Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Tax Calculation Thread

2456789

Comments

  • Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    ED E wrote: »
    Hi all,

    Slight discrepancy between my P21 and P60 I'd like to clear up.

    P60 for year end 31st Dec 2013:
    Tax Credit 3010
    P21 for year end 31st Dec 2013:
    1,650.00 Personal Tax Cr
    372.80 PAYE Tax Credit

    As Im a full time student my income is low enough, so are they only applying the necessary proportion of the credits I have for the year, or is the P60 incorrect?

    Filling in the Form12 now and it'd just be handy to know for this time next year as my income will hopefully be a bit higher.

    Thanks,
    ED-E

    Theres a discrepancy of €100 above -

    The PAYE tax credit is normally reduced to balance your P21 .

    Could the paye figure be 272.80 by any chance ?


  • Registered Users, Registered Users 2 Posts: 1,323 ✭✭✭brophs


    Hi,

    This might be a daft question, but in paying Preliminary Tax, can I reduce the payment due by the amount of the PSWT?

    By that I mean say I'm due to pay €10k in Preliminary Tax for 2014. I have just received an F45 for, say, €1k. Do I now reduce my declaration of Preliminary Tax to be paid to €9k or is it only taken account of in my Income Tax return for 2014? I presume the former but just wanted to confirm.

    Ta.


  • Registered Users, Registered Users 2 Posts: 824 ✭✭✭magicmushroom


    Hi all

    I'm looking for some help in calculating a new salary
    I am useless with numbers and all things tax just go over my head! :confused:

    Basically I want to work out how much I will be deducted on a 34k salary and on a 32k salary.

    Am I right that I will be taxed the lower rate of 21% on the first €32,800 and then pay a higher rate of 41% on the rest?

    And what is the % for USC and PRSI?
    I get tax credits of 3300 so 275 per month.

    Would I be better off earning the 32,800 or the 34k due to the higher tax etc I will pay?

    All help appreciated thank you


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    Assuming you're not paying into a pension or VHI etc, not receiving any non-cash benefit in kind here are the figures:

    €32000= net per month of €2172
    €34000= net per month of €2266

    USC is at 7% on the excess over €16016 per year (2% on the first €10036, 4% on the next €5980) and PRSI is at 4%.

    I've uploaded an Excel spreadsheet calculator (see the link in my signature below or in the 'About me' section of my profile) which you can download for such queries.


  • Registered Users Posts: 67 ✭✭kim_possible


    Hi I wasnt sure if I should start a separate thread for this query.

    I am currently working and living in Dublin, paying tax etc on a salary of 50,000 euros.

    I am considering moving home to northern Ireland and commute to Dublin several times per week for work in my current role. Essentially a cross boarder worker.

    If I reside in Northern Ireland and work in Ireland, how will this change my contributions, can anyone clarify?
    TIA


  • Registered Users Posts: 325 ✭✭igorbiscan


    Hey all,
    Just wondering if I took an extra two-three weeks off in the year without pay,what would be the tax effect on a 35k p.a. wage.Thanks in advance.


  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    igorbiscan wrote: »
    Hey all,
    Just wondering if I took an extra two-three weeks off in the year without pay,what would be the tax effect on a 35k p.a. wage.Thanks in advance.

    depends on your circumstances wrt to marriage assessment and the split of tax credits/bands


  • Registered Users Posts: 325 ✭✭igorbiscan


    depends on your circumstances wrt to marriage assessment and the split of tax credits/bands

    I'm not married,in long term relationship,have joint mortgage on a house.Don't know if that makes any diff.
    Thanks Ciaran.


  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Taking some unpaid leave will result in some form of refund. The unpaid leave will reduce the amount you pay at 41% over the course of the year.


  • Advertisement
  • Registered Users Posts: 8 chelseaj


    Completely confused.. Sal is currently 33k paid weekly and paid door to door so accumulate a fair bit of overtime no less than 10hr per week..
    Put payslips seem all over the place - take last week I had done 13 hours in over time but came out with around same if I had done 10 two weeks ago.. and this week done 12 and came out Wi less than ever before


  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    chelseaj wrote: »
    Completely confused.. Sal is currently 33k paid weekly and paid door to door so accumulate a fair bit of overtime no less than 10hr per week..
    Put payslips seem all over the place - take last week I had done 13 hours in over time but came out with around same if I had done 10 two weeks ago.. and this week done 12 and came out Wi less than ever before

    Very vague here put up a few paywlips or give detailed figures and I will have a look.


