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p60 - am i being ripped off?

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  • 18-01-2005 6:42pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    the amount that apears on your p60, is that supposed to be your gross?

    there's nearly a 5k difference between that and what i'm supposed to be on.


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    #2
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    hey,

    i'm an accountant.

    the amount on your p60 is what you were paid, your tax & prsi contributions etc.

    when did you start in your current job?


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    #3
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    i'm working here over 5 years.

    the figure on my p60 is around 5k out, this can't be right, can it?

    i used this tax calculator, and put in what i'm supposed to be on.
    http://www.ey.com/global/content.nsf/Ireland/tax_budget05_calculator

    but that says i'm coming up short too.

    dublindude wrote:
    hey,

    i'm an accountant.

    the amount on your p60 is what you were paid, your tax & prsi contributions etc.

    when did you start in your current job?


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    #4
    Nuttzz
    Registered Users Posts: 3,774 ✭✭✭Nuttzz


    look at section A (pay) the figures in there is your gross (i.e. before tax) pay, this is not your take home pay

    look at B (tax) this is what you paid in Paye for the year

    look at C 1 (prsi) be careful here only c1 comes out of your wages

    get the figure in A3 take the figure in B3 and C1 away from this and you get your nett wages (i.e. take home pay)

    Are you in receipt of any bonuses, travel passes etc, these may not appear on your p60, you also may be getting a part of your wage "off books" because your employer wants to cut his prsi bill


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    #5
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    my question is, is the figure in section A, supposed to be my sallary?

    Nuttzz wrote:
    look at section A (pay) the figures in there is your gross (i.e. before tax) pay, this is not your take home pay

    look at B (tax) this is what you paid in Paye for the year

    look at C 1 (prsi) be careful here only c1 comes out of your wages

    get the figure in A3 take the figure in B3 and C1 away from this and you get your nett wages (i.e. take home pay)

    Are you in receipt of any bonuses, travel passes etc, these may not appear on your p60, you also may be getting a part of your wage "off books" because your employer wants to cut his prsi bill


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    #6
    DubTony
    Registered Users Posts: 3,269 ✭✭✭DubTony


    Assuming you get a weekly or m onthly payslip, the amounts on your P60 should be exactly the same as the amounts on your final payslip for 2004.

    If there is a discrepancy, your employer has made a mistake.


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    #7
    MG
    Closed Accounts Posts: 823 ✭✭✭MG


    No it shows your gross pay less tax allowable pension contributions. This may account for the difference.


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    #8
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    ah that must be it, thanks.

    MG wrote:
    No it shows your gross pay less tax allowable pension contributions. This may account for the difference.


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    #9
    davidoco
    Registered Users Posts: 656 ✭✭✭davidoco


    It's common for people to freak out when they go to the bank with the P60 looking for a mortgage, they have said they are on say 30,000 but the P60 only says 28,000.

    It's usually the pension contributions as pointed out above or the following: travel passes which are legally allowed and/or payments to income continuance schemes.


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