Hey,
I am currently expatriated and non resident for tax purposes in Ireland.
I finish working abroad in September of this year and receive a retainer, payable in Ireland by my Irish company, as part of my contract.
I will not however return to work in Ireland until July 09 (taking a few months off travelling).
I will be getting professional tax advise in the future but would like to get an idea of how much tax I will be liable for.
I have had a look myself but am unsure about the PRSI element. Any help appreciated.
Gross lump sum = 20,000
Income tax @ 20% = 4,000
Personal credits + PAYE credits = 1830 *2 = 3660
Income tax due = 4000 - 3660 = 340
PRSI
20,000 / 52 = 385 euro per week
Exemption of 127 euro per week
Taxable for PRSI = 385 - 127 = 258
PRSI contribution = 4%
Health contribution of 2% not applicable because weekly sum is less than 500 euro.
Contribution = 258 * 0.04 * 52 = 537
Total tax due = 340 + 537 = 877
Am I way off the mark with this home made effort?
Skippy
I am currently expatriated and non resident for tax purposes in Ireland.
I finish working abroad in September of this year and receive a retainer, payable in Ireland by my Irish company, as part of my contract.
I will not however return to work in Ireland until July 09 (taking a few months off travelling).
I will be getting professional tax advise in the future but would like to get an idea of how much tax I will be liable for.
I have had a look myself but am unsure about the PRSI element. Any help appreciated.
Gross lump sum = 20,000
Income tax @ 20% = 4,000
Personal credits + PAYE credits = 1830 *2 = 3660
Income tax due = 4000 - 3660 = 340
PRSI
20,000 / 52 = 385 euro per week
Exemption of 127 euro per week
Taxable for PRSI = 385 - 127 = 258
PRSI contribution = 4%
Health contribution of 2% not applicable because weekly sum is less than 500 euro.
Contribution = 258 * 0.04 * 52 = 537
Total tax due = 340 + 537 = 877
Am I way off the mark with this home made effort?
Skippy