How much tax should I pay?

D

Dell_Boy

Registered User
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49
Im self employed (director) and paying myself 50,000 per year.
According to this site :[broken link removed]

I should be paying the following in tax and prsi per month but according to my accountant its roughly 200 euro more per month. Why is this the case?


Monthly take home pay. (Single)
Selected Tax year is 2006
Gross Take Home Pay = € 4166.6665
Tax = € 903.3333
Take Home Pay after Tax = € 3263.3333
Less PRSI = € 218.15022
Net take home pay = € 3045.183
 
Karl Grabe's calculator is really geared towards PAYE income tax, credits and PRSI (Class A). It may not yield meaningful results for a self employed director. Your accountant/tax advisor would be better placed to tell you what your liabilities are.
 
Gross 50K

Tax = (32K @20%) + (18K @42%) - 1,630 = 12,330 annual tax

PRSI 50K @ 5% = 2,500

Total Annual tax and PRSI = 14,830
Monthly = 1,235.83

assuming you only have the single person credit - no rent relief, child etc.
 
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