nett salary query

PGL

apologies if this post is in the wrong forum.....

can anyone tell me roughly how much per week one would get after tax on an annual salary of €33k?

cheers

Random

€33,000 divided by 52 weeks.

Deduct 20% of €33,000 for tax I think.
Then another 2% of the €33,000 for the levy.

I think.

Mr Bleech

PGL wrote: »

apologies if this post is in the wrong forum.....

can anyone tell me roughly how much per week one would get after tax on an annual salary of €33k?

cheers

About Eur 530 a week

irlrobins

Calculator here

testicle

Random wrote: »

€33,000 divided by 52 weeks.

Deduct 20% of €33,000 for tax I think.
Then another 2% of the €33,000 for the levy.

I think.

PRSI?
Tax Credits?

Random

testicle wrote: »

PRSI?
Tax Credits?

And this is why I never have any money

leeroybrown

irlrobins wrote: »

Calculator here

Note that this calculator appears to be using the blended/composite rates for latest the 2009 figures and as such may not be an accurate reflection of take home pay for someone starting a new job.

For example, it's calculating the health levy at the composite 3.33% rate rather than at the actual 4% rate payed on all new earnings.

The_Conductor

PGL wrote: »

apologies if this post is in the wrong forum.....

can anyone tell me roughly how much per week one would get after tax on an annual salary of €33k?

cheers

Depends on public or private sector.
Private sector around EUR545 a week
Public sector around 510 a week (with the pension levy factored in).

S.

irlrobins

smccarrick wrote: »

Private sector around EUR545 a week

This assumes that the private sector working is not contributing to a pension. But many people do so their take home pay would be equal to the public sector, it not lower.

The_Conductor

irlrobins wrote: »

This assumes that the private sector working is not contributing to a pension. But many people do so their take home pay would be equal to the public sector, it not lower.

True.
The age of the person will also enter the equation- a younger person pays much higher levies on their health insurance than an older person.
Vis-a-vis pension contributions it would be interesting to see a comparison between public and private sector contributions. I have a sneaking suspicion that a shocking number of people are relying on the PRSI contributory OAP.......

Cleopatra12

PGL wrote: »

apologies if this post is in the wrong forum.....

can anyone tell me roughly how much per week one would get after tax on an annual salary of €33k?

cheers

Depends on your tax credits. Are you being taxed as an individual or if you have a spouse do you have thier tax cresits?

Waht about tax relief at source on pension contributiond thro your payroll, Income contunance or an avc that you pay as a deduction.. If not, and you are paying them thro direct ebit, you ahve to claim thae relief from the tax office.

Can answer your question, but need more specifics.

Cleopatra12

smccarrick wrote: »

True.
The age of the person will also enter the equation- a younger person pays much higher levies on their health insurance than an older person.

Think you are getting mixed up with people paying PRSI on a D1 or on an A1 stamp. anyone entering employment today pays PRSI an an A1 stamp. This means they are entitled to claim for dental, optical and claim state pension.

D1 pays reduced PRSI but cannont claim the same entitlements as an A1 employee

The_Conductor

Cleopatra12 wrote: »

Think you are getting mixed up with people paying PRSI on a D1 or on an A1 stamp. anyone entering employment today pays PRSI an an A1 stamp. This means they are entitled to claim for dental, optical and claim state pension.

D1 pays reduced PRSI but cannont claim the same entitlements as an A1 employee

Thats PRSI stamps. In addition to the D1 and A1 classifications- an older (pre-1995) employee in the public sector doesn't pay PRSI contributions at all. What I actually had in mind was private sector health insurance that is normally deducted at source for employees. Someone who is 25 will pay about 120 a month more than someone who is 55........

Cleopatra12

What health insurance are you talking about?

The_Conductor

Cleopatra12 wrote: »

What health insurance are you talking about?

Private health insurance- VHI/Quinn/Hibernian etc.?

Thoie

Single person, with no additional tax credits/nothing else special, private sector, €519.70 per week.

Calculator here.

namenotavailablE

Feel free to download my Excel calculator here: taxcalc.eu/monthlyss. The figures tally with the €519.70 per week as stated in the prior post.

If you can't figure out how to use it send me a PM on this site or email your query to the address included on the spreadsheet.

Cleopatra12

smccarrick wrote: »

Private health insurance- VHI/Quinn/Hibernian etc.?

BUt what has that to do with your net pay? that is a volunatary deduction , the OP asked about pay after tax.

Thoie

Cleopatra12 wrote: »

BUt what has that to do with your net pay? that is a volunatary deduction , the OP asked about pay after tax.

If your company pays for it it becomes "notional pay", and affects your nett pay.

Cleopatra12

Thoie wrote: »

If your company pays for it it becomes "notional pay", and affects your nett pay.

ah, in my place, its our option to be in private healthcare. Surely an employer cannot force you into this!

Thoie

Cleopatra12 wrote: »

ah, in my place, its our option to be in private healthcare. Surely an employer cannot force you into this!

No, they won't force you, but most people take it as it works out as cheap private health insurance (less the little bit you lose on tax).

Untrue figures - let's say health insurance costs 50 a month. Your employer offers to pay this, you say yes, it becomes notional pay, and you lose 20 a month in taxes. You've still got your health insurance for 20 a month, while Joe next door who pays his own pays 50 for the same thing.

It's the same as if they offer you a company car - you pay tax on benefit in kind (BIK), but it still works out cheaper than buying, running and insuring your own car.

The_Conductor

Cleopatra12 wrote: »

ah, in my place, its our option to be in private healthcare. Surely an employer cannot force you into this!

