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Sole trader income tax

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  • 14-02-2023 9:30am
    #1
    soirish
    Registered Users Posts: 713 ✭✭✭


    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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    #2
    Gloomtastic!
    Registered Users Posts: 8,369 ✭✭✭Gloomtastic!


    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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