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Moving from one tax band to another

  • 25-06-2012 09:39PM
    #1
    nellocono
    Registered Users, Registered Users 2 Posts: 419 ✭✭


    Hi folks,
    Can someone help me with this question:

    If I earn say 30K per annum which would put me in the lower tax band and then get an increase of say 3K which would put me in the higher tax band, would I be better off or worse as now I would be paying 41% tax?

    Thanks


Comments

  • #2
    bassey
    Registered Users, Registered Users 2 Posts: 936 ✭✭✭bassey


    You'll only pay 41% on what you earn above the cut off.


  • #3
    Daisy M
    Registered Users, Registered Users 2 Posts: 1,559 ✭✭✭Daisy M


    You will still be better off. You will only pay the higher rate of tax on the income above the lower tax band and not on all of your taxable income. A single persons lower rate tax band is 32800 euro so you will pay the higher rate of tax on 1200e.


  • #4
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,892 ✭✭✭allthedoyles


    Daisy M wrote: »
    You will still be better off. You will only pay the higher rate of tax on the income above the lower tax band and not on all of your taxable income. A single persons lower rate tax band is 32800 euro so you will pay the higher rate of tax on 1200e.

    € 200


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