Tax Calculation Thread

CIARAN_BOYLE · 31-07-2014 6:31pm

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.

boardzz · 05-08-2014 9:41am

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.

boxy_80 · 07-08-2014 3:30pm

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

Citizenpain · 07-08-2014 5:23pm

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

boxy_80 · 07-08-2014 5:26pm

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

Citizenpain · 07-08-2014 5:29pm

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

namenotavailablE · 07-08-2014 6:06pm

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

IntoYourSister · 13-08-2014 4:43pm

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.

Citizenpain · 13-08-2014 4:52pm

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

namenotavailablE · 13-08-2014 6:01pm

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)

boardzz · 13-08-2014 8:14pm

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

A_Sober_Paddy · 23-08-2014 8:18pm

namenotavailabl wrote: »

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

namenotavailablE · 24-08-2014 12:53am

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)

CapriSunFun · 08-09-2014 10:32am

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!

namenotavailablE · 08-09-2014 1:22pm

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.

CapriSunFun · 08-09-2014 1:52pm

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%?

Citizenpain · 08-09-2014 2:00pm

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

jimmy2legs · 25-09-2014 12:54pm

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

PEACEBROTHER · 25-09-2014 3:36pm

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 ?

SSMorg · 25-09-2014 11:02pm

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.

CIARAN_BOYLE · 25-09-2014 11:43pm

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

alias no.9 · 30-09-2014 1:45pm

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?

Gard1 · 30-09-2014 2:52pm

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

Daniogroove · 09-10-2014 8:19pm

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

Citizenpain · 10-10-2014 12:31am

10.75% -thats it based on the above

Daniogroove · 10-10-2014 9:56am

Citizenpain wrote: »

10.75% -thats it based on the above

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

Citizenpain · 10-10-2014 10:02am

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

Biloxi Blues · 20-10-2014 8:51pm

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?

Daniogroove · 20-10-2014 9:04pm

Biloxi Blues wrote: »

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 ☺

Brass Tag · 21-10-2014 11:25am

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

Tax Calculation Thread

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