Every euro of PAYE, USC and PRSI charged through a payroll, and the tax on a pension lump sum, the tax on pension savings over the lifetime limit, the tax on rent, the tax on income from abroad, the tax on maintenance received, the tax on foreign income brought in, the tax on renting a room, exit tax on ETFs, the tax on bond interest, DIRT on deposit interest, the tax on dividends, the tax on extra pension drawn, the year-end settlement, capital gains tax, inheritance tax, Local Property Tax, stamp duty and tax relief given back in this projection is worked out from the answers in section 1 and the rules in section 2, and every other tax is named charge by charge and checked to the cent against what the projection charged. Any month can be checked against the worked examples in section 3, and every month is in the data file.

Deirdre Mulcahy: the one simulated life the dashboard traces (life 21 of 512, at the 61st percentile of outcomes). It runs 460 months, to its last death, of the plan's 552: every count of months below is out of these. Over the life, worked step by step here: PAYE €61,741.08; USC €14,691.19, and +€76.08 of other charges named beside it; PRSI €28,671.36; Rent €337,314.74; ETF exit tax €205,677.79; DIRT €1,436.05; Extra pension drawn €178.79; The year-end settlement -€229,881.11; Local Property Tax €52,521.72; Tax relief given back, which comes off the tax €3,105.26. A charge with no working yet is named with its months and total under its tax.

1. The balances and pay typed on the form (cash, pension pot, ETFs, mortgage outstanding, a month's pay) are what the projection starts from: section 1, the check ✓ agrees
2. Every rate, band, credit and threshold the workings use is listed, with its value and the law or publication it comes from: section 2 ✓ agrees
3. PAYE: in every one of the 459 months a payroll runs, a month it comes to nil included, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3a, PAYE; every month's figures are in the data file, to redo any of them ✓ agrees
4. PAYE: two months worked in full, to follow with a pen and a calculator: section 3a, PAYE, worked months ✓ agrees
5. USC: in every one of the 459 months a payroll runs, a month it comes to nil included, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3b, USC; every month's figures are in the data file, to redo any of them ✓ agrees
6. USC: two months worked in full, to follow with a pen and a calculator: section 3b, USC, worked months ✓ agrees
7. PRSI: in every one of the 144 months a payroll runs, a month it comes to nil included, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3c, PRSI; every month's figures are in the data file, to redo any of them ✓ agrees
8. PRSI: two months worked in full, to follow with a pen and a calculator: section 3c, PRSI, worked months ✓ agrees
9. Pension lump sum: no month of this life charges it: section 3d, Pension lump sum – nothing to check
10. Pension over the limit: no month of this life charges it: section 3e, Pension over the limit – nothing to check
11. Rent: in every one of the 459 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3f, Rent; every month's figures are in the data file, to redo any of them ✓ agrees
12. Rent: two months worked in full, to follow with a pen and a calculator: section 3f, Rent, worked months ✓ agrees
13. Income from abroad: no month of this life charges it: section 3g, Income from abroad – nothing to check
14. Maintenance received: no month of this life charges it: section 3h, Maintenance received – nothing to check
15. Foreign income brought into Ireland: no month of this life charges it: section 3i, Foreign income brought into Ireland – nothing to check
16. Renting a room in the home: no month of this life charges it: section 3j, Renting a room in the home – nothing to check
17. ETF exit tax: in every one of the 185 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3k, ETF exit tax; every month's figures are in the data file, to redo any of them ✓ agrees
18. ETF exit tax: two months worked in full, to follow with a pen and a calculator: section 3k, ETF exit tax, worked months ✓ agrees
19. Bond interest: no month of this life charges it: section 3l, Bond interest – nothing to check
20. DIRT: in every one of the 458 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3m, DIRT; every month's figures are in the data file, to redo any of them ✓ agrees
21. DIRT: two months worked in full, to follow with a pen and a calculator: section 3m, DIRT, worked months ✓ agrees
22. Dividends: no month of this life charges it: section 3n, Dividends – nothing to check
23. Extra pension drawn: in every one of the 1 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3o, Extra pension drawn; every month's figures are in the data file, to redo any of them ✓ agrees
24. Extra pension drawn: two months worked in full, to follow with a pen and a calculator: section 3o, Extra pension drawn, worked months ✓ agrees
25. The year-end settlement: in every one of the 38 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3p, The year-end settlement; every month's figures are in the data file, to redo any of them ✓ agrees
26. The year-end settlement: two months worked in full, to follow with a pen and a calculator: section 3p, The year-end settlement, worked months ✓ agrees
27. Capital gains tax: no month of this life charges it: section 3q, Capital gains tax – nothing to check
28. Inheritance tax (CAT) and the tax on pensions passing at a death: no month of this life charges it: section 3r, Inheritance tax (CAT) and the tax on pensions passing at a death – nothing to check
29. Local Property Tax: in every one of the 39 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3s, Local Property Tax; every month's figures are in the data file, to redo any of them ✓ agrees
30. Local Property Tax: two months worked in full, to follow with a pen and a calculator: section 3s, Local Property Tax, worked months ✓ agrees
31. Stamp duty on property bought: no month of this life charges it: section 3t, Stamp duty on property bought – nothing to check
32. Tax relief given back, which comes off the tax: in every one of the 2 months it is charged, working it out by hand gives the engine's own figure and what the projection charged, to the cent: section 3u, Tax relief given back, which comes off the tax; every month's figures are in the data file, to redo any of them ✓ agrees
33. Tax relief given back, which comes off the tax: two months worked in full, to follow with a pen and a calculator: section 3u, Tax relief given back, which comes off the tax, worked months ✓ agrees
34. No money appears or disappears: every month, what goes into and out of cash, investments, pensions, the loan and tax adds up: section 4 ✓ agrees
35. The year-by-year table is the data file's months added up: section 5 and the data file ✓ agrees
36. This is the run the dashboard shows: the same fingerprint: section 7 ✓ agrees

