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PRSI and losses

S12b · 2016-02-27 14:23:06

Hi all, Doing some revision for an exam coming up soon and I've come across a contradiction in my materials and I'm hoping somebody here can clarify it as I've found nothing definitive online. Using the following hypothetical numbers: Sch D, case 1 - 80,000 minus 20,000 losses carried forward = 60,000 Sch D, case v -…

27-02-2016 2:23pm

#1

S12b

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Join Date: April 2012

Posts: 1156

Hi all,

Doing some revision for an exam coming up soon and I've come across a contradiction in my materials and I'm hoping somebody here can clarify it as I've found nothing definitive online.

Using the following hypothetical numbers:

Sch D, case 1 - 80,000 minus 20,000 losses carried forward = 60,000
Sch D, case v - 30,000 minus 10,000 legit expenses = 20,000

That gives you a taxable income of 80,000 on which your income tax and USC will be based. My question is, for the purposes of calculating PRSI, must you add back in the 10,000 of losses and calculate it based on 90,000?

I am of the view that you do but manual says otherwise...

Thanks in advance

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Comments

#2 29-02-2016 3:25pm

BOHSBOHS

Registered Users, Registered Users 2 Posts: 711 ✭✭✭

Join Date: July 2005

Posts: 687

income tax on 80k
usc on 80k
prsi on 100k

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