Your contribution is 4% of your reckonable income or €500, whichever is greater. Under the self assessment system, PRSI is paid direct to your local tax office together with any other amount due.
If you are a self employed company director, PRSI is deducted by your employer under the PAYE system.
If you have been told by an Inspector of Taxes that you need not make a Tax Return, but your income is €5,000 or more per year, you are liable to pay a flat rate social insurance contribution to the Department of Social Protection.
If you have been granted an Artists Income Tax Exemption by the Inspector of Taxes, you may have a liability to pay Class S PRSI Contributions. Likewise, if you have received tax exempt status for childminding, forestry premiums or stallion fees, you may also have a liability to pay Class S PRSI .
If you fall into any of the above categories you should contact Self-Employment Section, Department of Social Protection at the address given in Section 10 of this leaflet.
If you are a Share fisherman or woman who is classified as self-employed, you may choose to pay an additional contribution for certain benefits under Class P. You will pay a contribution of 4% of income (up to the earnings ceiling for PRSI) in addition to the PRSI being paid already under Class S. There is a PRSI free allowance of €2,500.
These additional contributions paid under Class P provide cover for:
- limited Jobseeker's Benefit (for up to 13 weeks in each calendar year)
- limited Illness Benefit (for up to 52 weeks)
- Treatment Benefit including dental, optical and aural benefits for themselves and their dependent spouses.