Most people see it as a perk.....?

Mrs OBumble

smccarrick wrote: »

Someone who is 25 will pay about 120 a month more than someone who is 55........

How does that work? Surely an older person has a higher probability of getting sick, so should have a higher premium?

I just got some quotes of the VHI site, about E830 per year, no matter whether I said I was 21 or 41. Struggling to see how you would get a difference of 120/month based on this.

shoegirl

smccarrick wrote: »

True.
The age of the person will also enter the equation- a younger person pays much higher levies on their health insurance than an older person.
Vis-a-vis pension contributions it would be interesting to see a comparison between public and private sector contributions. I have a sneaking suspicion that a shocking number of people are relying on the PRSI contributory OAP.......

Thats because when they introduced PRSAs they removed the requirement for employers to actually contribute to pensions. In this case people would need to make huge contributions in order to get a meaningful pension. Thats ok if you are on 90k a year and a lot would be lost via tax anyway, but most people on sub 40k salaries won't be able to afford the kind of contibutions, even if the employer is putting 5% into it also. I'd say you are right there, I think the coverage rate was about 50% but very likely to fall dramatically.

The one problem I am finding is that the cost of living here is still astronomical - things like maintaining a car, rent etc, still very high compared to continental Europe. Apparently a lot of public sector workers are seeing effective pay cuts of a couple of hundred a month due to pension levy, but HSE is worst impacted because some hospitals are demanding unpaid leave on top of all of that.

The_Conductor

JustMary wrote: »

How does that work? Surely an older person has a higher probability of getting sick, so should have a higher premium?

I just got some quotes of the VHI site, about E830 per year, no matter whether I said I was 21 or 41. Struggling to see how you would get a difference of 120/month based on this.

1. It depends on the scheme you are getting cover for. I suffer from a long term illness (as you probably gathered from my modding that forum), and feel it necessary to have VHI C+ or D cover. I have to check- but I think my cover costs me over 3k per annum (and my wife has even higher cover than do I). At least we're alive.

2. Yes- an older person has a higher likelyhood of suffering from an illness than a younger person would. Under Irish law- risk equalisation means payments are made by means of a tax per subscriber which is age related- and the proceeds of this tax, disbursed to the insurance companies on the basis of the age profiles of their memberships. Thus- Quinn Healthcare and Hibernian- pay massive subsidies to the VHI- and in turn have hiked the premia they were charging younger customers for different schemes (this is a vast over simplification- but you get the picture).

If there was a freemarket (which there isn't), an older person would have to pay significantly higher premia than they do now- in order to reflect the significantly greater risk they pose to an insurer. The original argument in favour of allowing a freemarket- is that everyone is entitled to public health care- regardless. Most elderly people would rather not rely on it- but would not like to pay the economic cost of providing private services to them- so they get subsidised by younger people. Older people are far more likely to vote after all.......

The_Conductor

shoegirl wrote: »

Thats because when they introduced PRSAs they removed the requirement for employers to actually contribute to pensions. In this case people would need to make huge contributions in order to get a meaningful pension. Thats ok if you are on 90k a year and a lot would be lost via tax anyway, but most people on sub 40k salaries won't be able to afford the kind of contibutions, even if the employer is putting 5% into it also. I'd say you are right there, I think the coverage rate was about 50% but very likely to fall dramatically.

The one problem I am finding is that the cost of living here is still astronomical - things like maintaining a car, rent etc, still very high compared to continental Europe. Apparently a lot of public sector workers are seeing effective pay cuts of a couple of hundred a month due to pension levy, but HSE is worst impacted because some hospitals are demanding unpaid leave on top of all of that.

Most people on sub 40k salaries are paying full Class A PRSI contributions- and expect their contributory old age pension to support them in latter life. In the public sector- there is even less impetus to contribute to pensions- as the contributory OAP is deducted from any public sector pension (this would mean any public sector employee on 25k or less- gets no benefit whatsoever as a result of 14-16% pension deductions (between different schemes and levies)).

In the current climate- I would be very surprised if pension contributions held up. People simply cannot afford to contribute in the manner they may have done in the past- regardless of whether its tax deductable or not- they simply don't have the money.

The cost of living here is silly- yes, and simply standing still isn't going to cut it. Everyone is taking significant cuts in gross and net pay- with the prospects of yet more hardship come December. In this context even with falling prices- affordability is in fact getting significantly worse for the average worker.

I am not familiar with HSE unpaid leave and the precise levels of cuts in net pay- I do know that myself and my wife have had an effective cut of just over 15% in our NET pay since this time last year (we are both still working fulltime in secure employment). Unfortunately our outgoings have not fallen by a commensurate amount.......

Mrs OBumble

smccarrick wrote: »

Under Irish law- risk equalisation means payments are made by means of a tax per subscriber which is age related- and the proceeds of this tax, disbursed to the insurance companies on the basis of the age profiles of their memberships. Thus- Quinn Healthcare and Hibernian- pay massive subsidies to the VHI- and in turn have hiked the premia they were charging younger customers for different schemes (this is a vast over simplification- but you get the picture).

Thank you! You are the first person who's been able to give an understandable explanation of this risk-equalisation stuff.

TBH, I think health-insurance is vastly over-done here. It's crazy to have cover for something you would have anyway (eg GP visits), because naturally the premiums will need to b large enough to cover the cost plus their admin charges. I'd be far happier if it was possible to get hospital-and-specialist-only cover.



To the folks posting about how their income has gone down by however-much, but their expenses haven't: perhaps you need to think harder about what you're spending on? My expenses have gone down considerably, due to my cutting back on things.