How much Tax should one be paying?

Bill-e

For a salary of 42K how much tax would one expect to be paying?
Just a ball park figure would be great!

JoeTurner

Hi Bill-e

Can you give us a bit more info:

Married or single?
Tax credits - personal, PAYE, any others (from tax credits cert)?
Cut off point (from tax credits cert)
Company director or not?

Cheers

Joe

Bill-e

Hi Joe,

Single,
Tax Credits of 3000 i think but not sure.
Living with parents,
Just a normal employee.

JoeTurner

Hi bille

I'll go with tax credits of €3,660 for the year - a personal tax credit of €1,830 and a paye tax credit of €1,830. Your cut off point as a single person will be €35,400. Using these assumptions your monthly payslip would show the following:

Gross - €3,333.33 (40,000 / 12)

Deductions:
PAYE - €442.17
Income Levy - €33.33
PRSI - €177.99

Total Deductions - €653.49

Net Pay - €2,679.84

Note - these amounts will only apply to end of April. The recent budget changes will come into force from May 1st when the income levy will double and another 1% will be added on to the health levy element of your PRSI.

Hope this helps

Joe

Ideo

Figure it out yourself using this tax calculator

http://www.pwc.com/ie/budget2009/budget_calculator.html

Bill-e

Thanks so much for your assistance on this guys!

It's much clearer to me now.

Barracudaincork

JoeTurner wrote: »

Hi bille

I'll go with tax credits of €3,660 for the year - a personal tax credit of €1,830 and a paye tax credit of €1,830. Your cut off point as a single person will be €35,400. Using these assumptions your monthly payslip would show the following:

Gross - €3,333.33 (40,000 / 12)

Deductions:
PAYE - €442.17
Income Levy - €33.33
PRSI - €177.99

Total Deductions - €653.49

Net Pay - €2,679.84

Note - these amounts will only apply to end of April. The recent budget changes will come into force from May 1st when the income levy will double and another 1% will be added on to the health levy element of your PRSI.

Hope this helps

Joe

1% health levy is incorrect, it increased by 2%.
I would advise you to get professional advice as the majority of time advice given on boards in incorrect and until there is a tax forum, that will always be the case, just so you know.

JoeTurner

Barracudaincork wrote: »

1% health levy is incorrect, it increased by 2%.
I would advise you to get professional advice as the majority of time advice given on boards in incorrect and until there is a tax forum, that will always be the case, just so you know.

Apologies, it is a 2% increase to the health levy

Mr Clonfadda

JoeTurner wrote: »

Apologies, it is a 2% increase to the health levy

Just be absolutely clear the health levy has doubled high earners would of paid 2.5% levy on earnings over 1925 per week, this is now 5% on all earnings over 1443 per week

Mr. Incognito

Cheers Nigel but the OP is earning 42K not 75K and 100K

Mr Clonfadda

The only reason i was posting high level was just in case some who earned those levels may have been using the information in the post and do be honest I don't personally know anyone who does earn that sort of money.

namenotavailablE

I wrote an Excel spreadsheet that allows you to calculate your pay before and after the April 2009 mini-budget.

It's freely available online at taxcalc.eu/monthlyss/

If anyone downloads it and can't use it, send me a PM here or use the email included in the spreadsheet.

Using your info and the assumptions re tax credits and cut-off point, I'd calculate as follows:

• Your PAYE is 493 per month (based on a salary per month of 3500) for all months
• Your PRSI/ Health levy is 188 per month for Jan to April increasing to 258 per month from 1st May.
• Your income levy in Jan to April was 35 per month and this will increase to 70 per month from 1st May.