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Tax Credit, Tax Rate Bands and USC Bands

  • 11-08-2012 3:53pm
    #1
    nowayingere
    Registered Users, Registered Users 2 Posts: 32 ✭


    Hi guys,

    I've just received my tax credit certificate, but I can't make any sense out of it.
    Here are the details:


    //////////////////////////
    // TAX CREDITS
    //////////////////////////

    Personal Tax Credit 1,650
    PAYE Tax Credit 1,650
    Gross Tax Credit 3,300
    Net Tax Credits 3,300

    //////////////////////////
    // TAX RATE BANDS
    //////////////////////////

    Rate Band 1 32,800
    The amount of your income taxable at 20% 32,800

    All income over 32,800 is taxable at 42%

    //////////////////////////
    // USC RATE BANDS
    //////////////////////////

    Rate Band 1 10,036
    The amount of your income chargeble at 2% 10,036

    Rate Band 2 5,980
    The amount of your income chargeble at 4% 5,980

    All income over 16,016 is chargeble at 7%



    So, how do I calculate my net monthly wage?

    Thanks


Comments

  • #2
    nowayingere
    Registered Users, Registered Users 2 Posts: 32 ✭nowayingere


    I checked in this website: http://www.hookhead.com/

    and I got a value of 3196 for a gross wage of 57.000, did I get it right?

    Thanks


  • #3
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    nowayingere wrote: »
    I checked in this website: http://www.hookhead.com/

    and I got a value of 3196 for a gross wage of 57.000, did I get it right?

    Thanks

    Correct based on normal circumstances ...........Now your next ambition should be to reduce your tax liablilty , by increasing your tax credits .

    And reducing your USC to increase your take-home pay.

    Above will be dictated by your own personal circumstances .

    Your summary with the tax cert you have is as follows :

    Monthly Gross - 4750.00
    Tax - 1098.00
    PRSI - 168.00
    USC - 276.00

    Net Monthly - 3208.00


  • #4
    nowayingere
    Registered Users, Registered Users 2 Posts: 32 ✭nowayingere


    Thanks allthedoyles :)

    Well the amount of money one has to pay in taxes is just insane, honestly.

    As for tax credits, being a single, no kids and an immigrant doesn't not help. I've applied to Rent Tax Credits, and as far as I know that's the only one I can apply to.


  • #5
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    You could also try the guide to the paye system. If you are going to be working under this system for a while it might be no harm to figure out how it works. There's also the link on working out your tax.


    http://www.revenue.ie/en/tax/it/leaflets/it11.html

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


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