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Basic

Basic. PAYE Calculations. Steps in calculating P.A.Y.E. Calculate the Gross Pay for the pay period . Refer to the SRCOP and determine the rate of tax to be applied. Calculate the Total Gross Tax. Subtract the Tax Credit from the Gross Tax

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Basic

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  1. Basic PAYE Calculations GPA Solutions 2011

  2. Steps in calculating P.A.Y.E • Calculate the Gross Pay for the pay period. • Refer to the SRCOP and determine the rate of tax to be applied. • Calculate the Total Gross Tax. • Subtract the Tax Credit from the Gross Tax • Gross Tax less the Tax Credit is the PAYE to be deducted from the Gross Pay GPA Solutions 2011

  3. Example 1 Maura has a Gross Pay of €450 per week. Her weekly tax credit is €70.38 and her SRCOP is €700. Calculate her weekly PAYE deduction for this weeks pay? GPA Solutions 2011

  4. Solution 1 Tax Credit €70.38 SRCOP €700.00 ________________________________________ Gross Pay € 450.00 Tax 20% € 90.00 Less Tax Credit € 70.38 PAYE € 19.62 GPA Solutions 2011

  5. Example 2 Joan has a gross pay of €815.00 per week. She also worked 10 hours overtime and is paid €15 per hour for overtime worked. Her weekly tax credit is €105.57 and her SRCOP is €873.07. Calculate her weekly PAYE deduction for this weeks pay. GPA Solutions 2011

  6. Solution 2 Gross Pay € 965.00 Tax €873.07 @ 20% €174.61 €91.93 @ 41% € 37.69 Gross Tax €212.30 Tax Credit €105.57 PAYE €106.73 GPA Solutions 2011

  7. Attempt the exercise on Basic PAYE Computations. For more details on online courses www.gpasolutions.com GPA Solutions 2011

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