1. Inputs

Every answer given on the client form, under the form's own headings and in its own words, then what the projection starts from, and a check that the balances and pay typed are what it starts from.

The check

What the form set

The household

Worked out from the dates of birth

Income and retirement

Your partner

What you hold

The home

Other property

What you spend

What the projection starts from

2. Rules

Every rate, band, credit and threshold in law that the workings in section 3 use for this household: what it is, the law or publication it comes from beneath it, and the value this projection used. Under each tax, folded away, are its other rules, which nothing in this household's life called on, so a missing credit can still be looked for. Amber: a value this projection was told to change.

PAYE

USC

PRSI

Pensions at retirement

Funds

Capital gains tax

None of these was called on in this household's life.

Reliefs on the return

Gift and inheritance tax (CAT)

None of these was called on in this household's life.

Income outside a payroll

Local Property Tax

Termination payments

None of these was called on in this household's life.

The calendar

3. The taxes, one by one

How a year's tax runs in the engine, in the order it charges each tax, which is the order of an Irish tax year: the payroll each month, the income outside it as it arises, the year settled in December, and the taxes with returns of their own when they fall due. The taxes worked so far follow: each with a chart of how it is worked out, then every month checked and two months worked in full. Each figure is shown to the cent, and each step works from the figures before it unrounded, so redoing a step from the rounded figures shown can differ by a cent.

3a. PAYE: income tax on pay and pensions

Income tax on pay and pensions is taken by the employer or pension payer each month, on the whole year so far (the cumulative basis, S.I. 345/2018). Each month the year's pay so far is scaled up to a full year; that is taxed at 20% up to the standard rate band and 40% above it (TCA 1997 s.15); the year's tax credits come off (personal, employee and any others the household qualifies for, TCA 1997 Part 15); and the share of that tax for the months so far is due, less what the months before took. Pension contributions come off the pay first, up to a share of earnings that rises with age, on earnings up to €115,000 (s.774, s.790A). A married couple is taxed together (s.1017): each month is a twelfth of their joint tax for a year at that month's pay, and December settles the year. A partner who is not married is taxed alone. The tax on rent, dividends and other income outside a payroll is settled at the year's end under its own heading, not here.

The client's payroll: how it is worked out

The joint return (s.1017): how it is worked out

Which case applies, month by month

3b. USC: the Universal Social Charge on pay and pensions

The Universal Social Charge is charged on income (TCA 1997 Part 18D, s.531AN). Where the year's income is €13,000 or less there is none; above that, every euro is charged through the bands. Social welfare payments, the State Pension among them, do not count (s.531AM). Lower rates apply from age 70, or with a full medical card, where income is €60,000 or less. Each month, as a payroll does on the cumulative basis, the USC on the pay to date through the cut-off points to date (the year's, times the months, over twelve), less what the months before charged; the exemption and the reduced rates' limit are read to date the same way. December, or a death, settles the year on the whole year's bands. Each person's USC is their own; the USC on income outside a payroll is settled at the year's end under its own heading.

The client's USC: how it is worked out

Which case applies, month by month

Other charges added to it, their workings to come

3c. PRSI: social insurance on earnings

An employee's PRSI (Class A) is charged on each week's pay (Social Welfare Consolidation Act 2005). There is none where the week's pay is €352 or less (s.13(2)(a)); above that, the rate in force is charged on all of it, less a PRSI credit that tapers away by €1 for every €6 of the week's pay over €352.01, from €12.00 a week to nil at €424.00 (s.13(2)(b)). The rate rises on the dates in section 2. Pensions and benefits are not charged. It stops at age 66, or for someone born in 1958 or later and not on the State Pension at 70 (s.12(1)(a)(ii)). A self-employed person (Class S) pays on the year's earnings, and withdrawals from an approved retirement fund are Class S too, charged as they are drawn. The year-end settlements (the self-employed's threshold and minimum, and PRSI on income outside a payroll) are under the year-end heading, not here.

The client's PRSI: how it is worked out

Which case applies, month by month

3d. Pension lump sum: the tax on it at retirement

No month of this life charges it: nothing this household has or does falls under it.

