Tax Calculation Thread

CPTM

Hi All,

Wondering if you can help me.

I've always relied on the PWC/Deloitte type calculators to calculate my total taxation and take home pay with each bump in salary I've received over the years. They have been largely correct with only the odd euro missing here and there.

I've just moved jobs, with a 10K bump to 60K euros gross, and this time the calculators over-estimated my take home pay by about 200 euro. They estimated I would take home 3,423, whereas my new company calculated 3,247 euros net.

After investigation, I saw that the calculators (and my previous company) were giving me a tax credit of 3,300, whereas since the move that has dropped to 1,650.

I've no complications (No bonus, pension, wife, kids, dependencies, other incomes). One BIK I have is Healthcare but this is something I've always had. I've been scratching my head all day and still can't figure it out.

If anyone could help me understand where the other half of my tax credit has gone, it would be greatly appreciated.

Citizenpain

Sounds like you are on emergency tax . If you have your new employer a p45 it should be resolved quickly enough. You only move in 2017 ?

CPTM

Citizenpain wrote:

Sounds like you are on emergency tax . If you have your new employer a p45 it should be resolved quickly enough. You only move in 2017 ?

Thanks for the response - I moved in November, but my first pay check in december was a combination of the month plus 2/3 weeks from when I started so I was expecting that to be inconsistent. This is my second pay check since I started. I've handed in my P-45 nearly straight away so it shouldn't be that.. Are the calculators correct in assigning 3,300 tax credit to me? The revenue website seems to suggest 1,650 for a single person...

relax carry on

CPTM wrote: »

Thanks for the response - I moved in November, but my first pay check in december was a combination of the month plus 2/3 weeks from when I started so I was expecting that to be inconsistent. This is my second pay check since I started. I've handed in my P-45 nearly straight away so it shouldn't be that.. Are the calculators correct in assigning 3,300 tax credit to me? The revenue website seems to suggest 1,650 for a single person...

Its 1650 personal tax credit and a paye tax credit of 1650. What is your tax status on your payslip?

CPTM

relax carry on wrote:

Its 1650 personal tax credit and a paye tax credit of 1650. What is your tax status on your payslip?

Ah ok, this makes sense and shows why I've been getting that all along. I'll check the payslip when I'm back in the office tomorrow. If it's not on the payslip, would that be a question for HR or for Revenue? Thanks very much for helping, I really appreciate it.

relax carry on

CPTM wrote: »

Ah ok, this makes sense and shows why I've been getting that all along. I'll check the payslip when I'm back in the office tomorrow. If it's not on the payslip, would that be a question for HR or for Revenue? Thanks very much for helping, I really appreciate it.

Ask your HR but if you login to your Revenue online account, you'll be able to see if your employment is registered with Revenue and what credits and rate band are allocated to it.

allthedoyles

Plus when you login to your Revenue online account , there is a calculator there which will give you annual summary of paye , prsi and usc deductions .

DmanDmythDledge

Also, if your employer has been paying your health insurance as you have mentioned and you are paying BIK on this, then you should be receiving an additional €200 tax credit for the tax relief at source for medical insurance premiums.

CPTM

Thanks relax carry on, Dman Smyth Dlegend, and All the Doyles.

I'm just trying to get my login to the revenue account sorted. I filled in the details and requested pin by both email and text, but each time the final message that popped up was "Pin has been sent via post, should be with you in 5 days". Still no sign of it. I called but each time there's an 18-20 minutes wait which could be costly on my mobile.

Once I get it sorted I'll put an update here in case anyone else would benefit from the outcome. Thanks very much.

Dman Dmyth Dlegend, I guess that is a letter I request from my employer and send off to revenue at year end? For the BIK claim back I mean?

CPTM

CPTM wrote: »

Thanks relax carry on, Dman Smyth Dlegend, and All the Doyles.

I'm just trying to get my login to the revenue account sorted. I filled in the details and requested pin by both email and text, but each time the final message that popped up was "Pin has been sent via post, should be with you in 5 days". Still no sign of it. I called but each time there's an 18-20 minutes wait which could be costly on my mobile.

Once I get it sorted I'll put an update here in case anyone else would benefit from the outcome. Thanks very much.

Dman Dmyth Dlegend, I guess that is a letter I request from my employer and send off to revenue at year end? For the BIK claim back I mean?

Just wanted to update to close out. I got access to MyAccount eventually, logged on and as suggested on this thread, I was missing a tax credit against my online profile. I just ticked the box for "Personal Tax Credit" and it is now against my profile along with the already existing "Employee Tax Credit".

Thanks again for everyone's quick help on here. Might be worth noting that two other people in my company here were also missing a tax credit since January, so it could be worth checking to make sure it's in order.

fittypiper

Hi , just started a new employment after some time (over 2 yrs) out of work.

I wonder if anyone could break down my take home pay as my new employer is a bit vague and unsure, anyway the basics.

Rate 18.00 per hour

Number of hours 40

Status Married ( single earner )

I am thinking that my TFA is not used up seeing as I have been out of work but I know there are other deductions.

