Tax calculation help please.

D

danois

Registered User
Messages
18
I have tried to use the tax calculators available online but none of them seem to have a way to include the one parent family tax credit


i am a single parent who will be earning 518 a week would any one here be able to work out how much tax I will pay I have tried but keeps working out that I wont pay any but think that must be wrong (not sure if i am working it out right)

This is what i have done so if ive missed a step or just not understood the process sorry its all new to me..

Personal Tax Credit €1,830
One Parent Family Tax Credit €1,830
PAYE/Employee Tax Credit €1,830
Total Tax Credit €5,490

Divide by 52 to give the weekly tax credit of €105.58


€518.20 x 20% = €103.64






Am I right in saying that if these calculations are correct that no tax will be paid or am i missing something??






Thanks for any help



 
On the assumption that your standard rate cut-off point exceeds €518.20 per week and that all income is taxed at 20% then the tax calculation is correct, your tax credits exceed tax due so tax is nil.

You will, however have
PRSI of €15.65
Health Contribution Levy of €20.73 and
Income Levy of €10.36
to pay on the earnings.

Net pay therefore would be €471.46
 
Thanks for the quick answer I know because i have a medical card I wont have to pay health levi not sure about the other 2 I'm just glad to be back working at long last...

thanks again for your help
 
If you have a FULL medical card as opposed to a GP only card then you are exempt the Income Levy. PRSI is still payable though.
 
Great thanks for that its great to have forums like this with such helpful people hopefully one of these days i will have some useful answers for others in return
 
No problem. Another thing, you need to TELL the employer that you have a medical card or they will apply the full PRSI and H/Levy and I/Levy.
 
You can check this with my spreadsheet available at http://taxcalc.eu/monthlyss.

It allows you to set your status as a single parent and also (in the 'Optional information' section) to enter details of medical card status. PM me if you need to check out how it's used or leave a message on this thread.

As per Graham's post above, you won't be paying PAYE but would be liable to levies unless you hold a FULL medical card (not just a GP only medical card).
 
thanks its a CE scheme so I presume they would know but might just mention it incase
 
I assume that you have been claiming Single-Parent Social Welfare up to now , and this means you have likely pay of around € 9,000 for 2010 so far .

When you apply for a tax credit certificate , it is possible that this amount may be deducted from your allowances .
If so , your tax cert would look like this :
Personal Tax Credit€1,830
One Parent Family Tax Credit€1,830
PAYE/Employee Tax Credit€1,830
Total Tax Credit€5,490
Less SW € 1,800
Total TAx credit = € 3,690

This would take your tax-free allowance down to € 354.00 weekly - and therefore you would have some taxable income .

Your Standard-Rate Cut-off point would also be reduced accordingly .

This is my opinion , and open to correction from the guys above , and is based solely on the assumption that you have other earnings for 2010 .
 
allthedoyles said:
This is my opinion , and open to correction from the guys above , and is based solely on the assumption that you have other earnings for 2010 .
Click to expand...

Correct. Any taxable SW income YTD would have to be included if such was being received.
 
I hate when people dont thank someone for replying so sorry deadlyduck I didnt see your reply yesterday I wasnt ignoring you thanks a million for that link. Thanks all the doyles and graham i think if i have to try starting to figure in my OPF payment for the beginning of the year I will just get more confused I will just wait until I get my first paycheck and hope for a nice suprise lol.

Thanks all
 
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