P60 2004

xabi

I have been running my own business since Feb 2004. During the year i took 30200 in wages from the company. Accountant has just completed my P60 for the year and i thought the tax was slightly high, can someone in the know have a quick look.

Tax credit 500
Standard rate cut off point 24,200
total pay 30200
total tax 6860
PRSI 1510

Does this look right?

Xabi.

Borzoi

xabi wrote:

I Tax credit 500
Standard rate cut off point 24,200
total pay 30200
total tax 6860
PRSI 1510

Does this look right?

Xabi.

He's spot on:
24200 @ 20% = 4840
30200-24200 @ 42% = 2520

Sub total = 7360
less 500 tax credit = 6860 which is what you paid.

Though I have to say that the €500 tax credit seems very small, but perhaps that's because you're self employed and not a PAYE pleb (like me)

Nuttzz

tax credit of 500 seems a bit odd, i would expect it to be higher

I run my own business too
my tax credit is 1989 and standard cut off is 30344

I pay myself more than you do but my tax paid is lower but prsi is higher (as i would expect) it looks like you paid too much paye. fill in your form 12 to get it back

xabi

Is was opperating as a sole trader until 31/01/04 and only worked for the company for 11 months of 2004

Nuttzz

11 months is more or less the full tax year, however i suppose it depends on the first month of 2004 and what your earnings and tax payments for that month were.

Woden

would someone mind taking a look at this for me using some rounded figures for my income last year.

gross income = 10000
tax credits = 2200
tax paid = 500

http://www.oasis.gov.ie/employment/pay_and_employment/how_your_tax_is_calculated.html

according to the above site i tax my gross at 20% = 2000 and then subtract the tax credit = -200

this would indicate that i shouldn't have paid any tax last year is this correct?

and if so can i claim that money back?

cheers

data