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PRSI and losses

  • 27-02-2016 03:23PM
    #1
    Registered Users, Registered Users 2 Posts: 1,166 ✭✭✭


    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


Comments

  • Registered Users, Registered Users 2 Posts: 713 ✭✭✭BOHSBOHS


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


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