Payslip Explained

Please note this video contains a SAMPLE payslip for Ireland – as a sample all the elements shown in this video may NOT apply in your payroll situation.

Your payslip is an important piece of Irish legal documentation and it provides you with information about:

  • Different types of payments
  • BIK (or NP) elements such as benefits provided by your employer.
    • Notional payments are used for the calculation of taxes only
  • The gross to net calculation for the period
  • Net to Gross Calculations (if applicable)
  • Tax reliefs for the Period & YTD, e.g., pension
  • Statutory deductions: PAYE, PRSI, USC & LPT
  • Non-statutory deductions (bike-to-work, travel tickets, union subs, savings, etc)

YTD=Year To Date
BIK=Benefit In Kind
NP=Notional Pay
PAYE=Pay As You Earn (this is basically tax)
PRSI=Pay Related Social Insurance
USC=Universal Social Charge
LPT=Local Property Tax (optional through payroll)

Play the video below for a working monthly sample of the payslip layout to help you understand it.

Even though P60s are now discontinued, you can still learn how to read a one here

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All the best,
The Team at Jefferson

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