how do I calculate net pay from gross pay?

deco87

Frequent Poster
Messages
150
If I am paid 650 euro a week gross.
I am single.
How much can i earn before I start to pay tax at 20 %?
Paye

Thks
 

Feemar5

Frequent Poster
Messages
294
Your tax is spread out over the full year - single people can earn 35300 at 20% anything after that is taxed at 40%. Your basic tax credits are 1650 personal credit and 1650 employee credit. To work out your tax multiply your gross salary by 20% and deduct your tax credits from that figure.
 

deco87

Frequent Poster
Messages
150
Your tax is spread out over the full year - single people can earn 35300 at 20% anything after that is taxed at 40%. Your basic tax credits are 1650 personal credit and 1650 employee credit. To work out your tax multiply your gross salary by 20% and deduct your tax credits from that figure.
thank you. I have an extra tax credit , may be for 2/3 years , son in college of 1.650...…..but based on your figures (Feemar5)

Gross Salary 32.000k..... multiply that by 20 per cent (one fifth) 5 / equals 162.500??? ... deduct tax credits 4950 …….equals


brutal at maths …...any help apprecitedv !!!!!lost
 

Easel

Frequent Poster
Messages
105
€32,000*20% = €6,400
Minus tax credits= €4,950
Tax payable= €1,450

you can earn €24,750 before you pay income tax on it
 

deco87

Frequent Poster
Messages
150
€32,000*20% = €6,400
Minus tax credits= €4,950
Tax payable= €1,450

you can earn €24,750 before you pay income tax on it
Oh that's brilliant thank you that was what I was trying to find out
 

deco87

Frequent Poster
Messages
150
€32,000*20% = €6,400
Minus tax credits= €4,950
Tax payable= €1,450

you can earn €24,750 before you pay income tax on it
Thanks I hadn't read on before I replied!! Would you happen to know the new net figure ....with prsi and USC applicable ..( divorced) deducted.....sorry I'm lost at these type of deductions ..I'm very grateful I'm trying to figure out an approx figure net ...before I retire. Thks D
 

Early Riser

Frequent Poster
Messages
630
If you are retiring, some or all of that income is probably from a pension. There is no PRSI on occupational pension income.
 

deco87

Frequent Poster
Messages
150
It's all pension from public service job of 35 years .,.trying to see what my net pay will be ..,before I actually retire thank you D
 

deadlyduck

Frequent Poster
Messages
402
If on a pension, you'll pay no PRSI or public sector pension deductions.
Assuming that your tax credits are €4950 (there's a possibility that they could be higher if you are entitled to an Age tax credit [info here]?) and your pension income doesn't exceed the standard rate band (currently €35300) then here's how it should look (income tax of €1450 and USC of €763 to leave a net income of €29787):

4054
 

deco87

Frequent Poster
Messages
150
Ah that's absolutely fabulous....thank you..... quick follow up if you don't mind please? (I'm single for purpose of exercise)
I pay week to the Medical Aid , 47 euro a week , that is cover for myself and my son. I understand that tax relief is "given at source".
How would that affect above calculation , just deduct I suppose from Net pay above?

To work out my monthly pension , I'm dividing 29.787 by 12 = 2.482 per month. NET.
Subtract from that monthly contribution to Med Aid ( 4xE.47) 188 per month .
So. NET PAY should be -----2.482 subtract 188 - = 2.294 ( weekly 573 euro approx.)

Am I near enough correct in this? thanks a mill.
 

deadlyduck

Frequent Poster
Messages
402
If tax relief is given at source then no tax implications arise in the payroll. Only the net is impacted.
It would be slightly more accurate to calculate €47 x 52 = €2444 and deduct that from €29787 to give annual net of €27343. This would then equate to a weekly net of €27343/52 =~ €526.
Your calculations assumed each month has 4 weeks (to give 48 weeks in a year) instead of 52!
 

Monbretia

Frequent Poster
Messages
1,638
At what age does the no prsi on pensions kick in? Is it once over state pension age? I only ask as I have recently started on pension and I am definitely charged prsi on it.
 

deco87

Frequent Poster
Messages
150
Your joking..... I'm 55 thinking of retiring.... Now.. Will I have to pay prsi for 10 years??? Oh that's awful if so
 

deadlyduck

Frequent Poster
Messages
402
Yes- the no PRSI rule kicks in at 66. If you're under 66, PRSI is payable at 4% of income, unfortunately. See this page:

 
Top