Tax & PRSI for Self Employed

[casperjack]

Hi

Just wondering if anyone knows how I would calculate my tax and PRSI due.

I am working for an Embassy and am classed as "self employed", but technically I am the same as a paye worker. I dont get PAYE tax credit according to work. I earn €30,232 per annumn. I get paid fortnightly. Have no idea about taxes etc, as in my last job it was all deducted for me. Any ideas on how much I should be putting away for taxes and prsi every two weeks, as I believe i have to pay tax man myself in October.

Any help with this would be appreciated.

kind regards,
Casperjack

 

[Ham Slicer]

If you are single it will probably be 6529.04.

If you are married it could be as low as 3006.40.

These figures are for 2004 and as you say the tax is due in October. You will also have to pay preliminary tax for 2005 on the same date and for the same amount. Thus in the two scenarios above you will have to pay double either of the figures in October.

If you only started to be self employed during 2004 the amount you need to pay will be less, and maybe considerably so.

You should get yourself an accountant to deal with for you.


Good Luck

 

[casperjack]

Thanks Ham Slicer.