  • Registered Users, Registered Users 2 Posts: 863 ✭✭✭boardzz


    chelseaj wrote: »
    Completely confused.. Sal is currently 33k paid weekly and paid door to door so accumulate a fair bit of overtime no less than 10hr per week..
    Put payslips seem all over the place - take last week I had done 13 hours in over time but came out with around same if I had done 10 two weeks ago.. and this week done 12 and came out Wi less than ever before

    The overtime hours are bringing your tax bracket into the higher rate. Majority of your overtime is being taxed at nearly 50% so your only getting half. The difference between 10 hrs and 13 hrs will only equate to 1.5 hrs pay.


  • Registered Users Posts: 9 boxy_80


    My salary per month is 1956. The gross pay after pre tax deduction is 1898.

    Employee PRSI- 78
    USC - 39
    Pre tax deduction- 58

    Net pay-1779.

    Annual Cut -ff- 32,800
    Annual tax credit - 3300

    But under tax section in my payslip, it says- 0

    Why so? Could someone please explain it?

    Thanks


  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    Were you working all this year? Same gross every month ?


  • Registered Users Posts: 9 boxy_80


    I started in May 2014. Before this job, I worked last in June- Dec 2012.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    you have unused tax credits from the months in 2014 you were not working I'd say - which means no paye tax this year for you


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    You can download my Excel spreadsheet [2007 and higher] @ http://taxcalc.eu/monthlyss to run the figures through.


  • Registered Users, Registered Users 2 Posts: 43 IntoYourSister


    I’m wondering if someone can help explain my salary payslip to me.

    My payslip is as follows:

    Monthly Salary (€65k / 12) €5,416.67

    PAYE Tax Paid (€2,109.79)
    PRSI (4% of €5,416.67) (€216.67)
    USC (€379.17)
    My 5% pension contribution (€270.83)

    Take home pay €2,440.21

    Personal Info
    I’m on an annual salary of €65k. I make a pension contribution of 5% and my employer makes contributions of 8%.

    So, my specific question is how is my PAYE calculated?

    My understanding of how this is calculated is as follows:
    Standard Rate of Tax €32,800 @ 20% = €6,560. Per month = €546.67
    Higher rate of Tax: (€65,000 - €32,800) / 12 = €2,683.33 per month. Less 5% pension contribution (€270.83) = €2,412.50 Taxable Pay @ 41% = €989.12
    This gives a gross tax of €1,535.79 per month.

    Offset my PAYE tax credit (€1,650/12) €137.50. This means my PAYE tax paid per month should be €1,398. Why is my tax paid €2.1k?

    Also ,my USC doesn’t stack up. Can someone please explain how the €379.17 is calculated?

    Thanks and much appreciate any help on this.


  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    Have you transferred your Personal Tax Credit to your spouse? Did you transfer some of your lower tax band as well?


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    If you have your certificate of tax credits and rate band values someone here can check. The USC appears to be high but there could be a reason for that. On the basis of your 1650 tax credit, your PAYE also seems high. The key thing is to be absolutely certain of your tax credits and rate bands/ cut-off rates.

    Alternatively, try my Excel calculator available for download from the address indicated in my signature (Excel 2007 and higher, PC only- it apparently crashes on a Mac)


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 863 ✭✭✭boardzz


    If your a single person with no kids etc. then you should be taking home. 3,346
    Gross tax 1,525.75
    prsi 216.67
    usc 322.42
    pension 270.83


  • Closed Accounts Posts: 4,221 ✭✭✭A_Sober_Paddy


    If you have your certificate of tax credits and rate band values someone here can check. The USC appears to be high but there could be a reason for that. On the basis of your 1650 tax credit, your PAYE also seems high. The key thing is to be absolutely certain of your tax credits and rate bands/ cut-off rates.

    Alternatively, try my Excel calculator available for download from the address indicated in my signature (Excel 2007 and higher, PC only- it apparently crashes on a Mac)

    It doesn't work for me on Windows...Message is "Unreadable content"...

    I have macros enabled


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    Thanks for the notification. I will re-upload it tomorrow- hope it's OK then.

