What is Class J PRSI?

Charlotte SmithLifehacks

What is Class J PRSI? In class ‘J’ an employee who earns up to E440 per week is exempt from PRSI and an employee who earns more than E440 per week pays PRSI at 2%

What is Class J PRSI?

In class ‘J’ an employee who earns up to E440 per week is exempt from PRSI and an employee who earns more than E440 per week pays PRSI at 2% of earnings. It appears that a growing number of employees over the age of 66 are continuing to pay PRSI at the class ‘A’ rate.

What are J contributions?

The Class J contribution normally relates to people paid less than €38 per week (from all employments). However, a small number of employees are insurable at Class J no matter how much they are paid, such as employees aged 66 or over and people in subsidiary employment.

How do I know my PRSI class?

Class A employees

  1. Calculate one-sixth of your earnings over €352.01. €377- €352.01 = €24.99. Divided by 6 = €4.17.
  2. Subtract this from the maximum credit of €12, giving you a credit of €7.83.
  3. The basic PRSI charge is 4% of €377 = €15.08.
  4. You will pay €7.25 PRSI weekly (€15.08 minus your €7.83 PRSI credit).

How do I calculate my PRSI weeks?

To determine the rate of PRSI payable by you and your employer your gross pay is divided by the number of contribution weeks that is covered by your pattern of work. More information can be found in our document about your liability to pay PRSI.

How is PRSI calculated?

Class A employee PRSI is calculated at 4% of gross weekly earnings. PRSI Credit. The amount of the PRSI Credit depends on your gross weekly earnings. At gross weekly earnings of €352.01, the maximum PRSI Credit of €12.00 per week applies.

Is PRSI calculated on gross income?

Your PRSI is calculated on your gross income once any capital allowances have been deducted. If you are self-employed, you usually pay PRSI at Class S. This rate is 4% of your gross income, with a minimum payment of €500.

What income is PRSI calculated on?

Is USC calculated on gross or net?

The Universal Social Charge is tax you pay on gross income, including notional pay (notional pay is a non-cash benefit, such as benefit-in-kind), after any relief for certain capital allowances. The USC is payable on pension contributions. If your total income is €13,000 or less per year, you do not pay any USC.