Net/gross pay calculation?

[whistler]

Is there a calculation for this?
Single person, no dependants. If net income came to say €45,000 how much would the gross income be?

 

[Towger]

Is there a calculation for this?
Single person, no dependants. If net income came to say €45,000 how much would the gross income be?

71,180.04 Give or take.

 

[whistler]

Thanks Towger. Is there an easy way to work this out?
Was trying to work backwards but got jumbled up in all the figures!!

 

[RainyDay]

Check out the tax calculator in our list of useful links.

 

[whistler]

Thanks RainyDay very helpful

 

[Ham Slicer]

71,180.04 Give or take.

??? €63,206.74 exactly

 

[ClubMan]

[broken link removed] (working backwards to fit a net to a gross) suggests c. €72K. Of course it could be wrong. Just curious as to how you get €63K?

 

[Ham Slicer]

[broken link removed] (working backwards to fit a net to a gross) suggests c. €72K. Of course it could be wrong. Just curious as to how you get €63K?

Unless I'm losing the plot Karl is incorrect. My calc is

Gross = 63206.74

Tax = (34K @ 20%) + (29206.74 @ 41%) - 3520 (PAYE & Single tax credits) = 15254.76

PRSI = (63206.74 * 2%) + ((48800 - 6604)*.04) = 2951.97

Net = 63206.74 - 15254.76 - 2951.97 = 45000

 

[ClubMan]

Sorry - I must have been losing the plot as Karl more or less agrees with you!

Yearly take home pay. (Single)
Selected Tax year is 2007
Gross Take Home Pay = € 63200.0
Tax = € 15252.0
Take Home Pay after Tax = € 47948.0
Less PRSI = € 2983.372
Net take home pay = € 44964.63

**************************************************
Calculate end of year tax returns (Single)
Tax year for calculations is 2007
(Form P21C)
Selected currency is Euro €
**************************************************

INCOME FROM EMPLOYMENTS €:
Income for Self 63200.0
Other Incomes/Benefits 0.0
--------
Gross Statutory Income 63200.0


CREDITS (@20%)€:
Personal Allowance 8800.0
PAYE Allowance 8800.0
Medical Insurance Allowance 0.0
Service Charge Allowance 0.0
--------
Total Credits (@20%) 17600.0


ALLOWANCES (@41%) €:
Med Expenses, Perm Health 0.0
Expenses 0.0
--------
Total Allowances 0.0

COMPUTATION OF NET TAX PAYABLE BY YOU €:
Gross Statutory Income 63200.0
Less Allowances before tax 0.0
--------
Taxable Income 63200.0
Which is chargeable as follows:
34000.0 @ 20% = 6800.0
29200.0 @ 41% = 11972.0
--------
Income Tax due 18772.0
LESS €:
Tax Credits (17600.0 @20%) 3520.0
Total Income Tax due 15252.0
Net Tax deducted under PAYE 0.0
--------
Tax Underpaid € 15252.0

PRSI Liability for Tax Year 2007
For Self:
PRSI ClassA1 42984.305 @4.0% = € 1719.3722
Health Levy 63200.0 @2.0% = € 1264.0
Total PRSI ClassA1 contribution = € 2983.372

 

[z107]

I also make it Ham Slicer's figure.
(Maybe the employer's PRSI was added on - although this still doesn't quite make €71k)

[post crossed with Clubman's]

 

[ClubMan]

Don't mind me - I was imagining things earlier...