Net/gross pay calculation?

W

whistler

Registered User
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120
Is there a calculation for this?
Single person, no dependants. If net income came to say €45,000 how much would the gross income be?
 
Thanks Towger. Is there an easy way to work this out?
Was trying to work backwards but got jumbled up in all the figures!!
 
[broken link removed] (working backwards to fit a net to a gross) suggests c. €72K. Of course it could be wrong. Just curious as to how you get €63K?
 
ClubMan said:
[broken link removed] (working backwards to fit a net to a gross) suggests c. €72K. Of course it could be wrong. Just curious as to how you get €63K?
Click to expand...

Unless I'm losing the plot Karl is incorrect. My calc is

Gross = 63206.74

Tax = (34K @ 20%) + (29206.74 @ 41%) - 3520 (PAYE & Single tax credits) = 15254.76

PRSI = (63206.74 * 2%) + ((48800 - 6604)*.04) = 2951.97

Net = 63206.74 - 15254.76 - 2951.97 = 45000
 
Sorry - I must have been losing the plot as Karl more or less agrees with you!
Yearly take home pay. (Single)
Selected Tax year is 2007
Gross Take Home Pay = € 63200.0
Tax = € 15252.0
Take Home Pay after Tax = € 47948.0
Less PRSI = € 2983.372
Net take home pay = € 44964.63
Click to expand...
**************************************************
Calculate end of year tax returns (Single)
Tax year for calculations is 2007
(Form P21C)
Selected currency is Euro €
**************************************************

INCOME FROM EMPLOYMENTS €:
Income for Self 63200.0
Other Incomes/Benefits 0.0
--------
Gross Statutory Income 63200.0


CREDITS (@20%)€:
Personal Allowance 8800.0
PAYE Allowance 8800.0
Medical Insurance Allowance 0.0
Service Charge Allowance 0.0
--------
Total Credits (@20%) 17600.0


ALLOWANCES (@41%) €:
Med Expenses, Perm Health 0.0
Expenses 0.0
--------
Total Allowances 0.0

COMPUTATION OF NET TAX PAYABLE BY YOU €:
Gross Statutory Income 63200.0
Less Allowances before tax 0.0
--------
Taxable Income 63200.0
Which is chargeable as follows:
34000.0 @ 20% = 6800.0
29200.0 @ 41% = 11972.0
--------
Income Tax due 18772.0
LESS €:
Tax Credits (17600.0 @20%) 3520.0
Total Income Tax due 15252.0
Net Tax deducted under PAYE 0.0
--------
Tax Underpaid € 15252.0
Click to expand...
PRSI Liability for Tax Year 2007
For Self:
PRSI ClassA1 42984.305 @4.0% = € 1719.3722
Health Levy 63200.0 @2.0% = € 1264.0
Total PRSI ClassA1 contribution = € 2983.372
Click to expand...
 
I also make it Ham Slicer's figure.
(Maybe the employer's PRSI was added on - although this still doesn't quite make €71k)

[post crossed with Clubman's]
 
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