How is non working landlord taxable

[Bronte]

If you are resident in Ireland and your only income is from rental income do you get all the allowances/credits (except paye I guess as you are not working). And you then pay tax firstly at the lower rate of 20% and then if you hit the threashold you pay the higher rate of 40%.

Or could someone show me a link showing the calculations based on rental income of say 50K. I also would like to know which of the levies are applicable. PRSI is made up of different levies I understand some or all of which may also be payable.

 

[webtax]

Your net rental income is liable to health contribution at 2%, and if your gross rental income is 50k or higher (or net income 3,175) you are liable to prsi also

 

[Bronte]

Thanks for that webtax but I thought some parts of the prsi was only if you were working in a normal job?

 

[webtax]

I have checked on revenue for a link on this but could not find it (maybe someone else could post the link). Having researched this issue and spoken to the revenue on it, the rule is that if you have non paye income of 50k gross or 3175 net then it is classed as self employed income and liable to prsi under class s (and health contribution also). I'm not sure of your circumstances but this might help explain it further (from [broken link removed]
What PRSI and Health Contributions will I have to pay?

Self-Assessment persons in general, are liable to pay PRSI at Class S. The Class S annual rates are listed in [broken link removed] *.You can also obtain full details of all PRSI rates from the Department of Social and Family Affairs, at the address, telephone numbers hereunder or at www.welfare.ie
However, where a self-employed person is deemed by Revenue to have no net tax liability (NNL), PRSI is not collected. In order to be liable to pay NNL rate PRSI, which is taken into account when determining pension entitlement, it is necessary to have annual income of €3,174 – other conditions also apply.