tax question (1 Viewer)

pad

New Member
Since 2000
Joined
Nov 14, 2000
Threads
177
Messages
2,452
Location
dublin
Website
www.myspace.com
If I was to leave my job, would I be able to claim back any/all of the tax I spent over the course of the year?
 

andyman

Member
Joined
May 2, 2008
Threads
3
Messages
58
Location
Wexford
Probably. Rough figures:

For the average yuppie you get a lower bracket of €36,000 @ 20%, and everything after that at 41%. So, on €600 p/w they assume you'll get
€600 x 52 = €31,200

Everything under €36,000 @ 20%:
31200 @ 20% = 6240

Subtract Tax Credits (about €3600 for your average yuppie):
€6240 - €3600 = €2640 (estimated tax for the year)

€2640/52 = 50.77

So you would have been charged 50.77 in tax per week.

But, if you earned a yearly gross where ([email protected]% - Tax Credits [€3600, remember?]) is less than 0, then you're due all that tax back. Their estimation of what you would've earned is a lot higher than what you actually earned, since you're a sissy and you quit.


PRSI is a whole other mess. Just send the Refunds department a note with your PPS number and p60 for the relevant year saying "check for a refund you twats". You'll have to wait until next year to get your p60 for this year, obviously. There could be a way of speeding up the process. I dunno.
 

IFF

Well-Known Member
Supporter
Joined
May 19, 2002
Threads
84
Messages
3,050
Location
a place between somewhere and nowhere
P

PRSI is a whole other mess. Just send the Refunds department a note with your PPS number and p60 for the relevant year saying "check for a refund you twats". You'll have to wait until next year to get your p60 for this year, obviously. There could be a way of speeding up the process. I dunno.
if he leaves, when he leaves he should get a P45

if you want to claim back the tax in the current year, it'd be a P50 http://www.revenue.ie/en/tax/it/forms/p50.pdf they do reccomend to wait 4 weeks, 8 if in receipt of social welfare.

if waiting after the year end, you could do it online by registering with http://www.ros.ie/paye/launchPAYEanytime_en.html and then you can request a reviuew of your tax affairs online
 

pad

New Member
Since 2000
Thread starter
Joined
Nov 14, 2000
Threads
177
Messages
2,452
Location
dublin
Website
www.myspace.com
Right. I'm sorry. I'm probably very thick, but I find that a bit hard to follow. I earn more than the average yuppie above and so am in the higher tax bracket. If I were to leave my job to go to college (sssh, don't tell the boss. Or anyone for that matter) how much of the tax that I paid over the course of the year would I be able to claim. All of it? Some of it? None of it? and PRSI? It'd just be good to be able to factor some of that in for the money I'll need to save for college.
Thanks for the help!
 

IFF

Well-Known Member
Supporter
Joined
May 19, 2002
Threads
84
Messages
3,050
Location
a place between somewhere and nowhere
it would depend

you'd certainly get some of the tax back.
i don't think you'd get any prsi back because this is on the weekly/monthly wages.
income levy i wouldn't think so.

i'm not 100% sure what you'd get back because i don't know:
- how much you earn a week
-your tax credits and cut off point

for my example i assume:
- you earn 52,000 per annum. this is 1,000 per week (hmm, why did i pick that figure)
- you have tax credits of €3,660 (this is paye credit and single person credit)
- your standard rate band if €35,400 (this is a single person band)
- you leave work for college at 31 August 2010
- when you may leave your job

Based on this your weekly details would be
gross - 1,000.
tax - 197
income levy - 20

up until 31 august 2010, this is 35 weeks

gross - 35,000
tax - 6,883
income levy - 700

assuming that you get no social welfare after leaving your job and you don't get part time work while in college
you should have paid on your 35,000, tax of 3,340 (this is 20% of 35,000 less 3,660 being your tax credits). you'd be entitled to a refund of €3,543 (tax paid of €6,883 less €3,340)

that probably makes little sense
 

pad

New Member
Since 2000
Thread starter
Joined
Nov 14, 2000
Threads
177
Messages
2,452
Location
dublin
Website
www.myspace.com
Well the figures are confusing, but the end result makes sense.
That's great.
Thanks very much guys!
 

andyman

Member
Joined
May 2, 2008
Threads
3
Messages
58
Location
Wexford
On PRSI: most "professionals" are in the A1 bracket, which means PRSI of 4% on the first €127 of your weekly wage and %8 on the rest (to a limit - the figures are online e.g. wikipedia...). The health levy is built into PRSI and consists of the aforementioned 4% on €127 and half of the 8% you paid on the rest (i.e. 4% of the >€127 per week). My understanding is that if you earn under €26,000 in a given year, you're entitled to get back the health levy you paid.

When you get it back, you end up only having paid %4 per week on everything above €127.

At least, I believe that's right...
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create a thumped.com account. It's easy!

Log in

Already have an account? Log in here.

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

We're listening to...

  • Parade - Music from the Motion Picture Under the Cherry Moon
    Christopher Tracy's Parade
    Prince
    Parade - Music from the Motion Picture Under the Cherry Moon
  • Happy Birthday
    Mars in Virgo
    Sneaks
    Happy Birthday

Support thumped.com

Support thumped.com and upgrade your account

Upgrade your account now to disable all ads... If we had any... Which we don't right now.

Upgrade now

Latest posts

Trending Threads

Latest threads

Top