# Payslip query



## settlement (7 Aug 2014)

My fortnightly gross is 1224.17
My taxable gross is 1126.54. How is this figure calculated from fortnightly gross? 

Also, my tax credits for the year are €3439. Divided by 26 (fortnightly pay) this is €132. Byt since I only started working in July should I not be receiving fortnightly tax credits at a higher rate as if I get 132 per fortnight from now until end of tax year that only amounts to about €1584 (132 x approx 12 fortnights left inthis tax year) as I am working less than half the year.

Thanks for explanations


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## mandelbrot (7 Aug 2014)

settlement said:


> My fortnightly gross is 1224.17
> My taxable gross is 1126.54. How is this figure calculated from fortnightly gross?
> 
> Also, my tax credits for the year are €3439. Divided by 26 (fortnightly pay) this is €132. Byt since I only started working in July should I not be receiving fortnightly tax credits at a higher rate as if I get 132 per fortnight from now until end of tax year that only amounts to about €1584 (132 x approx 12 fortnights left inthis tax year) as I am working less than half the year.
> ...


 
Your tax credits accrue evenly over the entire year. Your payslip should also show the year-to-date figures on it, which will show the accumulated credit from January to now, so 132 x 14 fortnights. It is on this cumulative basis that your tax is calculated, so based on your figures above, if you haven't worked prior to July, you will not be paying any tax yet (indeed if your earnings stay as they are now, you will earn around 13.5k in the tax year and not pay any tax at all).


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## settlement (7 Aug 2014)

Thanks for your response. Under year to date it says:

cut off point: €20,612.30
tax credits: €,2116.30

Are these my accumulated credits that I will lose with each cheque


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## settlement (7 Aug 2014)

Also I will in future be receiving overtime in arrears on payslips, so would like to know how to calculate when my tax credits will be used up and when I will be taxed


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## Zacchaos (8 Aug 2014)

Taxable Gross is Gross Pay less non taxable deductions (most likely your pension contribution).

You can earn 17,195 (3439 * 5) in 2014 before paying tax at 20% and 33,495 before paying tax at the top rate.  Assuming you did not have any taxable income (or taxable social welfare) before July you will need to average 1,323 per fortnight for the rest of the year to get to a level where you would pay any income tax at all.  Ask the payroll department/accountants to let you know when you will he hit with tax if you think you're going to go above this figure - it should be a very simple exercise for them as they have all the figures.

Next year will be a different story... On the same basic you will pay around €93 in tax (excluding PRSI & USC) per fortnight from January... although the budget might soften that a bit with any luck.


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## settlement (8 Aug 2014)

Thanks. I think I've figured out non taxable deductions are PRD, SPS S&C and SPS main. Not sure what these last two are.

So you can find out how much you can earn before paying tax by multiplying annual tax credits by 5? (Due to 20% lower band I take it?)

Also if I stop working in July 2015 can I claim tax back at the end of that year?


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## gipimann (8 Aug 2014)

The deductions are - Pension Related Deduction (aka the Pension levy),  Superannuation Pension Scheme for Spouse & Children, and Superannuation Pension Scheme for yourself.


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## deadlyduck (11 Aug 2014)

I have a free Excel net pay calculator (for Excel 2007 and higher) available to download at http://taxcalc.eu/monthlyss


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## settlement (11 Aug 2014)

Thanks but I use a mac


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## monagt (11 Aug 2014)

> Thanks but I use a mac



I have a MAC with MS Office, even if you enable Macros, it still crashes with "Compiler problem in hidden module" error


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## deadlyduck (11 Aug 2014)

Sorry- I developed it on a PC so don't know what might be the problem. 

It opens on my PC but if anyone has a similar problem / error message it would be much appreciated if you could PM me or leave a message here.


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