Self-Employed Newbie - how much should I put aside every month for tax?

C

Cebella

Guest
Hello,

It's great to see such an informative website as askaboutmoney.com. Keep up the great work.

After a few months' unemployment, I managed to secure a 6 months' contract as a self-employed person. I've just received my wages from last month so I would need to set aside some money monthly for tax returns. But, I don't have a notion of how much I should save so here I am :).

I know I need to set money aside for the following after tax credits:
Income Levy - 2%
Health Levy - 4%
Income Tax - Standard rate 20% and High Rate 41%
PRSI S contributions - ?%

How much should I allocate to the PRSI S contributions? Is there anything else I'm missing from above?

Does anyone have or know of a spreadsheet that can calculate the percentage of money to be set aside monthly?

Thanking you in advance for your help.
 
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