wage calc by a simpleton! Is this right

eggplant200

My annual Wage is 33800.00

2011 cut off = 630.00 per week x 52 weeks = €32760.00
My tax credit = 63.00 per week x 52 weeks = 3276

First the tax calculation:

20% of €32760 = €6552.00
41% of rest of salary (€1040) = €426.40
TOTAL TAX = 6978.40 - TOTAL TAX CREDIT OF €3276 = €3702.40

Now the PRSI

1st €127 x 52 weeks = €6604.00 excempt
Balance of wages = 33800-6604 = 27196 x 4% therefore TOTAL PRSI = €1087.84

Now for the beloved USC calculation

0 to €10036 = 2% = €200.72 *
€10036 to €16016 = €5980 x 4% = €239.20 *
€16016 to €33800 = €17784 x 7% = €1244.88 *

TOTAL USC = 200.72 + 239.20 + 1244.88 = €1684.80

CONCLUSION:

Wages 33800.00
Less Tax - 3702.40
Less PRSI - 1087.84
Less USC - 1684.80

TOTAL: €27324.96 OR €525.48 PER WEEK

I cannot sleep until I understand this properly. Mortgage is €1900!!! (I started property ladder late in life

Thanks for input

Blowfish

Taxcalc says €27,357.36, assuming you are single.

Given the €1,900 mortgage (insanely high for your wage) all I can say is ouch!

Padkir

Blowfish wrote: »

Given the €1,900 mortgage (insanely high for your wage) all I can say is ouch!

Was just going to say! Why are you paying that high of a mortgage on those wages?

PeakOutput

what do people expect when they do such a ridcolous thing as take out a 1900euro a month mortgage on a wage of 33,000

i feel very sorry for what your about to face op but how does anyone think that is financially responsible

eggplant200

Try a mortgage paid by 2 and then my partner passed away in 2008!! Wow. Some of your comments are a bit tough. I just wanted to understand if I was calculating things correctly. I am planning to share the house next year and I have some savings.

Also remember the bank approved the mortgage - my effort to make a joke to lighten the mood.

So are my calculations correct?

PeakOutput

eggplant200 wrote: »

Try a mortgage paid by 2 and then my partner passed away in 2008!! Wow. Some of your comments are a bit tough. I just wanted to understand if I was calculating things correctly. I am planning to share the house next year and I have some savings.

Also remember the bank approved the mortgage - my effort to make a joke to lighten the mood.

So are my calculations correct?

thats very sad indeed, i thought you were obliged to take out insurance for those sort of things when you take out the mortgage but im sure thats all been sorted long ago

either way if a couple who were both earning the above figures had a mortgage of that amount that leaves what? 2K a month that isnt taken up with the mortgage? while much more doable it still dosnt leave too much in reserve but hindsight is 20/20

and ye banks were wrecklessly lending but borrowers were wrecklessly borrowing aswell

also you shouldnt take things on a public forum personally as nothing is meant personally by anyone, usually anyway

Padkir

eggplant200 wrote: »

Try a mortgage paid by 2 and then my partner passed away in 2008!! Wow. Some of your comments are a bit tough. I just wanted to understand if I was calculating things correctly. I am planning to share the house next year and I have some savings.

Also remember the bank approved the mortgage - my effort to make a joke to lighten the mood.

So are my calculations correct?

Yes I'd say your calculations are not far off it. Apologies for your situation, my outburst wasn't a personal attack, just adding to the point that PeakOutput made about reckless borrowing. I was unaware of your circumstances, and I apologise again.

eggplant200

No apologies necessary, I shouldnt have mentioned mortgage anyway. The purpose of my thread was to confirm calculations. Thanks for your help