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PAYE and Marriage

  • 08-03-2006 11:39am
    #1
    jdc78
    Closed Accounts Posts: 70 ✭✭


    Curious to know...

    My girlfriend and I recently married and are confused about tax credit, etc for married persons, depsite what is states on revenue.ie

    Basically we want to know if we will loose out or benefit from notifying Revenue that we are married. Our salaries are €55 000 and €45 000. Anyone know the in's and out's of this. We understand that tax credits are shifted from one person to another but will we benefit from less tax each month or more?

    Thanks!


Comments

  • #2
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    more of a business/finance question than a PI, but anyway you can be individually assessed for tax and make no changes to you tax, giving all the TFA to one member of the marriage is only useful with the other isnt working or not working much


  • #3
    Dodge
    Registered Users, Registered Users 2 Posts: 10,328 ✭✭✭✭Dodge


    Nuttzz wrote:
    more of a business/finance question than a PI, but anyway you cant be individually assessed for tax and make no changes to you tax, giving all the TFA to one member of the marriage is only useful with the other isnt working or not working much
    Is this true?


  • #4
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    Dodge wrote:
    Is this true?
    No, I always though you had the option to be individually assessed but there was no benefit doing it that way.
    Joint assessment just means one partner gets more allowance if the other isn't working or is earning in a different tax band.


  • #5
    Dodge
    Registered Users, Registered Users 2 Posts: 10,328 ✭✭✭✭Dodge


    Thats what I thought. Cheers


  • #6
    gerrycollins
    Registered Users, Registered Users 2 Posts: 1,799 ✭✭✭gerrycollins


    within a marraige both parties (when working) are entitled to €41K@ 20% and €23k @ 20% so a combined cut off of €64k with any extra wages taxed at 42%, divided between the couple as they see fit depending on their earnings,if earnings are similar a 50/50 split where €32k @ 20% the remaining salary taxed at 42% is recommended.

    The credits when both are working is evenly split 1630 each

    within a marraige when only one is working the cut off is €41k @ 20% and the balance of wages at 42% but that one worker of the union can use the 3300 credit by taking their non working spouses credit but not the extra €32k in standard rate


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  • #7
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    sorry dodge, typo on my part it could have read CAN :o:o


  • #8
    jdc78
    Closed Accounts Posts: 70 ✭✭jdc78


    Thanks for the info.


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