How much tax should I be paying.

W

W200

Registered User
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Attempting to calculate my exact tax deductions. I have tried a few online calculators but they throw up various results .

Married one income
Age 63
Annual income gross = 58,859
No pension contribution
PRSI class M = 0
Private health insurance = 4,000

Other info.
My monthly USC seems correct @ 162.61 but not sure about monthly tax @ 769 .

Thanks in advance for any help.
 
It depends on the health insurance. Is your health insurance paid by your employer and is it just you covered for the €4K? Are you claiming credits during the tax year?
 
No employer is not paying health insurance I am . It is approx 2,000 each for myself and wife.
No other credits claimed.
 
As far as I know I do not have to CLAIM tax relief on insurance as it is given as tax relief at source TRS
 
Yes that’s correct. I asked as you had included it in your info but it doesn’t form part of your calculation if you pay directly.

From your figures I calculate your paye at €811pm and USC at €162.61pm
 
W200 said:
Attempting to calculate my exact tax deductions. I have tried a few online calculators but they throw up various results .

Married one income
Age 63
Annual income gross = 58,859
No pension contribution
PRSI class M = 0
Private health insurance = 4,000

Other info.
My monthly USC seems correct @ 162.61 but not sure about monthly tax @ 769 .

Thanks in advance for any help.
Click to expand...

Is your PRSI class correct? Thought it was for 66 and over.
 
Opal** said:
Yes that’s correct. I asked as you had included it in your info but it doesn’t form part of your calculation if you pay directly.

From your figures I calculate your paye at €811pm and USC at €162.61pm
Click to expand...

So theres a difference of about Euro 40 per month between what I am paying ( 769 ) and what i should ( 811).
I will get on to revenue online and sort it out there now that i know where i stand.
Obviously i dont want to end up owing a large amount.
As I said earlier most of the online calculators dont allow for all the variables amongst us PAYE slaves . :D
Thanks to everyone for your help.
W200
 
Your PAYE should be 811 per month. So unless there is an additional tax credit calcined other than the personal tax credits and employee tax credit, I can't see why you are paying a lower amount. Would you have the home carers tax credit by any chance?
 
Is your spouse over 65?

Reason I ask is it looks like you've a tax credit of around 500 per year extra. There's an age tax credit around that amount due a married couple.

If you have a look at your tax credit certificate you should see all your credits. What's showing apart from personal and PAYE at 1,650 each?
 
Last edited:
relax carry on said:
Your PAYE should be 811 per month. So unless there is an additional tax credit calcined other than the personal tax credits and employee tax credit, I can't see why you are paying a lower amount. Would you have the home carers tax credit by any chance?
Click to expand...
No i dont have it.
 
RedOnion said:
Is your spouse over 65?

Reason I ask is it looks like you've a tax credit of around 500 per year extra. There's an age tax credit around that amount due a married couple.

If you have a look at your tax credit certificate you should see all your credits. What's showing apart from personal and PAYE at 1,650 each?
Click to expand...
Spouse 66 . Apologies I dont have tax credit certificate to hand just now.
 
W200 said:
Spouse 66
Click to expand...
It's probably the age credit, which is automatically applied once one of you is 65.

Age Tax Credit

This page explains how you can claim the Age Tax Credit if you, or your spouse or civil partner, is over 65 years old
www.revenue.ie www.revenue.ie

Once you check your tax credits it should be clear enough if there's something extra there.
 
PRSI Class M
People within CLASS M:
PRSI Class M is used for people with no contribution liability such as:
  • employees under age 16 OR
  • people aged 66 or over (including those previously liable for Class S)
  • persons in receipt of occupational pensions or lump-sum termination payments
  • people within Class K with a nil liability (public office holders with a weekly income of less than €100 a week)
 
Here's what my spreadsheet is showing:

paycalc9-png.5517


Assumptions:
  • Standard rate band of €44300;
  • Annual tax credits of €5440 [married credit of €3300 + employee credit of €1650 +married age credit of €490]
  • PRSI class M (has been manually applied as class A would have been the default class);
  • Not entitled to application of the capped USC rate due to not having a full medical card.
With prior permission of Brendan, the link to a copy of the free version of the spreadsheet (a premium one is available) is at http://taxcalc.eu/monthlyss
 

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