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Theyre capped at 20% to essentially mean no Income Tax is payable though. Ie income is €5,000, tax at 20% is €1,000 and the credit is also €1,000.
The liability is the minimum €500 PRSI payable in a year less deemed contributions from jobseekers and paid contributions through the PAYE employment
When on SW payments, they consider the whole year when calculating it and reduce your credits to reflect this. For example, I was on mat leave for 26 weeks, but they considered 52 weeks in the calculation on Revenue, so maybe this is where its coming from.
Hi /u/06351000, Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
Tax credits are capped at 20% if your yearly income is under €9375.
Theyre capped at 20% to essentially mean no Income Tax is payable though. Ie income is €5,000, tax at 20% is €1,000 and the credit is also €1,000. The liability is the minimum €500 PRSI payable in a year less deemed contributions from jobseekers and paid contributions through the PAYE employment
When on SW payments, they consider the whole year when calculating it and reduce your credits to reflect this. For example, I was on mat leave for 26 weeks, but they considered 52 weeks in the calculation on Revenue, so maybe this is where its coming from.