I think this calculator is for the 'old' pension calculations & not the new pension levy?
what rate of pension levy will i pay?
- Thread starter mer
- Start date
I think this calculator is for the 'old' pension calculations & not the new pension levy?
It's the net of tax position, so what you see should be the bottom line on your payslip, annualised. Divide it by 52.18 for the weekly figure and 26.09 for the fortnightly.
Hi,
Many thanks for your reply. I'm still confused :-(
Lets take an example:
Gross 40K earned.
First: 15K at 3% = 450euro
Next: 5K at 6% = 300euro
Rest: 20K at 10% = 2000
Total = 2750euro
Excel calculator is coming out at 1665euro
I know I'm missing something but I don't know what?
I appreciate your patience with this
Hi,
Many thanks for your reply. I'm still confused :-(
Lets take an example:
Gross 40K earned.
First: 15K at 3% = 450euro
Next: 5K at 6% = 300euro
Rest: 20K at 10% = 2000
Total = 2750euro
Excel calculator is coming out at 1665euro
I know I'm missing something but I don't know what?
I appreciate your patience with this
SORRY!!!
Clink! the penny has dropped.
It's the tax you end up not paying that makes the differance, a form of tax relief!!
You can see I have all the necessary skills to run any of the National Banks in Ireland
You can see I have all the necessary skills to run any of the National Banks in Ireland
- I was about to reply to you, but your financial acumen has sorted it.Vinnie_cork
Registered User
- Messages
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Existing arrangement
First €15,000 of earnings – 3%,
€15,000 to €20,000 of earnings – 6%,
Earnings over €20,000 – 10%.
New arrangement
First €15,000 of earnings exempt,
5% on next €5,000 of earnings,
10% on earnings between €20,000 and €60,000 and
10.5% on earnings above €60,000.
First €15,000 of earnings – 3%,
€15,000 to €20,000 of earnings – 6%,
Earnings over €20,000 – 10%.
New arrangement
First €15,000 of earnings exempt,
5% on next €5,000 of earnings,
10% on earnings between €20,000 and €60,000 and
10.5% on earnings above €60,000.
C
camus
Guest
I'm totally confused about this levy.
Q1. If you don't earn the same amount every yr, therefore cannot use the 15k, next 5k step etc how can you calculate levy deduction? I have no contract and work a different amount of hours every week, and am paid fortnightly with salary pay calculated at an hourly rate. From past p60s my annual salary is around €16k, yet I have been deducted 3%, 6% & 10% all on same payslip..
Q2. What is this 5% deduction? My last payslip now has the 3%, 6% & 10% deduction being replaced by a 5%? deduction??
Q3. Would anyone be able to tell me how to do the maths...ie how to work out the deduction
Of course all of this is without going into the 'whys and wherefores' of the whole thing!
Thank you
Q1. If you don't earn the same amount every yr, therefore cannot use the 15k, next 5k step etc how can you calculate levy deduction? I have no contract and work a different amount of hours every week, and am paid fortnightly with salary pay calculated at an hourly rate. From past p60s my annual salary is around €16k, yet I have been deducted 3%, 6% & 10% all on same payslip..
Q2. What is this 5% deduction? My last payslip now has the 3%, 6% & 10% deduction being replaced by a 5%? deduction??
Q3. Would anyone be able to tell me how to do the maths...ie how to work out the deduction
Of course all of this is without going into the 'whys and wherefores' of the whole thing!
Thank you