Tax on Bonus

S

sohar45

Guest
Hello friends,

Just wanted to check with you how much tax will be applied on 2000 Euro bonus in R.Ireland. Please advice,

Rgds,
San
 
tax rates

Well, either 0%, 20% or 42% income tax.

It depends on your own marginal income tax rate.

Example: I earn 40k. If I get 2000 EXTRA income, I will pay 42% of it in tax.

Though overall, I pay just 235 approx of my income in tax.
 
Thanks for your reply Protocol, my cut-off as mentioned in my p60 is 37000, will I be charged 42 %?

Regds,

San
 
Still can't tell unless you tell us what your salary is.

Basically, if your salary is 35K or less it's all at 20%.

If more than 37K it's at 42% and if in between, you can work it out.

There will also be PRSI chargeable. Again, this will depend on your normal gross salary.
 
Hello All,

Sorry for not mentioning my salary. My annual gross is 36000 and I am getting my bonus = 2060 euros. My Standard cut off as mentioned in p60 = 37000. can you please let me know much much I may take home this month and how much will be taxed on what?

Regds,
San
 
not 100% sure about this

If your cut-off point is 37k, this means you pay income tax at 20% up to this point. Wages above that mean 42% income tax.

Now your gross is 36k. So the 2k bonus will put you over the 37k cut-off.

So it seems half of it at 20%, and half at 42%, meaning 620 tax.

Anybody agree with that????
 
Re: not 100% sure about this

Curently I am earning monthly 2416.00 Euro as take home does this mean this month including my bonus I will be getting appx 3500 as take home??? or how much I may take home this month.

REgds,
San
 
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