How to do your additional income tax??

Clueless2023 · 27-01-2023 11:26AM #1

Would anyone know how one calculates how much tax they should pay on a second income??? I've heard it's 10% of what you make that day, that doesn't seem right. How do you register it also? Thanks

27-01-2023 01:18PM

It will be more like 50+ rather than 10% tax, unless your main income is less than 40,000.

If second income is less than 5,000 register on MyAccount, if more register on ROS.

Apiarist · 27-01-2023 01:34PM

Personally, I buy shares at a discounted price at work (Employee Stock Purchase Plan) and pay the RTSO tax within a month, then I also fill Form 11 online at https://www.ros.ie/ to declare RTSO and any capital gains, as well as to get any additional tax credits. As Tow said above, ROS require a registration.

Geuze · 27-01-2023 03:42PM

https://www.boards.ie/discussion/2058281563/how-to-do-your-additional-income-tax

There are two income tax rates in Ireland: 20% and 40%.

Extra income can be declared in your Form 12 annual income tax return.

27-01-2023 04:52PM

You’d need to declare it using Form 12 though ROS (revenue online services) and calculate it at the appropriate rates. It depends on how much income you have, your tax allowances and so on.

There’s now way you could just say it’s x% per day.

relax carry on · 27-01-2023 08:44PM

Assuming you are talking about non PAYE income and not a second PAYE employment, the below link will assist

https://www.revenue.ie/en/additional-incomes/is-your-extra-income-taxable/index.aspx

Clueless2023 · 30-01-2023 09:50AM

https://www.boards.ie/discussion/comment/120164862#Comment_120164862

Hi there, Yes its definitely below €5000 more like half of that. My main PAYE would be in the €50k region. So you're thinking I'm more than likely have to pay 50%. Crikey ! there has to be a better way :-D

Geuze · 30-01-2023 10:25AM

The SRCOP is 40,000 in 2023.

Any income above 40,000 faces 40% tax, USC and maybe PRSI.

People on below median wages in Ireland face a 48.5% marginal income tax rate.

Crazy, but that seems to be the what people want, as more people are voting for parties that support it.

30-01-2023 11:39AM

https://www.boards.ie/discussion/comment/120176351#Comment_120176351

I don't know of any political parties who 'say' they will reduce the tax rates! The opposition parties all have high spending policies!

How to do your additional income tax??

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