how can it help us?

Thanks

I would'nt bother with that form now - Its mainly for sorting out the current tax year you are in.

So best at this stage to ask for a balancing statement for 2015 , outlining your circumstances in that year and ask the tax office to calculate on the basis of whichever method of assessment is most beneficial to you .

taxclueless

Howya,

I started a new job recently, and I can't for the life of me work out how my tax is going to work for the lump sum that I'm getting as part of the deal.

I was given a starting salary of €36,000 which I think puts me into the higher tax bracket, but I'll be getting a lump sum this month of €4,000 as a sign on bonus. Can anyone tell me how much of that lump sum I'll actually see? Will it be taxed at 40% and thus I'll only see about 2 grand, or what's the story?

P_1

Hi Everyone, just a quick one. My annual gross pay is comfortably below the standard rate cut off for being taxed at 40%. This month I'll be doing a bit of overtime that will take my monthly gross above the cut off. Will I be able claim that back in a P21 next year as my annual gross pay will still be below the cut off, or indeed will it even be taxed at the 40% as my cumulative gross pay so far this year will be below the cumulative cut off?

Thanks

CIARAN_BOYLE

P_1 wrote: »

Hi Everyone, just a quick one. My annual gross pay is comfortably below the standard rate cut off for being taxed at 40%. This month I'll be doing a bit of overtime that will take my monthly gross above the cut off. Will I be able claim that back in a P21 next year as my annual gross pay will still be below the cut off, or indeed will it even be taxed at the 40% as my cumulative gross pay so far this year will be below the cumulative cut off?

Thanks

On your payslip there should be a note called Taxation basis. It should say normal or cumulative. If it does if your gross pay for the year is below the cumulative cut off point you will never be taxed at 40%. If you are taxed at 40% you should get a higher than normal net salary the following month to make up for it.

Spirogyra

Hi im wondering what the taxtation on the sale of shares is ? Is it 30% of any profits ,less the cost of sale,with the first 1000e exempt?. I've both green REIT and boi shares. The former in profit, the later in significant loss. I want out of shares. Thanks s

Blizzard

Hi, Just wondering if anyone can advise on this as I can't find a calculator to figure out the tax that would be paid out on a take-home hourly wage. I was offered a job whereby the minimum amount I will make is €15 to me - meaning that the tax, prsi, usc will already be taken out and I will be left with €15. Is there a calculator or can someone advise what the gross hourly rate would be on that wage. I'm married & my partner works too. Any advice/help? Thanks.

DmanDmythDledge

Blizzard wrote: »

Hi, Just wondering if anyone can advise on this as I can't find a calculator to figure out the tax that would be paid out on a take-home hourly wage. I was offered a job whereby the minimum amount I will make is €15 to me - meaning that the tax, prsi, usc will already be taken out and I will be left with €15. Is there a calculator or can someone advise what the gross hourly rate would be on that wage. I'm married & my partner works too. Any advice/help? Thanks.

That's difficult question to answer without a lot more information. I would also be wary about any employer agreeing to that (would be stupid as well from their point of view). It would all be dependent on your annual takings as well (and weekly as well for PRSI).

There's a number of variables that will effect the above, for example if your partner stopped working or if their annual earnings were to reduce then so would your gross pay if you are agreeing a fixed net pay. Why would you come to an arrangement that could you see lose out in the future?

What I would advice is to work out what the gross rate should be in order for you to achieve a take home rate of €15 per hour and agree a gross rate rather than a net rate.

A few bits of information needed:

• What is your partner's annual earnings?
• How many hours a week/year will you be working?
• Are you jointly assessed for tax purposes (credits, rate bands, etc)?
• Who is the assessable spouse?

That might be enough information to help you but more information may be required to answer your query accurately.

Blizzard

Thanks for your reply DmanDmythDledge; I couldn't fathom how to work it out to get that amount paid out to me. I also agree that in my best interests and the employers it would be better to just agree on a set gross rate. Thank you for all the other info you listed, much appreciated.

Vorsprung

Hi guys, finding the tax relief on 3rd level courses confusing. Would there be any tax relief allowable for a part time student attending a public college, paying fees of €2250 for a one year course? Many thanks!

CIARAN_BOYLE

Vorsprung wrote: »

Hi guys, finding the tax relief on 3rd level courses confusing. Would there be any tax relief allowable for a part time student attending a public college, paying fees of €2250 for a one year course? Many thanks!

depends on the course, the college and whether the student had paid any tax during the period.

gavmcg92

Vorsprung wrote: »

Hi guys, finding the tax relief on 3rd level courses confusing. Would there be any tax relief allowable for a part time student attending a public college, paying fees of €2250 for a one year course? Many thanks!

Thanks for pointing this out. Will be doing a part time postgraduate course next year and had no idea about tax relief being available.

martyjenkins

Hi does anyone know how to calculate unused standard rate cut off. I've been working part-time and am taking up a second job. I'm leaving all my tax credits with first job but haven''t been using all my cut off. what does this mean for calculating new tax. Thanks in advance

relax carry on

martyjenkins wrote: »

Hi does anyone know how to calculate unused standard rate cut off. I've been working part-time and am taking up a second job. I'm leaving all my tax credits with first job but haven''t been using all my cut off. what does this mean for calculating new tax. Thanks in advance

Assuming you are single, your standard rate cut off is 33800 for the year. That assumes your rate band hasn't been reduced by any other taxed income such as jobseekers benefit. How much are are likely to earn in your present job for 2016 and how much are you likely to earn in your new job for 2016?

seachto7

Hi guys, a simple request.

I am doing my taxes for 2015, and overall, I only made a few grand and have some expenses.

So, I have 2 figures, what I made, and expenses.

I got my reminder payslip in the last few weeks, so hope to submit it.

I do not know what to put in the income tax column balancing amount 2015.

My preliminary tax for 2016 will be low too, so I can put in a similar amount to 2015.

Not sure, in my situation, if it's worth paying someone to do it. If I did pay someone, can it be done per hour, or do people usually charge a fee?

herro5241

tyokay

Hi,

My basic salary is 30k. I am due a bonus of gross 3k on top of my gross monthly salary of 2.5k this December. Can anyone advise what the likely figure after tax will be?

CIARAN_BOYLE

Yara Lively Gorilla wrote: »

Hi,

My basic salary is 30k. I am due a bonus of gross 3k on top of my gross monthly salary of 2.5k this December. Can anyone advise what the likely figure after tax will be?

You will probably get your normal wages and 69% of your bonus.

Thank you Ciaran

exaisle

CIARAN_BOYLE wrote: »

You will probably get your normal wages and 69% of your bonus.

I calculate it at 71.5%

Income Tax 20%
PRSI 4%
USC 5.5% (7% last year)

CIARAN_BOYLE

exaisle wrote: »

I calculate it at 71.5%

Income Tax 20%
PRSI 4%
USC 5.5% (7% last year)

You are right. I did too many tax returns in early November. Looking back a year.