P-60 Line 1 Query?

W

WeeFlower

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What figure should be on Line 1 of the P-60? A or B


Total Pay is this just Gross Salary only less the pension contribution from me?

or is it?

Gross Salary + The VHI BIK Less the pension contribution from me?

ER pays for VHI. This is a BIK to me and I pay PRSI and PAYE on it.


(A) Gross Salary:€20,000
+ VHI BIK : €1,297.98
- My Pension Cont: <€600>
Line 1 = €20,697.90


or


(B) Gross Salary: €20,000
- My Pension Cont: <€600>
Line 1 = €19,400
 
WeeFlower said:
Gross Salary + The VHI BIK Less the pension contribution from me!

ER pays for VHI. This is a BIK to me and I pay PRSI and PAYE on it!
Click to expand...

That's what it is on my P60 in similar circumstances.

Don't forget that you can claim a tax credit in respect of the employer paid VHI premiums even though you also pay BIK tax/PRSI on it. You can backdate this by up to 4 tax years if necessary:

[broken link removed]
 
Is that not incorrect? I believe that it should be option (A). Mine certainly is - i.e. gross minus pension plus BIK on the P60.
 
Clubman is correct on this one. V.H.I. is included on your P60 as "Notional pay" so you pay tax & p.r.s.i.
 
Thanks Clarkey. When you say that it's included as "notional pay" I presume you mean as part of the overall taxable gross figure and not separately?
 
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