Umbrella company - tax calculation
Hi BB,
was wondering if you could help me. I got your reply about the company using an old tax calculator.
I just received payment from them and got hammered by the taxman!
The Net amount after handling came to €2,525 and after deductions all I received was €1207, good day for the taxman!
I wasn't able to use my current tax credits because I'd have to inform my current employer to get them which I didn't want.
As a result I ended up paying:
Employers PRSI: €245
Employee PRSI: €115
Tax: €958 (ouch).
Do this sound reasonable to you?
If so, do you know if I'd receive anything back from the taxman at the end of the year, like maybe I'd get tax back or pay less tax for a month in Jan 2005 if the taxman realized I'd paid too much in 2004 for the credits I was given?
Thanks for your help.
BB.