too much tax

zantine

I am a professional in a permanent job, on a good salary. I recently got a raise! Being delighted with my increase I look forwarded to my monthly pay packet yesterday, to my dismay it turns out that i am only getting into my hand an additional €200 a month and the rest is going to the tax man.
I am dismayed over the whole situation and really beginning to feel like why did I kill myself going to college, would I be better off on the dole!!

Anyone else feeling my pain or any advice available!

Mrs. MacGyver

Yuo should check out with the revenue to see the appropriate tax bracket you fall into.

DublinWriter

The whole 'low tax economy' line pushed by FF is so much bullsh*t.

I heard someone say on the radio the other day that most of us on salaries pay effectively half of what we earn to the Revenue Commissioners.

Ideo

DublinWriter wrote: »

The whole 'low tax economy' line pushed by FF is so much bullsh*t.

I heard someone say on the radio the other day that most of us on salaries pay effectively half of what we earn to the Revenue Commissioners.

Thats a load of fvcking shiite! half? probably Fine Gael yeah?
at the very basic:

lets say you earn €30000
if you are a paye worker as most of us are you get a tax credit of 1760, plus another 1760 (single credit, or 3520 married credit)

30000@ 20% = 6000
Tax Credit 3520
Tax liable 2480

So your I.T. as a percentage of your income is = 8.2%!

DublinWriter

Ideo wrote: »

Thats a load of fvcking shiite! half? probably Fine Gael yeah?
at the very basic:

lets say you earn €30000
if you are a paye worker as most of us are you get a tax credit of 1760, plus another 1760 (single credit, or 3520 married credit)

30000@ 20% = 6000
Tax Credit 3520
Tax liable 2480

So your I.T. as a percentage of your income is = 8.2%!

Oh really, so you presume that the OP is married and earning 30K?

I'm glad you're not my accountant because if you assumed OP was married then you should have factored in the possibility of joint-assessment.

I'm doubly glad you're not my accountant because you also forgot to factor in PRSI.

That's it for direct taxes. Now let's add VAT to the equation. Possibly the OP is a member of BUPA/VHI/VIVAS....that's only tax-deductabile at the standard rate, as are allowable medical charges and waste disposal.

...and don't forget the €3 excise duty that OP will be paying on every bottle of wine he consumes during the tax year.

Myself? I'm self-employed. I don't qualify for the PAYE tax allowance, although I pay more net taxes than a PAYE worker but I'm not entitled to social welfare.

As for your sneid remark about me being a FG'er? I can assure you I am not. Give me one clear difference between FF and FG and I'll pin a medal on you.

FF are like McDonalds and FG are like BurgerKing, both are equally odious and bad for you, but like the vast majority of Irish people I'm undecided which is worse.

kaiser sauze

DublinWriter wrote: »

Oh really, so you presume that the OP is married and earning 30K?

I'm glad you're not my accountant because if you assumed OP was married then you should have factored in the possibility of joint-assessment.

I'm doubly glad you're not my accountant because you also forgot to factor in PRSI.

That's it for direct taxes. Now let's add VAT to the equation. Possibly the OP is a member of BUPA/VHI/VIVAS....that's only tax-deductabile at the standard rate, as are allowable medical charges and waste disposal.

...and don't forget the €3 excise duty that OP will be paying on every bottle of wine he consumes during the tax year.

Myself? I'm self-employed. I don't qualify for the PAYE tax allowance, although I pay more net taxes than a PAYE worker but I'm not entitled to social welfare.

As for your sneid remark about me being a FG'er? I can assure you I am not. Give me one clear difference between FF and FG and I'll pin a medal on you.

FF are like McDonalds and FG are like BurgerKing, both are equally odious and bad for you, but like the vast majority of Irish people I'm undecided which is worse.

Well put, the ludicrous statement you quoted to has been dismembered thoroughly.

One question: What does OP mean?

To the original poster - check with your payroll dept (assuming you have one) that your tax credits are in order. Without knowing the amount you are earning--which I am not asking for--there is little that people can do to help you here. The only figure you give is that you end up with €200 extra, net. Can you give us the gross amount of your rise at least? It won't be perfect, but it will allow us to give a slightly more informed opinion.

The_Conductor

Its entirely possible- between increased Superannuation contributions, PRSI at the different bands, Union Stipends etc- once you go over 34k in some cases up to 57% of your gross income goes various deductions, and your net income only increases by a little over 40% of what the gross increase is.

It can be annoying- my own pet hate is the way the contributory old age pension- that fulltime employees pay into for 40+ years- is only 19 Euro a week more than the non-contributory pension. You do reach the point where you have to ask yourself- why bother?

SarahMc

DublinWriter wrote: »

The whole 'low tax economy' line pushed by FF is so much bullsh*t..

No its not, we have one of the lowest rates of taxation in the EU. Our VAT and excise rate also compares favourably with other EU countries.