STD Tax Rate Question

Pat201

Hello

I am a single person with no dependants. Just checking my payslip and see that it says after 27848 I am on High rate of tax. Is that correct, i am confused by revenue.ie as seems to says high tax rate kicks in after 36, 800. I have removed some details of total pay with ?? marks .

Taxable Pay ??

27848.25 @Std Rate a. 5569.65

?? @High Rate b. ??

Pat

Xander10

https://www.boards.ie/discussion/2058265201/std-tax-rate-question

Do you receive a second source of income that is being taxed through payroll by reducing tax credits and Standard Rate Band?

Pat201

No second source of Income that i am aware of :)

Xander10

Did you receive any social welfare payment during the year? e.g. llness benefit payment for absence for Covid?

Pat201

No i have worked entire year without any interruptions, no additional income and if i got into MYROS.ie i see that 20% rate should go up to 37131

Socos2

That is the weekly/monthly cumulative total. If you check your previous payslip it should be less and will reach 37131 by year end.

31731/52 = 714.06 per week. 39 weeks so far this year 39* 714.06 = 27848.25

Xander10

https://www.boards.ie/discussion/comment/119675310#Comment_119675310

Have a look at your Tax Credit cert via ROS/MyAccount. That will show what is reducing your credits. If you can't see it in "my Documents" maybe ring the Revenue PAYE helpline?

PS ..did your employer avail of the first Covid measure relief, i.e. the employer wage subsidy scheme ?

Pat201

That is exactly it @Socos2 . Panicked there for a second . Appreciate the help

Xander10

https://www.boards.ie/discussion/comment/119675391#Comment_119675391

Ah, you were looking at the cumulative weekly tax credit to date, not the annual credit.