M
mike54
Guest
Hi there, I’m a self employed man, about to do my tax return for the first time, I’ve read everything available about tax, more specifically about the levy but I’m still unclear. The text says: “All individuals are liable to pay the income levy if their gross income exceeds the threshold of p.a., (€289 per week) or if they exceed the income exemption limit of €20,000 p.a. for an individual aged 65 or over.”
Then for self-assessed individuals the 2009 annual rates, passed on Budget night, are as follows:
Part of aggregate income Rate of income levy
The first €75,036 1.67%
The next €25,064 3%
The next €74,880 3.33%
The next €75,140 4.67%
The remainder 5%
Can anyone explain to me what the first €75,036 mean? From the first €1 up to €75,036 1.67% or
€15,028 - €75,036 = €60,008 (can the minimum threshold applies here?)
For example my figure is €17,500 income.
Is my income levy liability would be : €17,500 * 1.67% = €292.25 or
€ 17,500 - € 15,028 = € 2,472 *1.67% = € 41.30
That's a big difference so I need to be sure about how to do the math
Any help would be appreciated
Regards,
Then for self-assessed individuals the 2009 annual rates, passed on Budget night, are as follows:
Part of aggregate income Rate of income levy
The first €75,036 1.67%
The next €25,064 3%
The next €74,880 3.33%
The next €75,140 4.67%
The remainder 5%
Can anyone explain to me what the first €75,036 mean? From the first €1 up to €75,036 1.67% or
€15,028 - €75,036 = €60,008 (can the minimum threshold applies here?)
For example my figure is €17,500 income.
Is my income levy liability would be : €17,500 * 1.67% = €292.25 or
€ 17,500 - € 15,028 = € 2,472 *1.67% = € 41.30
That's a big difference so I need to be sure about how to do the math
Any help would be appreciated
Regards,