PAYE credit doesnt extend to self-employment income.On the above figures, Tax liability = NIL.
Total €8000 @20% = €1600
- Part time contract - - €7000
- Say 5 months @ €200 per month - €1000
PAYE credit (€1600)
Bal due NIL
PAYE credit doesnt extend to self-employment income.
. In this scenario, there would be no point in accepting a extra hour off work just to pay €500 in PRSI.
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