Hi,
can anyone help me figure out why so much of an overtime payment went on tax, as I don't know how it's calculated.
I had an extra payment of €71.52 last month but my net monthly pay only increased by 62cent!?
The two payslips I'm comparing are:
APRIL
Basic: 2615.40
Allowances: 300.00
Gross due: 2915.40
Tax: 70.35
PRSI: 116.62
USC: 151.68
Pension 104.61
NET PAY: 2472.14
MAY
Basic: 2615.40
Allowances: 371.52
Gross due: 2986.92
Tax: 133.38
PRSI: 119.48
USC: 156.69
Pension: 104.61
NET PAY: 2472.76
We're married & jointly assessed.
The extra amount all seems to be eaten up in the tax amount almost doubling but I don't know why. I thought that as a 20% tax rate payer that I would have come out with more than 62cent of an extra payment of €71.52...??
Any help in understanding this would be gratefully appreciated.
can anyone help me figure out why so much of an overtime payment went on tax, as I don't know how it's calculated.
I had an extra payment of €71.52 last month but my net monthly pay only increased by 62cent!?
The two payslips I'm comparing are:
APRIL
Basic: 2615.40
Allowances: 300.00
Gross due: 2915.40
Tax: 70.35
PRSI: 116.62
USC: 151.68
Pension 104.61
NET PAY: 2472.14
MAY
Basic: 2615.40
Allowances: 371.52
Gross due: 2986.92
Tax: 133.38
PRSI: 119.48
USC: 156.69
Pension: 104.61
NET PAY: 2472.76
We're married & jointly assessed.
The extra amount all seems to be eaten up in the tax amount almost doubling but I don't know why. I thought that as a 20% tax rate payer that I would have come out with more than 62cent of an extra payment of €71.52...??
Any help in understanding this would be gratefully appreciated.