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10 Cards in this Set
- Front
- Back
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Form P12 |
A form completed by the tax payer showing their income from the previous year and the tax credits their claiming for the next one |
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Form P21 |
The form issued by the revenue commissioner to the tax payer showing the amount of tax paid the the amount that should have been paid |
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Form P45 |
The form given to a employer when an employee leaves a job. It shows the income earned and tax paid so far |
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Form P60 |
The form that is issued at the end of the tax from by a employer to a employee |
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Deposit Interest Retention Tax (DIRT) |
A tax on the interest earned by money on deposit. Interest must be collected by the bank and paid to the Revenue Commissioners |
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Pay As You Earn (PAYE) income tax |
An income tax paid by all employees. It is calculated by the employer, deducted from wage, and paid over to the Revenue Commissioners |
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Pay Related Social Insurance (PRSI) |
An insurance scheme operated by the government to provide unemployment benefits, maternity benefits and pensions to workers |
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Standard rate cut off point |
The amount of a person's income which is subject to the standard rate of income tax |
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Tax credits |
Reductions in the amount of tax payable by each individual. The amount allowed by the tax office depends on the circumstances of each tax payer |
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Value Added Tax (VAT) |
A tax on the sale of goods and services that is paid by consumer. The tax is collected for the Revenue Commissioners by businesses. |
