Wage Calculation

[maevis1]

Hi all,


Just looking for some help with regard to calculating someones wages. I wish to check if what I have written below is correct. Assume single PAYE worker.

Gross Pay: €624
Tax Credit: €54.81

20% of €565.38 = €113.08
42% of €624-€565.38 = €24.62

Total Paye = -€113.08-€24.62+€54.81 = €82.89

Prsi Calculation:

€624-€127 = €497
€497*6% = €29.82
€127*2% = €2.54

Total PRSI = €29.82+€2.54 = €32.36

Net Pay = €624-€82.89-€32.36 = €508.75

Is €508.75 correct?

Also could someone outline the PRSI calculations in relation to up to what level are you exempt?, what percentages apply to different income levels/thresholds?

Any help is greatly appreciated. Thank you in advance

Regards

 

[Penny Foolish]

.

I just typed those numbers into my payroll software, and I got exactly the same result.

PAYE: €82.89
PRSI: €32.36

This is assuming PRSI class 'A' and Standard Rate Cut off point of 29400 (per year).

You might be interested to know that Payback do a great payroll package, free for less than 5 employees.
Their website says the offer expires on 28 Feb, but it still seems to be active: www.payback.ie

The PRSI tables are on there.

 

[Sol28]

Salary

If you want to check out a salary go to payback.ie and download their salary software - An irish tool that is free for "companies" of less than 4 employees - works really well for me!

 

[ClubMan]

Re: Salary

You could sanity check the figures using [broken link removed] but for actual payroll calculations you should probably not depend on freebie calculators.