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Anyone here good at working out tax payable...?

  • 05-03-2011 11:30am
    #1
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭


    If you were to get a job working 38 hours/week and earning 10e/hour?

    Thanks


Comments

  • #2
    Nothingbetter2d
    Closed Accounts Posts: 4,037 ✭✭✭Nothingbetter2d


    try using this tool

    http://www.deloitte.ie/tc/

    it will tell you what you pay in taxes


  • #3
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    It depends on a lot of things. You get different tax credits for different things.

    You can read up on the list of various credits here...

    http://www.revenue.ie/en/tax/it/credits/index.html


    You'll also have to pay PRSI / Universal Social Charge, whatever it's billed as these days.


  • #4
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    Thank you. I've been approached by an agency to do a 6-month contract paying that, but am in two minds to go for it.

    I am entitled to mortgage protection for a year (kicks in this month).

    If I got the job I'd have to pay my mortgage which has just gone up to 950/month. I have a tenant that pays me 350/month at the moment but his job not secure and he may move out in June (he has told me in advance this is very likely).

    If I didnt replace him I think I'd struggle paying that mortgage all on my own on that salary. The problem is replacing him as I know how hard it is to get tenants in where I live.

    I want to work. This is the first time I've been out of work in ireland in 10 years. Not sure what to do..... I dont want to get behind on my mortgage obviously. My home is all I have.


  • #5
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    sunflower27 wrote: »
    Thank you. I've been approached by an agency too do a 6-month contract paying that, but am in two minds to go for it.

    I am entitled to mortgage protection for a year (kicks in this month).

    If I got the job I'd have to pay my mortgage which has just gone up to 950/month. I have a tenant that pays me 350/month at the moment but his job not secure and he may move out in June (he has told me in advance this is very likely).

    If I didnt replace him I think I'd struggle paying that mortgage all on my own on that salary. The problem is replacing him as I know how hard it is to get tenants in where I live.

    I want to work. This is the first time I've been out of work in ireland in 10 years. Not sure what to do..... I dont want to get behind on my mortgage obviously. My home is all I have.

    That's a shit situation. I feel for you.

    And yet people still wonder why there is talk of helping homeowners in negative equity.


  • #6
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    Thanks starbelgrade, it is sh/t.

    The other thing is, when that 6 months runs out I will have to wait another three months before mortgage protection kicks in again so will need to save 3K for that. Messy situation. Am sick thinking about what I should do. How can i save 3k for that on that salary.... I think it is a no-go unfortunately.


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  • #7
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    sunflower27 wrote: »
    Thanks starbelgrade, it is sh/t.

    The other thing is, when that 6 months runs out I will have to wait another three months before mortgage protection kicks in again so will need to save 3K for that. Messy situation. Am sick thinking about what I should do. How can i save 3k for that on that salary.... I think it is a no-go unfortunately.


    Hopefully something better will come up for you soon.

    The one thing I would not though, is that if you are employed - even on a crap wage - you'll find it a lot easier to get another job. Employers are more likely to look favourably on someone who's working, despite being on a crap salary, than someone who's not.

    I'm sure you already know this & as you said, it's a tricky situation for you financially, so you really have to balance out the pros & cons.

    But as I said, all the best with it.


  • #8
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    sunflower27 wrote: »
    Thanks starbelgrade, it is sh/t.

    The other thing is, when that 6 months runs out I will have to wait another three months before mortgage protection kicks in again so will need to save 3K for that. Messy situation. Am sick thinking about what I should do. How can i save 3k for that on that salary.... I think it is a no-go unfortunately.
    I don't think you'd even have mortgage protection after this job would you? Don't you have to have to lose a full time permanent position for something like mortgage protection?

    If I were in your position I'd take the mortgage protection and try and find something more permanent and better paid!


  • #9
    dr.bollocko
    Moderators, Music Moderators Posts: 35,946 Mod ✭✭✭✭dr.bollocko


    Moved from After hours.
    Hope this is the right place.
    Will poke the mods in here anyway to make sure.


  • #10
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    Really don't know what to do for the best. Will talk to friends today about it and see what they think. If it wasnt only for 6 months and didn't have to worry about the 3k needed at the end, I'd jump at it :(

    Thanks for you replies.


  • #11
    mickdw
    Registered Users, Registered Users 2 Posts: 23,795 ✭✭✭✭mickdw


    I just put €10,000 profit (self employed) into that calculator and the tax payable goes from €470 for 2010 to €950 for 2011. Thats a disgrace given that 10000 is what the people on the dole get.


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  • #12
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    MagicMarker wrote: »
    I don't think you'd even have mortgage protection after this job would you? Don't you have to have to lose a full time permanent position for something like mortgage protection?

    If I were in your position I'd take the mortgage protection and try and find something more permanent and better paid!

    Oh, that's a point... will have to check that out. God, what a messy situation. Am sick of not working. I,ve got involved in some voluntary work, which is going to really take off soon (it's on a fundraising committee for a great cause)... maybe when that kicks off I wont feel so worthless.

    Thanks MagicMarker, if you are right there is no way I can accept this job.


  • #13
    sunflower27
    Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    dr.bollocko wrote: »
    Moved from After hours.
    Hope this is the right place.
    Will poke the mods in here anyway to make sure.

    Thanks, have a thread here already but havent got a single reply which is why I tried AH.


  • #14
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    sunflower27 wrote: »
    Oh, that's a point... will have to check that out. God, what a messy situation. Am sick of not working. I,ve got involved in some voluntary work, which is going to really take off soon (it's on a fundraising committee for a great cause)... maybe when that kicks off I wont feel so worthless.

    Thanks MagicMarker, if you are right there is no way I can accept this job.
    Well I know that's definitely the case for payment protection insurance on my loan, but maybe a mortgage is different, I don't know.


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