    EDIT: I've upoaded it once more- it seems to open fine but if an error persists please notify me here. You might include your version of Excel as part of any such notification (the current upload was tested in Excel 2013- I think it works in versions from Excel 2007 and upwards)


  • Registered Users, Registered Users 2 Posts: 145 ✭✭CapriSunFun


    Would someone be able to help me please;

    I got a pay increase last month from 20,000€ per annum to 22,000€, except my employer forgot to increase my monthly salary this month so I only got my €1481.77 into my account. My employer then said he paid me an additional salary of €111.00 allowing 33.3% for taxation etc. So in total now I will get €1592.77. although on a tax calculator it says my monthly net pay should be €1,597.00. Is this just a rough estimate or should I be getting that extra €4.23? please don't think i'm being petty, its not really about the €4.23 I just want to understand my new pay!
    also, why is it 33.3% tax and not 20%?

    Thank you!


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    Perhaps the payment of €111 is just an estimated short term fix to make up for the temporary error?
    My spreadsheet (http://taxcalc.eu/monthlyss) suggests a revised pay of €1596.77 assuming that you're a single person with standard tax credits (and it agrees with your prior calculation of €1481.77).

    I suggest that you talk with your employer to see what the story is regarding your revised pay going forward and how any shortfall from this first revised month will be sorted.


  • Registered Users, Registered Users 2 Posts: 145 ✭✭CapriSunFun


    Hmm... my employer said €111 after tax so I think he believes this is the correct net. He said he taxed me 33.3% is this correct? why is it not 20%?


  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    remenber PRSI & USD would be on top of the 20% - namenotavailabl is prob correct in that its just an estimate and will wash out next pay period


  • Registered Users Posts: 4 jimmy2legs


    Hi,

    I am filing my first self assessed tax return and have a few questions if anyone out there can help?

    Firstly i am a yoga instructor and travel to the same studios every week and invoice per class.

    I am wondering if i can count my training as an expense? It was incurred prior to me trading but was a necessary expense in order for me to trade.

    Also can i include fuel, travel and substinence as expenses or would the studios be viewed as my normal place of work?

    Any help would be great!

    Thanks


  • Registered Users Posts: 1,152 ✭✭✭PEACEBROTHER


    Hi all ,

    Appreciate any help anybody can give .

    I'm in full-time work for last 9 years with same company

    I'm a father to a newborn daughter and am taking parental leave in November for 3 weeks .

    Now I know I wont be getting paid from work and I assumed I wouldn't be getting anything at all but people at work have told me Ill be getting some sort of payment each week ?

    Does anybody know what / if any payment ill be getting ?
    And will this affect my take home pay when im back at work full-time ?


  • Registered Users Posts: 32 SSMorg


    Not sure this the correct thread apologies if I am pulling anyone off topic but I want to give my sister €25,000 gift, will she be taxed on this & how much. I think I read somewhere you can give a relative a once off €10,000 gift is this true, Thanks.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    SSMorg wrote: »
    Not sure this the correct thread apologies if I am pulling anyone off topic but I want to give my sister €25,000 gift, will she be taxed on this & how much. I think I read somewhere you can give a relative a once off €10,000 gift is this true, Thanks.

    Possibly, it depends on what other gifts she has received in her life time


  • Registered Users, Registered Users 2 Posts: 6,336 ✭✭✭alias no.9


    Should the replacement of a waterpump in a rented apartment be considered an Expense to be accounted for in the year it is incurred on the basis that it's a repair to the plumbing system or depreciated for Wear and Tear over 8 years?


  • Registered Users, Registered Users 2 Posts: 90 ✭✭Gard1


    alias no.9 wrote: »
    Should the replacement of a waterpump in a rented apartment be considered an Expense to be accounted for in the year it is incurred on the basis that it's a repair to the plumbing system or depreciated for Wear and Tear over 8 years?

    Replacing an existing waterpump is written off in full

    If you were installing a new pump for the first time then you would write off over the 8 years


  • Registered Users, Registered Users 2 Posts: 255 ✭✭Daniogroove


    hi,

    So I'm looking for a little help on taxation from the employer end. Mainly I want to know how much an employer will end up paying in prsi etc for an employee in the A1 tax bracket..
    So to make it easier call it 550 p/w gross. What would an employer have to pay in total? I know PRSI is 10.75% but I don't want to overlook any taxes/levys.

