Bonus Payment - Seems like a lot of tax?

P

peterwilson

Registered User
Messages
64
Hi
I got my bonus paid there recently.
We get paid fortnightly.
Anyway my bonus was 3,500 euro.
But with tax I appear to have only received 1,642 euro.

That seems a little high or is it correct?

thanks
p
 
Seems fine to me, would have to know full details to get exact answer, but:
PAYE: 3500@ 41% = 1435
PRSI : 3500@ 8 to 9% = 297.50 approx (excess of 2886 per 4night at 9%)
Levy : 3500@ 2% to 4% = 70 (assume at 2%)
 
I think you are talking about bonusbond, it used to be an advantage to be with hem a few years ago until the gouvernment closed the loophole, less taxes were being paid by using them.
They are still in business but now you are charged the same amount of taxes than if you were getting your bonus throught payroll
 
Revenue see it as "Benifit in Kind" once it goes a above a certain level, like VHI, Car and so on. Yep, sorry to say that the figures look right. Make sure you are claiming all you tax credits. Maybe you can get some tax back at the end of 2010
 
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