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now we are married should we be joint assesed?

  • 19-01-2010 10:53am
    #1
    positivenote
    Registered Users, Registered Users 2 Posts: 2,337 ✭✭✭


    Hi all,
    just wondering what benifits would be gained if myself and the wife where to be joint assesed for tax?
    She is earing approx 24k and im earning approx 47k. Would it be worth my while transfering her credits to me? or how could it work best to benifit us financialy?
    thanks


Comments

  • #2
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    positivenote wrote: »
    Hi all,
    just wondering what benifits would be gained if myself and the wife where to be joint assesed for tax?
    She is earing approx 24k and im earning approx 47k. Would it be worth my while transfering her credits to me? or how could it work best to benifit us financialy?
    thanks
    Yes, if you are jointly assessed you will get the balance of her 'marginal rate' allowance.


  • #3
    DublinWriter
    Registered Users, Registered Users 2 Posts: 9,560 ✭✭✭DublinWriter


    I thought joint-assessment was done away with a few years ago?


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


    DublinWriter wrote: »
    I thought joint-assessment was done away with a few years ago?
    Nope, just re-arranged to make it more confusing.


  • #5
    positivenote
    Registered Users, Registered Users 2 Posts: 2,337 ✭✭✭positivenote


    thanks, any ideas fincially what benifits we could expect?


  • #6
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    DublinWriter wrote: »
    I thought joint-assessment was done away with a few years ago?
    I think at one point it may have been mandatory, now it's optional.

    In a standard scenario, you will each get taxed individually meaning that if either partner isn't earning up to the 20% threshold, you effectively "lose" that extra bit.

    In your case, taxed individually, your wife will pay 1,140 in PAYE and you will pay ~€8k in tax.

    Your total take home between the two of you, after all deductions will be €56,282.

    However, if you decide to get jointly assessed, your total take home will be €58,509.

    You can do the calculations yourself at www.taxcalc.eu


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  • #7
    channelsurfer
    Closed Accounts Posts: 742 ✭✭✭channelsurfer


    can i change allocations midway through a year if my wife returns to work or how will that impact? i am thinking of the scenario where she is on job seekers benifit(which is taxable). if i take all her credits will I be hit with a big whack if i then change back midway through the year?


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