    Thanks


  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    10.75% -thats it based on the above


  • Registered Users, Registered Users 2 Posts: 255 ✭✭Daniogroove


    10.75% -thats it based on the above

    Is that all?
    There's no other employer usc or anything like that?
    Thanks


  • Registered Users, Registered Users 2 Posts: 1,977 ✭✭✭Citizenpain


    Nothing tax related , unless you are paying their med insurance .. You pay vhi or laya net of the trs but pay the trs to revenue later


  • Registered Users Posts: 117 ✭✭Biloxi Blues


    I looked at my tax form on the Revenue online service and it has me marked down as "ineligible" for rent relief on private rented accomodation. Now I have been living and paying rent in the same house since 2005 so cannot understand how this has happened. I know they are phasing it out but I meet the criteria have been living and paying rent there continuously since before December 2010 since they started the phase-out. Did this happen to anybody else and what is the best way to reclaim it?


  • Registered Users, Registered Users 2 Posts: 255 ✭✭Daniogroove


    I looked at my tax form on the Revenue online service and it has me marked down as "ineligible" for rent relief on private rented accomodation. Now I have been living and paying rent in the same house since 2005 so cannot understand how this has happened. I know they are phasing it out but I meet the criteria have been living and paying rent there continuously since before December 2010 since they started the phase-out. Did this happen to anybody else and what is the best way to reclaim it?

    I had it before too but i think around 2012 it just stopped. I'm sure someone wiser than me will help you out ☺


  • Advertisement
  • Closed Accounts Posts: 141 ✭✭Brass Tag


    I've got myself confused about how to calculate tax on farm profits and single payments.

    Myself and OH working full time so all PAYE allowances used up.

    If farm profit is 2k. (before single payments)
    Single payments 2k.
    Net farm profit. 4k. (operating profit plus single payment)
    Capital allowances 4k.

    What is the income tax payable assuming marginal tax rate of 41% in this situation and how is it calculated?

    Thanks


  • Registered Users, Registered Users 2 Posts: 10,771 ✭✭✭✭Paul Tergat


    I've a quick question I am hoping someone will know the answer to.

    Say someone earns €27k p.a. and therefore is being taxed at the lower rate. They are €483 below the threshold every month. Halfway through the year they begin doing OT that every month now pulls them into the higher band.... at what point is that €483 over the first 6 months of the year factored in? Is it all balanced out at year end or will it be absorbed in the first couple of months that OT is being done? (i.e. some of the earnings over the €2,733 per month threshold will be taxed at a lower rate at this point?)

    Same question if someone gets a payrise halfway through the year.


  • Registered Users, Registered Users 2 Posts: 255 ✭✭Daniogroove


    I've a quick question I am hoping someone will know the answer to.

    Say someone earns €27k p.a. and therefore is being taxed at the lower rate. They are €483 below the threshold every month. Halfway through the year they begin doing OT that every month now pulls them into the higher band.... at what point is that €483 over the first 6 months of the year factored in? Is it all balanced out at year end or will it be absorbed in the first couple of months that OT is being done? (i.e. some of the earnings over the €2,733 per month threshold will be taxed at a lower rate at this point?)

    Same question if someone gets a payrise halfway through the year.

    To the best of my knowledge your wages at each pay frequency is assumed to be the same for all remaining frequencies of the year. So once you start OT and it puts you in the higher bracket you pay the appropriate tax. Now, if you don't earn enough in the remaining six months to keep you on average in the higher bracket then you will be able to request a p21 balancing statement in the new year and get any extra tax refunded.. but you'll still have to pay tax on the extra income but at the lower rate so don't expect a big cheque..

    I could be wrong so anyone wants to correct me belt ahead.


  • Registered Users, Registered Users 2 Posts: 10,771 ✭✭✭✭Paul Tergat


    To the best of my knowledge your wages at each pay frequency is assumed to be the same for all remaining frequencies of the year. So once you start OT and it puts you in the higher bracket you pay the appropriate tax. Now, if you don't earn enough in the remaining six months to keep you on average in the higher bracket then you will be able to request a p21 balancing statement in the new year and get any extra tax refunded.. but you'll still have to pay tax on the extra income but at the lower rate so don't expect a big cheque..

    I could be wrong so anyone wants to correct me belt ahead.

    Cheers for the response. I dunno if im being dim here but using my example, say first 6 months of the year at €27k its taxing €2250 at the lower rate. Each of those 6 months has a spare €483 = €2898.

    Lets just say from them on gross per month shoots up to €6k - does that spare €2898 get added onto this month 7, i.e. taxing €5,631 at the lower rate with balance at higher rate? Or does it just ignore the previous €2898 and calculate as an independent month to all be balanced out at the end of the year?


