Prsi Rates Ireland

Pay related social insurance is a levy that the Irish govenrment imposed to pay for various social benefits that it provides to people in need of assistance. Its debatable if it has achieved its objective and the equity of some of its measures such as the fact that self employed people are not automatically entitled to 9 months of social welfare when they shut down. This contrasts with paye employees who have paid class a and who get an automatic entitlement to social welfare for the first nine months The rates are as follows Employees Earnings up to 18304 euro per annum or 352euro per week are exempt Above this you pay the following 4% on everything over the first 127euro per week or 6604 per annum. So if you earn 18304 per annum you pay no prsi. If you earn 18305 or more then you pay nothing on the first 6604 of you yearly income and 4% on the balance. This 6604 exemption is gone from January 2013 so its 4% on all income if you earn over 18304 Self employed pay 4& on all income with a minimum contribution of Euro253 per week in 2012 and Euro 500 in 2013 Employers pay 4.5% on an employees income up to 18512 Euro and 10.75 if you earn more than 18512 per year Frank McGivney & Co. Ltd, Chartered Management Accountants, 0469293891, Kells, Co Meath  If you are in business and need a way to collect customer payments with a credit card then click here