how to calculate tax on additional income.

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kalla

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I am a teacher who plans to take up some extra employment over the summer. I am already getting paid for the holidays. I wish to work out how much tax I will pay on any additional income I will earn.

I am currently using the yearly tax calculator on deolitte website and putting in the various amounts and looking at the difference in take home pay between (teacher salary = 42,000 gross) & (teachers salary and summer camp say 44,000), so I can see what take home I will be able to get after I earn 2000 in a summer camp. But every

Is there any way I can work out without going back to the website each time, ( ie by using a formula) what my take home pay or nett pay will be over the summer if i take the summer camp job- ie how much I will be making after tax in the summer camp.

Ideally say if the summer camp pays 500 gross per week and I dont move tax credits, but stay on emergency tax or am taxed with no tax credits over the summer, what would my take home pay be??
 
stay on emergency tax
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That will result in you owing money at the end of the year.

You should apply for a zero cert from Revenue. You will probably lose tax at your highest rate. So with tax and USC you are looking at losing 50%.
 
As you'll already have used up all of your tax credits, and lower rate tax / USC bands in your teaching job, you'll be liable to tax at 41%, PRSI at 4% and USC at 7% on every additional € you earn. so you'll net 240 if the gross is 500.
 
Thanks , I knew it wasnt that complicated but just didnt know how to work it out.. .I suppose a better option is to maybe teach or give a course in another country. If say I went to Italy for the summer and was taxed there, I presume I can claim all the tax back..

The work in ireland will only be for three to four weeks. If I stay on emergency tax for the four weeks to six weeks what would I be deducted in tax . The revenue will hardly chase me for the few hundred in the difference would they. what would my take home be with emergency tax for three to four weeks.

What if the employer over the summer , doesnt register me for tax and I am employed as a self employed contractor responsible for my own tax. How would this work?
 
kalla said:
Thanks , I knew it wasnt that complicated but just didnt know how to work it out.. .I suppose a better option is to maybe teach or give a course in another country. If say I went to Italy for the summer and was taxed there, I presume I can claim all the tax back..
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You could be due the tax back in Italy, but you're still obliged to declare it here as part of your income, and you'll still owe Irish tax on it.

kalla said:
The work in ireland will only be for three to four weeks. If I stay on emergency tax for the four weeks to six weeks what would I be deducted in tax . The revenue will hardly chase me for the few hundred in the difference would they. what would my take home be with emergency tax for three to four weeks.
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Under emergency tax, you would get a certain amount of tax credit & cut-off point for the first few weeks, which would result in you paying less tax than you should, because in fact you wouldn't have any tax credit or cut-off to be allocated to the employment.

kalla said:
What if the employer over the summer , doesnt register me for tax and I am employed as a self employed contractor responsible for my own tax. How would this work?
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Well, whether or not you are self employed contractor is a matter of fact rather than you deciding what you want to call it. But if you were a self employed contractor, you'd be responsible for filing a tax return to declare the income, and a deliberate failure to do so would be tax evasion (and a prosecutable offence).

Bottom line is, I work all year round and earn less than you do for a school year, so I don't intend to support or condone you trying to figure a way to squirm out of paying what's due on your summer earnings.
 
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