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Key Personal Taxes (Taxation (Other Taxes (Corporation tax, 12.5% on…

- - - - Infastructure
      - Roads
      - Schools
      - the government must also finance the cost of running these resources
  - - - Gross pay = Basic pay + overtime + commission + bonus
    - - Take-home pay after deductions
        
        Net pay = Gross pay - deductions
    - - tax on employees income
  - - - every person who works receives a personal tax credit
        
        Tax credits are deducted after your tax is calculated
  - - - unlike tax credits, tax allowances are subtracted from your gross pay before it is taxed
- - - - Three main types:
        
        PRSI (pay related social insurance)
        
        paid to Department of Social Protection and used to pay social welfare benefits e.g state pensions and jobseeker's benefit
        
        USC (universal social charge)
        
        another tax on income
        
        Income tax (PAYE)
        
        paid on the amount a person earns
        
        percentage of gross income
  - - - examples include payments to:
        
        Trade union subscription
        
        a voluntary fee you pay to a union
        
        a union is an organisation that aims to help, support and protect workers
        
        Pension scheme
        
        you may choose to pay into a private scheme to provide you with pension income when you retire
        
        Health insurance
        
        you may choose to pay into a private scheme such as VHI (Voluntary Health Insurance) or Aviva to cover your healthcare