Income Tax

 Income 

Definition: money received in exchange for labor or goods or through investment

Synonym: Earning, Salary, Pay, Remuneration, Revenue, Receipts, Profits, Gains, Proceeds, Dividend, etc

Step one-  Define the category of the source of income

Schedule D	Schedule E	Schedule F
I. Trade (Self employment)	Employment Income (include BIK, Directorships, Pension Income)	Dividend and distributions from Irish Resident Quoted Companies
II. Profession/Vocation (Self employment)
III. Investment/ Foreign Income (Gross)
IV. Irish Deposit Interest
V. Rental Income (Irish property)

Once you figure out the Category, workout the total income of that category.

Step two - Draft out the Layout and Fill

HEADING	€
Schedule D Case I/II	X
Less brought forward trading losses, capital allowance, pension	(X)
Schedule D Case III	X
Schedule D Case IV (Net +33%)	X
Schedule D Case V	X
Schedule E	X
Schedule F	X
Less current trading losses	(X)
Less charges on Income / Allowance	(X)
Taxable Income	Y
PAYE (Y <= threshold @ 20%) + (Y-threshold @ 40%)	Z
DIRT @ 33 %	Z
Less tax credit	(Z)
PRSI	Z
USC (PAYE)	Z
USC (non PAYE income @ 3% )	Z
Less DIRT & WHT	(Z)
Less PAYE deducted in salary	(Z)
Net Income Tax Payable/ Refundable	Z

Once you filled all the Categories, the losses, and charges, you got the Taxable Income and do the math. Easy-peasy, right? Nope, there's more info within each line. Click to check them out.