Questions.

Will I be subject to PAYE initially or will all my TFA be used first?

What approx would be my take home pay, initially and then when the PAYE kicks in?

exaisle

fittypiper wrote: »

Hi , just started a new employment after some time (over 2 yrs) out of work.

I wonder if anyone could break down my take home pay as my new employer is a bit vague and unsure, anyway the basics.

Rate 18.00 per hour

Number of hours 40

Status Married ( single earner )

I am thinking that my TFA is not used up seeing as I have been out of work but I know there are other deductions.

Questions.

Will I be subject to PAYE initially or will all my TFA be used first?

What approx would be my take home pay, initially and then when the PAYE kicks in?

Ask your new employer for a payslip. You're entitled to have one on request.

secman

We are on WK 11 next week, so you have 10 weeks of tax credits to use, but what we don't know is what type of SW payment you were receiving as these may be taxable and your tax credits cert issued by revenue would need to be adjusted accordingly.

fittypiper

There won't be a problem in getting the payslip but I only started on Thursday so I am just curious as to what my approx figure will be next week when I have completed my first week. Alternatively I can just wait and see but I would like some kind of idea if possible

fittypiper

Hi Secman, I was on JA .

fittypiper

No answers , I will just have to wait and see for all the good this thread is.

voz es

I have a friend who is a college student (part time), they are single with no dependants. They work two days a week for 100 per a day so take home is 200. How much on top of that 200 would their employer have to pay out?

CIARAN_BOYLE

voz es wrote: »

I have a friend who is a college student (part time), they are single with no dependants. They work two days a week for 100 per a day so take home is 200. How much on top of that 200 would their employer have to pay out?

Ask your friend to see his payslip. We don't have a clue what your friends circumstances are.

Ally Dick

I am a married self employed person who wishes to take the joint tax credits. Are my tax credits €3300 + €950?

seachto7

Hi guys. Maybe not a question for this thread, but I'll lump it in here anyway and see.

I have a full time job, and also some part time work from 2016 where I need to submit a return.

Talking about a few grand only.

Last year, I went to tax assist and they suggested I do it myself as the sum is so low, they'd be charging me at least 300e more or less to do it.

My problem is, I keep submitting it incorrectly! Are there any cheat sheets knocking around on how I could do it myself? I find the Revenue website not the clearest or else I'm just really stupid....

Or, should I just look for a cheap accountant to do it for me...

Geuze

Just fill in a Form 12 online.

http://www.revenue.ie/en/online-services/services/paye-services/file-a-tax-return-form-12-for-paye-customers.aspx

MagicHumanDoll

Hi guys!

I have two jobs - an 11hr contract and a 0hr contract. The 11hr one is not taxed (bar .5% USC) but my 0hr one is at 40%!

I handed in a p45 and have been issued a TCC, yet still seem to be taxed at 40% (PAYE). my tax credits are all on 11hr job but shouldn't be taxed at 40% at all due to low earnings.

Have submitted question to REV online but just looking for some guidance.


Thanks

arleitiss

Why did I get get nearly 50% deduction to taxes?
Wtf.

Stheno

arleitiss wrote: »

Why did I get get nearly 50% deduction to taxes?
Wtf.

You're on emergency tax, contact the Revenue to get your tax details updated and sent to your employer

alias no.9

Quick question... I do a form 11 return for Rental Income.

Over the years I've always used a laptop provided by my employer to maintain any records related to the rental property, rental income and tax return. I'm now finishing up with this employer after a very long time, I'm in the process of disentangling my private data from my work data and frankly I'm at a point where I never want the two to mix again. To this end, I'm purchasing a modest enough laptop to use for any dealings related to the rental property and tax returns. Is the cost of this an allowable expense against tax?

AmberGold

I ran a similar question by my accountant in relation to a printer I was using to correspond with tenants, the answer was no.

Kristopherus

AmberGold wrote: »

I ran a similar question by my accountant in relation to a printer I was using to correspond with tenants, the answer was no.

I think the Accountant is wrong. Mine advises me to keep receipts of everything i buy, down to a flashlight for night use, as I can claim them as business expences. So I have claimed for pc, printer & printing pasper. And Revenue have not raised any issues, thankfully.

Gloomtastic!

Is there a way to pay Revenue in cash?

Got paid a large amount in cash at the weekend and rather than paying huge bank charges for cash thought I could give it to Revenue instead.

DoraExplora

Hi all,
Can you help me clarify how this should be treated. A married couple own a rental property in Ireland 50/50.
One of the partners is non-resident and earns a salary abroad, returning to Ireland but obeying the 183/280 day rule.
To pay tax on the rental property can the spouse register for separate treatment and pay 100% of the liability?

Or does the husband need to appoint the spouse to be the collection agent for his 50% share of the rental income?

TIA

arleitiss

Hi Again,

I logged into my revenue account this morning and it says:
EUR 1650 in Personal Credits and EUR 1650 in Employer Credits.

What does this mean?

Also - where can I see how much I can claim back? (or is it undisclosed until you request claim-back)?