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Tax implications

  • 29-08-2022 9:24am
    #1
    cityboyjim
    Registered Users, Registered Users 2 Posts: 128 ✭✭


    Hi .I am now about to be made redundant for the second time in five years .There are talks of six weeks per year of service .I have four years service with my current employer .I understand I am liable for tax due to the fact I got redundancy before five years ago.What I recieved was under 10 k.Would anybody have an idea what percentage tax I will be liable for .Thanks fo reading .



Comments

  • #2
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    Taxation of redundancy payments isn't quite that simple; see this Citizens Information page for details.

    You may still be eligible for an exemption on some of your redundancy payment.

    Any amount that is not tax-exempt will be taxed as normal income, so the tax you'll end up paying in the end will depend on your income for the entire year, including any taxable portion of your redundancy payment.



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