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Tax
| Term | Definition |
|---|---|
| H.T PAYE (Pay As You Earn) | Direct tax on wages. The employer collects it once a month and gives it to the government (20% < $36,400 and balance at 40%) |
| H.T USC (Universal Social Charge) | Tax on employees due to recession (2% up to $21,295 and 4% up to $70k and 8% for anything over) |
| H.T & B.T VAT (Value Added Tax) | Indirect tax on consumers and businesses when using a good or service (23% on Goods, 13.5% on Services) |
| H.T & B.T DIRT (Deposit Interest Retention Tax) | Tax on interest on savings account (33%) |
| H.T & B.T Motor Tax | Must be paid if you own a car, van, truck etc. |
| H.T Property (LPT) | Must be paid if you own a house (based on value of house) |
| H.T Excise Duty | Tax on goods such as cigarettes, alcohol and petrol |
| H.T Customs Duties | Tax on imported goods from outside the EU |
| H.T Capital Gains Tax (CGT / CIT) | Tax on profits made when you sell shares or property (33%) |
| H.T Capital Acquisitions Tax (CAT) | Tax on gifts and inheritance (33%) |
| B.T Corporation Tax | Tax companies pay on their profit (15%) |
| B.T Self-Assessed Income Tax | Tax on self-employed people on their profits. The business calculates their own tax. Tax auditors inspect businesses to make sure they're paying the correct amount. |
| B.T Commercial Rates | Tax collected by local authorities based on the size of the building |
| Progressive Tax | Highest income pays the highest rates e.g PAYE (20% & 40%) |
| Regressive Tax | Rate of tax is the same for everyone e.g VAT (23%) |
| Form P60 | Form given to the employee by employer at the end of each year. Shows the gross pay for the year & amount of PAYE, PRSI and USC deducted from your wages |
| Form P45 | Given by employer when an employee leaves a job Shows gross pay, tax and the date you left your job Should be given to new employer so they can calculate your taxes |
| Form P21 | Summary of all your income for the year from the tax office |
| Tax Credits (Personal Tax Credit - $1650 single or $3300 married) (Employee Tax Credit $1650) (Blind Person Tax Credit) (Age Tax Credit for Over 65's) (Home Carer Tax Credit) | Annual tax reward from government reducing the amount of PAYE workers have to pay |
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