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Pay As You Earn (PAYE) Introduction Applies to Schedule E income

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Presentation on theme: "Pay As You Earn (PAYE) Introduction Applies to Schedule E income"— Presentation transcript:

1 Pay As You Earn (PAYE) Introduction Applies to Schedule E income
Employers are obliged to deduct income tax, PRSI and USC from payments to employees Deducted from each payment whether paid weekly or monthly Employer must be registered with Revenue Individuals are registered as employees of the employer

2 Pay As You Earn (PAYE) Employer’s obligations
Register as an employer with Revenue Make deductions from employees pay and benefits Pay this tax (and other deductions) to Revenue

3 Pay As You Earn (PAYE) Employee’s obligations
Inform Revenue of an employment and receive a Certificate of Tax Credits and Standard Rate Band Form 12A is completed if commencing employment in Ireland for the first time Providing a P45 to the new employer

4 Pay As You Earn (PAYE) Certificate of Tax Credits
Employee receives a detailed copy Employer receives a CTC just with total amounts for Tax Credits and Standard Rate Cut off Point Employer uses the information to apply the deductions

5 Pay As You Earn (PAYE) Calculation of Tax under PAYE
Calculation made using CTC and tax rates applicable at the time of the payment Taxable Income, includes: Monetary payments BIKs and perks Less pension contributions Less PHI contributions

6 Pay As You Earn (PAYE) Methods of Calculation Cumulative Basis
Week 1/ Month 1 Basis Emergency Basis

7 Pay As You Earn (PAYE) PAYE administration P30 P35/P35L P60 P45

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