i am a little confused on the following; Taxation of lump sum
Since 1 January 2011 there is an overall limit of €200,000 on the amount of the tax-free lump sum. Lump sum payments above that limit will be taxed as follows:
Taxation rates for lump sum Amount of lump sum Income tax rate Up to €200,000 0% €200,001 - €575,000 20% Over €575,000 Taxpayer's marginal rate The amount of your lump sum that is subject to tax is not subject to social insurance (PRSI), but the Universal Social Charge may be payable. does this mean if one receives a total of 180,000euros when exiting their job,that there would be no tax on their total,except there may be usc payable?
Since 1 January 2011 there is an overall limit of €200,000 on the amount of the tax-free lump sum. Lump sum payments above that limit will be taxed as follows:
Taxation rates for lump sum Amount of lump sum Income tax rate Up to €200,000 0% €200,001 - €575,000 20% Over €575,000 Taxpayer's marginal rate The amount of your lump sum that is subject to tax is not subject to social insurance (PRSI), but the Universal Social Charge may be payable. does this mean if one receives a total of 180,000euros when exiting their job,that there would be no tax on their total,except there may be usc payable?