Overtime

Seanachai

I'm paid monthly and I did two extra days this month that are paid at an OT rate, will this money be taxed at the higher rate?

P.S. I should have said I'm earning below €30k

Calahonda52

Don't think so
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx

dennyk

There aren't different tax rates for different types of PAYE income; it's all taxed at your same marginal rate depending on how much total income you have. If your total income with this overtime pay still puts you in the 20% tax rate band for the year, then that's what you'll pay.

namenotavailablE

Here is a list of Irish income tax calculators:

My macro enabled Excel spreadsheet (Windows only and needs Excel 2010 or newer to work): http://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

Other calculators
Karl Grabe's web app is good for a quick calculation: http://taxcalc.eu
Hookhead's calculator is at http://www.virtualaccountant.ie/Tools/tax2019.jsp
Deloittes: http://services.deloitte.ie/tc/
Taxcalc.ie: http://taxcalc.ie/budget-2019/

thegolfer

Let's assume you are paid monthly.

If on a monthly basis you exceed the lower thresholds, and credit's, which are split out monthly, the pay may be taxed at the higher rate.

However, at the end of the year, and following a review, you are still within the lower taxbands, you will get a refund.

Employers are obliged to operate payroll as provided for by Revenue.

Assuming you are on 30k, then you'd most likely not pay tax for the full year at the higher rate.

Seanachai

thegolfer wrote: »

Let's assume you are paid monthly.

If on a monthly basis you exceed the lower thresholds, and credit's, which are split out monthly, the pay may be taxed at the higher rate.

However, at the end of the year, and following a review, you are still within the lower taxbands, you will get a refund.

Employers are obliged to operate payroll as provided for by Revenue.

Assuming you are on 30k, then you'd most likely not pay tax for the full year at the higher rate.

I got the overtime and it was all taken away with tax, it was a little over €300. I thought it would be taxed at 20%?

Edit: I misread the payslip, they didn't pay it in at all