Calculating Your Reckonable Pay

• 1). For the period from the first Thursday in January to the most recent Thursday, add the following types of income: salary, wages, commissions made on sales, fees charged for services, annual bonuses, holiday bonuses, overtime pay, pay while sick from work, holiday pay, the book value of your company car(s) and any pay for unclaimed personal days. The sum total is called your "gross income to-date."
  
  
• 2). For the same time period, add up any pension (a.k.a. superannuation) benefits received and contributions you made to your Personal Retirement Savings Account (PRSA). If you made any withdrawals from your PRSA, add their value as well. The total is called your total PRSI deduction.
  
  
• 3). Subtract the total PRSI deduction from your gross income to date. The result is called your reckonable pay to date.
  
  
• 4). Divide your reckonable pay to date by the total number of weeks in the January to Most-Recent-Thursday time period. The result is your weekly reckonable pay.
  
  
• 5). Check your work using the PRSI Ready Reckoner online. (See Resources.)
  
  

Determining Your Weekly PRSI Payment

• 1). Look up the PRSI Contribution Class code (e.g. A, B, C, D, E, H, J, K, M, P or S) that corresponds to your particular job.
  
  
• 2). Determine which PRSI Subclass (e.g. 0, X, L, 1, 2, 8 or 9) your Weekly Reckonable Pay falls under.
  
  
• 3). Once you know your class and subclass, look up what percentage each of the three PRSI taxes (i.e. Social Insurance, Health Levy and National Training Fund Levy) claimed from your weekly reckonable pay.
  
  
• 4). Multiply your weekly reckonable pay by each tax rate to calculate the amounts due.