Explanation of the detail on a P60

A P60 is a VALUABLE DOCUMENT, it is important that it is kept safely. It may be required for dealings with the Inspector of Taxes, Dept of Social Protection or a lending agent as proof of earnings when applying for a loan.

Explanation of Gross Pay quoted on your P60:
As Tax Relief has been given at source by DCU on the following deductions (subject to approved limits), your Gross pay quoted on the P60 equals your Actual Pay PLUS any taxable benefits (notional pay) received e.g. Illness Benefit applied by payroll or Benefit in Kind if appropriate, LESS any of the following schemes that you may have contributed towards within the Tax Year:

Standard DCU Pension Contributions,	Pension Related Deduction
Public Service PRSA’s	Income Continuance Plan
Group Life Contributions	Purchase of Added Years
Purchase of Temporary Years	Purchase of External Service
Added Voluntary Contributions	Cycle To Work Scheme
Easi Travel Scheme

P 60 and Social Welfare payments while on Sick Leave:
During tax year 2011 the first six weeks (36 days) of Social Welfare payments are tax free, therefore this amount would not be included in your gross salary on the P60.  If your total sick days in 2011 were in excess of 36 days DCU would have taxed these Social Welfare payments where feasible and these amounts will be reflected on the P60.

P 60 and Universal Social Charge Column:
This column will show your gross pay for USC purposes and USC paid. Your USCable income will include all income paid by DCU Less any contributions to Cycle to Work Scheme, Easi Travel Scheme and any Social Welfare payment sick or maternity reflected in your 2011 pay runs. It should also be noted any staff member that had a break in service during 2011 the data in this column relates ONLY to your last period of employment. This is per Revenue’s instruction as you would have received a USC certificate with your P45 earlier in 2011.

P21 Balancing statement from Revenue:
It is always advisable to request a balancing statement (P21) from the Inspector of Taxes; this will keep your tax affairs up to date. This should be done via Revenue Online PAYE Anytime Service. There is no need to submit your P60 as the details will be available to Revenue on line. For further details on this system see Revenue link http://www.ros.ie/paye/launchPAYEanytime_en.html Again we remind staff to please keep all of these documents safely as copies cannot be raised at a later date.

Update Jan 12