Personal Tax Liability (Junior Cert Business Studies): Flashcards
📚Flashcards
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15 cards from this deck
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Practise the cards
15 cards from this deck
What does PAYE stand for?
What does PAYE stand for?
Pay As You Earn - Ireland's main income tax
PAYE rate up to €42,000
PAYE rate up to €42,000
20%
PAYE rate above €42,000
PAYE rate above €42,000
40%
What tax credits do
What tax credits do
Reduce tax bill euro-for-euro
PRSI stands for
PRSI stands for
Pay Related Social Insurance
PRSI rate
PRSI rate
4% of gross income
USC stands for
USC stands for
Universal Social Charge
USC rate range
USC rate range
0.5% to 8% depending on income
Formula: PAYE minus tax credits equals
Formula: PAYE minus tax credits equals
Tax payable
Net pay definition
Net pay definition
Take-home pay after all deductions
Monthly pay formula
Monthly pay formula
Annual pay ÷ 12
Weekly pay formula
Weekly pay formula
Annual pay ÷ 52
What ROS allows
What ROS allows
Complete tax returns online with real-time validation
Benefits PRSI funds
Benefits PRSI funds
State pension, jobseeker's, illness & maternity benefits
Progressive tax system meaning
Progressive tax system meaning
Higher earners pay higher rates on portions of income