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How to work out weekly take home pay?

  • 12-05-2012 2:34pm
    #1
    Registered Users, Registered Users 2 Posts: 1,410 ✭✭✭


    I have been called back for a second interview so will hopefully be moving to a new job soon. The pay is €20000 per year. How do I work out what my take home will be? I am a loan parent and currently work 20 hours a week so i get fis and some of my opf still. I have 3 children. I am trying to work out what I will take home a week on this pay thanks in advance.
    D


Comments

  • Registered Users, Registered Users 2 Posts: 59,702 ✭✭✭✭namenotavailablE


    I have a calculator (see my signature for its location) which might help you with this. You might need to be logged in to see the signature- alternatively, visit my profile instead.

    Under the forum rules, I can't include the calculator's link in the body of my post as the moderator doesn't trust/ test them.


  • Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    danois wrote: »
    I have been called back for a second interview so will hopefully be moving to a new job soon. The pay is €20000 per year. How do I work out what my take home will be? I am a loan parent and currently work 20 hours a week so i get fis and some of my opf still. I have 3 children. I am trying to work out what I will take home a week on this pay thanks in advance.
    D

    The link below explains how the PAYE system works. You basically start with rate band which allows you to earn up to a certain amount each month at the 20% band. Anything over that is taxed at the higher rate 41%. You then deduct your tax credits from the tax you are due to pay to give you the tax you actually pay. For a single person the yearly standard rate band is 32800 and the standard tax credits add up to 3300. Divide by 12 to get your monthly figures.

    As a single parent, your one parent payment from welfare is taxable income so you need to take that into account. Depending on your circumstance, you may be able to claim the one parent family tax credit also which will reduce the amount of paye you will have to pay.

    http://www.revenue.ie/en/tax/it/credits/one-parent-family.html

    http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html

    You will also be liable to pay the USC on your earnings.

    http://www.revenue.ie/en/tax/usc/index.html


  • Registered Users, Registered Users 2 Posts: 1,410 ✭✭✭danois


    Thanks for the replys. I think I will give up my opf if i get the job because my youngest is 9 so it will be going soon enough anyway. Do i need to be on opf to be able to use the single parent tax credit?


  • Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    danois wrote: »
    Thanks for the replys. I think I will give up my opf if i get the job because my youngest is 9 so it will be going soon enough anyway. Do i need to be on opf to be able to use the single parent tax credit?

    No. So long as you meet the terms and conditions, you'll be fine to claim it. The main one is you cannot be cohabiting with a partner.


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