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Tax question?

  • 12-10-2017 12:43pm
    #1
    2017girl
    Registered Users, Registered Users 2 Posts: 31 ✭


    What does tax basis= cumulative mean?Many thanks


Comments

  • #2
    DubCount
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭DubCount


    2017girl wrote: »
    What does tax basis= cumulative mean?Many thanks

    AFAIK there are 3 basis for tax calculations:
    Emergency - When they have no tax cert for you, and they tax based on formula that Revenue have issued

    Week 1/Month 1 - When your tax credits and High Rate Cut-off point are given on a week to week or month to month basis. If you have a tax credit of €520 for the year, you get €10 per week and this is applied to each weeks salary

    Cumulative. This is the standard way PAYE is calculated. You add up your salary to date and are allowed your year to date tax credits and high rate cut off to date. Again if your annual tax credit is €520 and you are in week 38, you get €380 applied against your year to date salary.

    I know - you are sorry you asked !!


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