What was your effective tax/PRSI take in 2006/2007

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ClubMan

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Based on my final 2006 payslip and P60 I have calculated that as a percentage of gross income (including non taxable employee pension contributions excluded from the P60 "total pay" figure) + BIK payments (VHI) + employer pension contributions (6%) (although excluding additional non PAYE income and related tax - i.e. ESPP) my effective tax take was 11.88% and PRSI/health levy deductions were 3.78% or total deductions of 15.67%.

Just wondering what results others get? Obviously results will vary depending on income and other personal circumstances. For example I am married, joint/aggregated taxation, sole earner, high rate taxpayer, maximising pension contributions (25%), claiming the normal tax credits, home carer's tax credit, waste charges, VHI credit in respect of employer paid premiums, no MED1/MED2 claims etc.
 
Re: What was your effective tax/PRSI take in 2006?

Without claiming any reliefs medical etc, my effective rate is 26% i.e. tax plus ee prsi paid over gross pay. I am single, PAYE tax payer on the higher rate not maximising my pension, as I cannot afford to.

Clubman, an ETR of 11.88% seems pretty good, in my opinion, it is good to see people claiming what they are entitled to
 
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Re: What was your effective tax/PRSI take in 2006?

My take was 4.97% tax, 3.81% prsi, total 8.78%

Single, claiming all reliefs due, maximising pension & using employers share participation plan to get my bonus & a chunk of salary tax free in 3 years.
 
Re: What was your effective tax/PRSI take in 2006?

ClubMan said:
Nice!

I got tired of telling other people including colleagues about stuff that they were not claiming but were entitled to only for them not to bother... :(
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I must get my stuff together and get a claim in, still waiting for my P60 though :(
 
Re: What was your effective tax/PRSI take in 2006?

Jeez, that is some seriously good figures guys. Yet to do mine (due to P60 reasons) but doubt it will be anywhere near as efficient as that. Apart from the usual personal credits, TRS on the mortgage, there'll be a med claim and that's about it.
 
Re: What was your effective tax/PRSI take in 2006?

bazermc said:
I must get my stuff together and get a claim in, still waiting for my P60 though :(
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Claim for what precisely? Can you not do it using the online system? Your final payslip of 2006 should reflect the figures that will be on your P60 anyway (assuming everything was done properly).
 
Re: What was your effective tax/PRSI take in 2006?

ClubMan said:
Claim Your final payslip of 2006 should reflect the figures that will be on your P60 anyway (assuming everything was done properly).
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Not really I changed jobs in early november and was on emergency tax till the year-end. I also got overpaid by my old employer in error. I could dig out my payslips, if I know where they were, but I think I will wait till my P60 arrives only a few days to go
 
Re: What was your effective tax/PRSI take in 2006?

OK - I was assuming the simple case of a single employer for the year.
 
Re: What was your effective tax/PRSI take in 2006?

29% ( single, higher tax rate)
Claiming what I'm entitled to, but no pension for last year. To be sorted out this year.

*doesn't take into account TRS
 
Re: What was your effective tax/PRSI take in 2006?

PAYE 21.82%, PRSI 4.58% = TOTAL 26.40%
Single claiming all tax credits applicable. Gross figure includes employers pension contribution of 6%.

TRS not included
 
Re: What was your effective tax/PRSI take in 2006?

PAYE 16.96%, PRSI 2.69% Total 19.65%

Single claiming all tax credits applicable including Trade Union Subscription credit and Refuse charges credit. TRS for BUPA + Mortgage also.

I also pay 6.5% Superannuation.
 
Re: What was your effective tax/PRSI take in 2006?

ClubMan said:
Based on my final 2006 payslip and P60 I have calculated that as a percentage of gross income (including non taxable employee pension contributions excluded from the P60 "total pay" figure) + BIK payments (VHI) + employer pension contributions (6%) (although excluding additional non PAYE income and related tax - i.e. ESPP) my effective tax take was 11.88% and PRSI/health levy deductions were 3.78% or total deductions of 15.67%.

Just wondering what results others get? Obviously results will vary depending on income and other personal circumstances. For example I am married, joint/aggregated taxation, sole earner, high rate taxpayer, maximising pension contributions (25%), claiming the normal tax credits, home carer's tax credit, waste charges, VHI credit in respect of employer paid premiums, no MED1/MED2 claims etc.
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An update for 2007 and based on the same approach as above. The 25% pension contribution is an employer PRSA scheme including an employer contribution of 6% and we did have a small MED1 claim this year.

Tax: 12.00%
PRSI/health levy: 3.59%
Total: 15.59%
 
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