A GROUP assessing the impact of the proposed universal social contribution (USC), to replace employee PRSI, and the health and income levies will report to Minister for Finance Brian Lenihan within weeks.
A new universal social contribution will replace employee PRSI, the health levy and the income levy. It will be paid by everyone at a low rate on a wide base as a collective contribution to public services.
Finance Minister, Mr Lenihan announced his intention to introduce the charge on income in his budget speech last December.
Showing posts with label Income Levy. Show all posts
Showing posts with label Income Levy. Show all posts
Tuesday, September 21, 2010
Monday, February 1, 2010
What are the Income Levy Rates for Tax Year 2010?
From 1 January 2010 Income levy rates are as follows:
2% on income up to €75,036
4% on income from €75,037 to €174,980
6% on income above €174,980.
If your income is greater than the minimum threshold of €15,028 per year or €289 per week, you pay the levy on the full amount of your income. (If you are aged 65 or over the minimum threshold is €20,000 per year for a single person and €40,000 per year for a couple).
2% on income up to €75,036
4% on income from €75,037 to €174,980
6% on income above €174,980.
If your income is greater than the minimum threshold of €15,028 per year or €289 per week, you pay the levy on the full amount of your income. (If you are aged 65 or over the minimum threshold is €20,000 per year for a single person and €40,000 per year for a couple).
Thursday, November 12, 2009
Income Levy Certificates
The Supplementary Budget of April 2009 brought in changes to the income levy with effect from 1 May 2009. As a result the Income Levy Certificate 2009 has been revised.
Employers are to give a breakdown of income levy details for the periods
-1 January 2009 to 30 April 2009, and
-1 May 2009 to 31 December 2009
Where a payment is made to an ex-employee that is not included on the form P45 an income levy certificate should be issued to reflect this payment. This supplementary income levy certificate can either show the details of the supplementary payment only and be marked 'Supplementary' or it can include the details from the P45 plus the supplementary payment and be marked 'Amended'.
Some payroll software systems will print a version of the certificate automatically from the payroll record. Alternatively employers can use the Revenue template found Here A paper version of this income levy certificate is available from: Revenue's Forms & Leaflets Service Telephone (24-Hour service) 1890 30 67 06
Employers are to give a breakdown of income levy details for the periods
-1 January 2009 to 30 April 2009, and
-1 May 2009 to 31 December 2009
Where a payment is made to an ex-employee that is not included on the form P45 an income levy certificate should be issued to reflect this payment. This supplementary income levy certificate can either show the details of the supplementary payment only and be marked 'Supplementary' or it can include the details from the P45 plus the supplementary payment and be marked 'Amended'.
Some payroll software systems will print a version of the certificate automatically from the payroll record. Alternatively employers can use the Revenue template found Here A paper version of this income levy certificate is available from: Revenue's Forms & Leaflets Service Telephone (24-Hour service) 1890 30 67 06
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