Hello,
Need some first-time employer advice! Have done my calculations for weekly tax implication below and would like to know if they look correct, or if I have gone horribly wrong!
Employee earns €500 gross per week, they will be taking home €427 after PAYE, PRSI and USC. (Just used the Deloitte online calculator for that!)
Employer will need to pay approx:
€87 for PRSI
Class AL - 10.75% on whole €500
€21 for USC
2% on €193 (Rate band 1 of 10,036 divided by 52 weeks to get weekly amount)
4% on €115 (Rate band 2 of 5,980 divided by 52 weeks to get weekly amount)
7% on €192 (All income over 16,016. Ie gross annual salary of 26,000 - 16,016 = 9984 divided by 52 weeks to get weekly amount)
€69 for PAYE
20% on €500 = 100 less weekly tax credits of 31 (given tax credits of 1,650 on tax cert)