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Sole trader income tax

soirish · 2023-02-14 08:30:35

For a sole trader with forecasted net income of €10,000 per year what is the amount owed for income tax, PRSI and USC? Is the calculation below correct: €2,000 + €500 + €50? Income Tax – 20% (up to €34,550) and 40% (for income above €34,550); €10,000 * 20% = €2,000 PRSI – 4% on all income or €500 whichever is the greater;…

14-02-2023 8:30am

#1

soirish

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For a sole trader with forecasted net income of €10,000 per year what is the amount owed for income tax, PRSI and USC? Is the calculation below correct: €2,000 + €500 + €50?
Income Tax – 20% (up to €34,550) and 40% (for income above €34,550); €10,000 * 20% = €2,000
PRSI – 4% on all income or €500 whichever is the greater; €500
USC – .5%, 2%, 4.75%, 8% and 11% depending on the income levels (11% applies over €100,000; €10,000 * 0.5% = €50

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Comments

#2 15-02-2023 10:09pm

Gloomtastic!

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If you have no other income then if you take your tax free allowance in account, I would assume you would be paying a lot less than that.

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