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Unused Holiday Pay

  • 22-10-2021 2:23pm
    #1
    magoo84
    Registered Users, Registered Users 2 Posts: 187 ✭✭


    Hi there,

    I'm leaving my job at the end of this month and have 20 days annual leave unused. My employer will be paying me for them as part of my final paycheck.

    but I'm trying to work out how much tax I'll be paying. My salary is higher than the €33.5K cut off for the 40% tax rate, so I'm assuming the added holiday pay will be taxed at the full 40% with 4.5% USC without any tax credits. This kind of sucks but it was either that or take the month off and have nothing to do!

    Any advice would be helpful, thanks.



Comments

  • #2
    Allinall
    Registered Users, Registered Users 2 Posts: 7,011 ✭✭✭Allinall


    No a lot you can do about the tax.

    Are you starting another job straight away? If not, you will have tax credits to build up and get some of it back in a rebate.

    If you have a pension, you could put some or all of it into it, and save the 40% tax.



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