  • Banned (with Prison Access) Posts: 1,460 ✭✭✭Larry Wildman


    Cheers for the response. I dunno if im being dim here but using my example, say first 6 months of the year at €27k its taxing €2250 at the lower rate. Each of those 6 months has a spare €483 = €2898.

    Lets just say from them on gross per month shoots up to €6k - does that spare €2898 get added onto this month 7, i.e. taxing €5,631 at the lower rate with balance at higher rate? Or does it just ignore the previous €2898 and calculate as an independent month to all be balanced out at the end of the year?

    It washes through payroll during the year (i.e. no need to balance / do a P21 at year end).


  • Registered Users, Registered Users 2 Posts: 59,641 ✭✭✭✭namenotavailablE


    My Excel tax calculator helps with this type of query and is linked in my signature below. If you're on mobile and can't see the signature it's at http://taxcalc.eu/monthlyss but the spreadsheet probably won't work effectively on mobile due to the use of macro code.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 6,336 ✭✭✭alias no.9


    This might seem silly to some but filling out a form 12 for a small rental income in 2013 and the rent for January 2014 was received on December 29th 2013, do I account for this in 2013 or 2014?

    Edit: Got through to Revenue and as it was received in 2013, it's declared in 2013.


  • Registered Users Posts: 7 Cuileannach


    Hi guys,
    Have just read the warning at the top of this thread which makes it clear that people arent too happy with people checking their tax calculations on Boards.ie However after spending the last 5hrs ringing people and googling i just want to ask a general question. Im not a business I was a student in 2013 I can hardly ask an accountant to do it for me!!!

    Anyway I was just wondering if someone who earns roughly 15000 between PAYE and additional income has to pay 20% tax on all of this (including jobseeker benefit, and PAYE where it was decided that I earned too little to pay tax??) Im awfully confused and my tax return is due Friday. I seem to owe over €1000 in tax where last year when I did this they owed me over a grand- v confused!!
    Im also definitely never doing free lance work ever again its not worth how upset, sick and confused these forms are making me.
    Regards,
    An Cuileannach


  • Registered Users, Registered Users 2 Posts: 4,085 ✭✭✭relax carry on


    Hi guys,
    Have just read the warning at the top of this thread which makes it clear that people arent too happy with people checking their tax calculations on Boards.ie However after spending the last 5hrs ringing people and googling i just want to ask a general question. Im not a business I was a student in 2013 I can hardly ask an accountant to do it for me!!!

    Anyway I was just wondering if someone who earns roughly 15000 between PAYE and additional income has to pay 20% tax on all of this (including jobseeker benefit, and PAYE where it was decided that I earned too little to pay tax??) Im awfully confused and my tax return is due Friday. I seem to owe over €1000 in tax where last year when I did this they owed me over a grand- v confused!!
    Im also definitely never doing free lance work ever again its not worth how upset, sick and confused these forms are making me.
    Regards,
    An Cuileannach

    Break it down. How much self employed income, how much PAYE income in 2013? How much taxable jobseekers benefit?


  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Hi guys,
    Have just read the warning at the top of this thread which makes it clear that people arent too happy with people checking their tax calculations on Boards.ie However after spending the last 5hrs ringing people and googling i just want to ask a general question. Im not a business I was a student in 2013 I can hardly ask an accountant to do it for me!!!

    Anyway I was just wondering if someone who earns roughly 15000 between PAYE and additional income has to pay 20% tax on all of this (including jobseeker benefit, and PAYE where it was decided that I earned too little to pay tax??) Im awfully confused and my tax return is due Friday. I seem to owe over €1000 in tax where last year when I did this they owed me over a grand- v confused!!
    Im also definitely never doing free lance work ever again its not worth how upset, sick and confused these forms are making me.
    Regards,
    An Cuileannach

    Prsi 4%
    Usc 2% on 10036
    4% on the next 5980
    paye 20% on all income anfter you get that figure subtract your tax credits.


  • Registered Users, Registered Users 2 Posts: 193 ✭✭rahmalec


    Prsi 4%
    Usc 2% on 10036
    4% on the next 5980
    paye 20% on all income anfter you get that figure subtract your tax credits.

    And before doing any of this take away your expenses that you had to do your freelance work :-)


  • Advertisement
Advertisement