3e. Pension over the limit: the Standard Fund Threshold

No month of this life charges it: nothing this household has or does falls under it.

3f. Rent: income tax, USC and PRSI on rent from property in Ireland

Rent from property in Ireland is taxable income (TCA 1997 s.75, Case V): the rent less the interest on the loans on the lets, the costs of letting and wear and tear on furniture and fittings over eight years (s.97, s.284). A loss is carried forward against later rental profit only (s.384). Each month the engine charges the profit as it arises: income tax at 20% within what the payroll has left of the household's standard rate band and 40% above it, with USC and PRSI, less a landlord's rent relief (s.480C) where it applies; the year's exact figure is settled at the year's end. A relief taken back when a let is sold is under this heading too.

Which case applies, month by month

3g. Income from abroad: income tax, USC and PRSI on it

No month of this life charges it: nothing this household has or does falls under it.

3h. Maintenance received: income tax, USC and PRSI on it

No month of this life charges it: nothing this household has or does falls under it.

3i. Foreign income brought into Ireland

No month of this life charges it: nothing this household has or does falls under it.

3j. Renting a room in the home

No month of this life charges it: nothing this household has or does falls under it.

3k. ETF exit tax: tax on gains in funds

A fund such as an ETF is taxed under its own regime, not capital gains tax (TCA 1997 s.739B to s.739E): exit tax at 38% on the gain when units are sold, with no relief for a loss and no annual exemption. Every eight years a holding is treated as sold and bought back (a deemed disposal), and the tax on that rise is charged then and credited against the tax on the later sale. Units are sold oldest first; each owner's units are their own chargeable event. Funds passing at a death to anyone but a spouse or civil partner are a chargeable event too.

Which case applies, month by month

3l. Bond interest: income tax, USC and PRSI on it

No month of this life charges it: nothing this household has or does falls under it.

3m. DIRT: tax on deposit interest

The bank deducts DIRT at 33% from deposit interest as it is paid (TCA 1997 s.256 to s.267), and for most savers that is the whole tax on it: no income tax, USC or PRSI is charged on top. The interest is the month's cash balance at what Irish banks pay, worked from the short-term interest rate, and none is paid on a balance below nil. At 65 or over the year's return gives DIRT back here (s.267(3)): all of it within the age exemption's limit, above it what the DIRT exceeds the income tax the interest would bear after the year's credits.

Which case applies, month by month

3n. Dividends: income tax, USC and PRSI on them

No month of this life charges it: nothing this household has or does falls under it.

3o. Extra pension drawn: the tax on it

Money drawn from a pension beyond what it pays as income (from an approved retirement fund, or to meet a shortfall) is taxable income of its owner (TCA 1997 s.784A, s.790D). Tax is withheld as it is drawn and the year settled on the return; a pension passing at a death is taxed as its new owner's income, or the estate's.

Which case applies, month by month

3p. The year-end settlement: income outside a payroll on the return

At the year's end each person's return settles what the months charged on income outside a payroll (rent, dividends, bond and foreign income): the income tax on it through the bands, USC and PRSI on the year's figures, the USC surcharge on such income over €100,000 (s.531AN(2)), the credit for tax paid abroad (Schedule 24), and the age exemption (s.188), which can give back income tax (the DIRT it gives back is on DIRT's own line). The difference from what the months charged is charged or refunded here.

Which case applies, month by month

3q. Capital gains tax

No month of this life charges it: nothing this household has or does falls under it.

3r. Inheritance tax (CAT) and the tax on pensions passing at a death

No month of this life charges it: nothing this household has or does falls under it.

3s. Local Property Tax

Local Property Tax is charged each year on each home and residential let, each on its own (Finance (Local Property Tax) Act 2012 s.17), on its value on the valuation date: 1 November 2025 for the years to it plus 5, then each 5 years. Up to €2,100,000 the value's band sets the charge, a flat amount in the first two and the band's own figure above them; over it, 0.0906% of the value up to €1,260,000, 0.25% from there to €2,100,000 and 0.3% above. The bands hold for each period and move with the tax bands at a valuation date where the plan says so. Commercial property pays rates, not LPT.

Which case applies, month by month

3t. Stamp duty on property bought

No month of this life charges it: nothing this household has or does falls under it.

3u. Tax relief given back, which comes off the tax

Reliefs refunded outside the payroll: health expenses (TCA 1997 s.469), relief on extra pension contributions, and deemed tax on funds given back (s.739E). Each reduces the tax above it.

Which case applies, month by month

4. Reconciliation

No money appears or disappears. Each check below holds in every month of the life, to within €0.50: what its first list adds up to equals what its second does, each item by its name in the data file.

5. The traced life, year by year

A statement a year, in euro of the day (not adjusted for inflation), grouped the same way every year: what came in, the tax, the spending, then where the money is: cash, investments, pensions, property and its loans, and the household's wealth. A flow is the year's months added up; a balance, marked at the year's end, is its last month's. Each year names its rows in the data file, so any figure can be found there.

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