I just received the record of the "fees" which I was paid by the SEC for examining and superintending in 2018. On the 'Gross' income I paid a tax rate of 54.3% (57.4% when you include the PRSI contribution) and on the 'Gross Taxable' I paid a tax rate of 60.6% (64.1% when you include the PRSI contribution). So, I'm coming home with, at best, 42.6% of the money the SEC officially pays me, or 35.9% of the money the SEC officially pays me. Anybody thinking of working for the SEC should do their sums first.
What exactly accounts for the difference in both rates? I surmise much (all?) of it is a pension contribution but if so, it's likely I'll be paying more tax on that at retirement? Which of these two rates most closely reflects my real tax rate when working for the SEC?
Also, I notice that the PRSI info says my PRSI class is "S1", which this article says is a class for 'Self-employed individuals aged between 16 years & 66 with earnings of €5,000 or more per annum must pay Class S PRSI.' So, it seems that we are blessed to get self-employed status without the benefits of tax dodging that marks that sector (a special 'Hello' to every cash-economy loving tradesman I've ever paid). I've received two offers from the SEC to examine so far, but, really, this financial reality is quite insulting to be euphemistic about it (just for the record, the people in the SEC with whom I worked were lovely).