ButtermilkJa
Registered User
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Just so I know in my own head, can someone clarify for me as to how exactly proprietary directors are taxed. Is my example below (relating to 2007) correct...
Salary: €34,000
Monthly Earnings: €2,833.33
Tax: @20% = €566.66
minus Single Persons Credit (€1760/12) €146.67
= Total Tax Due: €419.99
PRSI: (€127*52)/12 = €550.33
€2,833.33 - €550.33 = €2,283 @4% = €91.32
Health Levy: €2,833.33 @2% = €56.66
Net Earnings = €2,833.33 - €419.99 - €91.32 - €56.66 = €2,265.36
Does this seam ok? I'm assuming proprietary directors are allowed the usual €127 per week PRSI credits and that the rate is 4% thereafter. Is this correct?
Thanks!
Salary: €34,000
Monthly Earnings: €2,833.33
Tax: @20% = €566.66
minus Single Persons Credit (€1760/12) €146.67
= Total Tax Due: €419.99
PRSI: (€127*52)/12 = €550.33
€2,833.33 - €550.33 = €2,283 @4% = €91.32
Health Levy: €2,833.33 @2% = €56.66
Net Earnings = €2,833.33 - €419.99 - €91.32 - €56.66 = €2,265.36
Does this seam ok? I'm assuming proprietary directors are allowed the usual €127 per week PRSI credits and that the rate is 4% thereafter. Is this correct?
Thanks!