Student Working For a year

wannabepr

Hi,
so as part of my course i have to work for a year. Ill prob be on like 20000k if im lucky. I was told i will be taxed. Im wondering roughly how much?? Also willi get it back when i go back to college to finish my course??

Also I am still waiting to be paid from my last job which i get paid monthly, i need my p45 for my new employer but won't be able to get it off the old employer till my last pay, am i right??

Is there any way i can avoid emergency tax??? Thanks

TaxingTimes

If you are on €20,000l pay minimal tax, but liable to the levies and PRSI.

To avoid emergency tax complete a Form 12A when you start work and send it to the Revenue. (you can download that from revenue.ie

gerrybbadd

wannabepr wrote: »

Hi,
so as part of my course i have to work for a year. Ill prob be on like 20000k if im lucky. I was told i will be taxed. Im wondering roughly how much?? Also willi get it back when i go back to college to finish my course??

Also I am still waiting to be paid from my last job which i get paid monthly, i need my p45 for my new employer but won't be able to get it off the old employer till my last pay, am i right??

Is there any way i can avoid emergency tax??? Thanks

The quicker way may be to ask your employer for their Employer's Registered Number, and ring Revenue with it. They can set you up with your new employer on whats known as a Week 1 Basis, until your P45 comes through from your previous employer. You won't pay emergecy tax as long as your new employer has notification from Revenue as to what your allowances are.

You won't get all tax paid on €20000.00 back when you return to college as its above the exemption limit, and you are liabile to pay tax on it. You'll only get back what you've overpaid (if any)

brianwalshcork

wannabepr wrote: »

....have to work for a year

Will you be working from January to December, or will your work year span two tax years?

Will you be working when you return to college?

Thoie

Work out how much you'll earn in 2009 - the gross monthly pay up to the last paycheque from your current employer + the monthly for the rest of the year. So, if that 20k is over 9 months, that's around 2.2k per month. For the sake of argument, let's say you've earned 1k per month Jan-Sept (9k), and 2.2k for Oct-Dec = 15666 for 2009.

Plug that into http://taxcalc.eu/ = 0 tax liability for 2009 - any tax you've pad so far would be refunded sometime in Jan 2010.

For 2010 do 2 things.
1. Get the yearly tax figure on 20k (you'll have to use 2009 tax figures) = 740.
2. Get the yearly tax figure for 6 months (2.2*6) = 0

At the end of 2010 (early 2011) you'd be refunded the 740 euro (provided you haven't worked anywhere else afterwards).

gerrybbadd

Thoie wrote: »

any tax you've pad so far would be refunded sometime in Jan 2010..

This will not automaticlly be sent to you however. You would need to request a P21 Balancing Statement, which is a review of your tax affairs, and you would also have to forward a copy (keep your original) of your 2009 p60 to Revenue with your request.