Typical Net Pay of a Contractor on 250 per day
By Prima.ie - The Contractors Accountant
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Estimated Tax/PRSI Calculations 2006 |
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| Single Person as Employee of Umbrella Company |
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Euro |
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Euro |
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| Daily Rate |
250.00 |
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| Monthly Income |
5,000.00 |
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(based on 20 days) |
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| Umbrella Company Fees** |
(133.00) |
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| Allowable Expenses * |
(200.00) |
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| Employers PRSI |
453.00 |
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| Taxable Income |
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4,214.00 |
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| Tax Payable |
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Rate |
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| First €2,667 |
€2,666.67 |
20% |
533.33 |
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| Balance |
€1,547.33 |
42% |
649.88 |
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| Tax Liability |
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1,183.21 |
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| Deduct Reliefs |
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| Single Person |
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260.00 |
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| Total Reliefs |
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260.00 |
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| Tax payable |
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923.21 |
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| Employees PRSI |
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| First 551.06 |
551.06 |
0.0% |
- |
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| Next 3,833.33 |
€3,833.33 |
4.0% |
153.33 |
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| Health Levy |
€4,214.00 |
2.0% |
84.28 |
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| Total PRSI payable |
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237.61 |
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| Total PAYE/PRSI Deducted |
(1,613.83) |
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| Net income (including Expenses* reimbursed) |
3,253.17 |
65% |
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| *Includes estimate of €200 allowable expenses, for illustrative purposes only |
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**Based on Prima's fixed monthly fees for Umbrella Payroll Service |
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Prima Management specialise in the provision of Company Formation, Accountancy, Taxation, Payroll, Company Secretarial services to Contractors. We provide Umbrella Company and Limited Company services for Irish, UK and Offshore companies and can advise on the most suitable structure to maximise your income from contracting.
Contact: Paraic O’Dowd CPA, MIATI
Prima Management Limited
1st Floor, Bracken Court
Bracken Road
Sandyford Business Estate
Dublin 18
Tel: 01-2149727
Fax: 01-2149303
www.prima.ie
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