Taking on a second job?

fro9etb8j5qsl2

I'm in full time employment and I'm lucky enough to have job security but the pay is fairly ****e I've been thinking of taking on a second part time job, maybe doing a few hours cleaning of an evening or something like that Are there any implications of this? Will my main employer know and could they stop me from doing this?

seamus

The only implication is that you must declare all of the income from the second job and pay tax on it. If the income from the second job pushes you up into the higher tax bracket, you will effectively have to pay 50% tax on your earnings, which could be very demoralising if it's a very mundane job.

Your existing employer doesn't need to be informed about the second job. They cannot fire you just for having a second job, however they would be within their rights to take action if it's having an effect on your current job (such as making you tired), or if it reflects badly on them, or if you're directly competing with them in your second job.

Cedrus

seamus wrote: »

If the income from the second job pushes you up into the higher tax bracket, you will effectively have to pay 50% tax on your earnings

:eek::eek:

It's not that bad (yet), you'll pay 42% on the balance over the standard rate band.
So a single earner will pay 20% up to €32,800 = €6,560 Tax
If the boost that to €40,000, it's €7,200 @42% = €2,952 Tax
€9,512 tax is only 23.78% of €40,000

Tax Rates

I have worked two jobs and depending on what the work is, what the hours are and the extent of travel between the jobs any of these could be implications.
You will be tired
Your social life will be restricted
Your Diet and therefore health may deteriorate
There may be times when either employer needs you to work on or come in weekends
Either employer may just be pigheaded unreasonable

Wishbone Ash

Cedrus wrote: »

:eek::eek:

It's not that bad (yet), you'll pay 42% on the balance over the standard rate band

When you factor in tax, PRSI, USC etc. it about 50%.

I've had various second incomes for years (all above board) and generally come out with about half of what I gross on the second income.

seamus

Cedrus wrote: »

It's not that bad (yet), you'll pay 42% on the balance over the standard rate band.

As Ash says, unfortunately when you factor in PRSI & USC it's usually as good as 50%.

If you did an extra 18 hours a week (say a Saturday and two x 5 hours shifts midweek) at minimum wage, your extra takehome would be about €78. Depending on your circumstances, that could be painful. I'd rather have the time at home

Of course, if it doesn't push you into the higher tax bracket, then it may be a good earner.

Cedrus

OK 50%, But only on the balance over the standard rate band and only if you even reach the top of the band. Also it is averaged out over the year so a casual worker or a student could work two or three jobs for 4 months and still not reach the 42% band.