How much should my take home pay be?

fisher8181

I am married (single for tax purposes) and I am a paye worker.
I don't claim any tax credits.

My salary went from €60000 with take home pay of €3040 to €65000 with take home pay of €3150.
Surely that's wrong, should my take home pay not be more?

Alan Shore

Ya your nett looks low.

Do you contribute to a pension?

Check here http://deloitte.ie/tc

fisher8181

Alan Shore wrote: »

Ya your nett looks low.

Do you contribute to a pension?

Check here http://deloitte.ie/tc

Thanks Alan.

From popping my details into that site I see part of the problem is that I am a director of company that is no longer trading.
Will have to sort that out but looks like after this deduction I should still be on €3300.

namenotavailablE

Another calculator [Excel 2007 and higher] is available from the site shown in my signature.

Warper

fisher8181 wrote: »

I am married (single for tax purposes) and I am a paye worker.
I don't claim any tax credits.

My salary went from €60000 with take home pay of €3040 to €65000 with take home pay of €3150.
Surely that's wrong, should my take home pay not be more?

Basically you should be paying 52% in taxes - 5000 * 52% = 2600

Net pay on the 5k would be 2400 - an extra 200 per month

fisher8181

I have put my pay through one of those tax calculators and still cannot figure out where the discrepancy is.

I have attached my payslip and tax calculation here.

I would really appreciate it if someone could have a quick look at it to see if they can see where I am going wrong.

barneystinson

fisher8181 wrote: »

I have put my pay through one of those tax calculators and still cannot figure out where the discrepancy is.

I have attached my payslip and tax calculation here.

I would really appreciate it if someone could have a quick look at it to see if they can see where I am going wrong.

You should probably edit your PPSN and your employers Reg no. out as well...

barneystinson

You've posted up your payslip for 60k, in order for the discrepancy to be explained you'll need to post up a subsequent one when your gross pay had increased...

Unless you're paid 4-weekly?! In which case you'd need to post up a pre-payrise payslip.

In either case there needs to be 2 sets of figures for anyone to explain easily why there hasn't been the expected increase in net pay.

fisher8181

Hi Barney,

Thanks for your reply.
Yes, I should have said that I am paid 4 weekly so the 5,000 equates to 65,000.
The second attachment shows the tax calculator version of what my take home pay should be for €65,000

I have attached my previous payslip for €61,500
and the deloitte tax calculator for 65,000 and 61,200 both of which differs from my take home pay on my payslip.

(I included deloitte calculator instead of pwc this time as the pwc one does not ask me if I am a director of a company (which I am) )

Citizenpain

Are you a director of this company?

barneystinson

Citizenpain wrote: »

Are you a director of this company?

I think it's a safe bet he's not, or he'd hardly be asking for clarity from boards!!

Citizenpain

barneystinson wrote: »

I think it's a safe bet he's not, or he'd hardly be asking for clarity from boards!!

good point ... I hadnt taken the time to look at the payslips and thought he was only claiming the personal tax credit for this employment

barneystinson

Ok well the PwC figure is the correct one - saying yes to the director question in the Deloitte one has taken your PAYE credit away (wrongly since you're clearly not a director of your employer company).

PwC says 809 pw take home pay, which equates to 3,236 per 4-week pay period.

The reason for the deficit on your payslip is that you are paying 7% USC on everything.

You'll need to get your USC bands assigned to your employer (speculating, I'd say they may be assigned to the company you are director of at present).

The effect of the current situation is that you are paying 7% USC on all earnings, rather than 2% on the first 10k and 4% on the next 6k - overpaying by about 680€ in the year (10k x 5% + 6k x 3%), or 52€ per 4-weekly. And €3,236 - €3,184 is.... €52!

fisher8181

barneystinson wrote: »

Ok well the PwC figure is the correct one - saying yes to the director question in the Deloitte one has taken your PAYE credit away (wrongly since you're clearly not a director of your employer company).

PwC says 809 pw take home pay, which equates to 3,236 per 4-week pay period.

The reason for the deficit on your payslip is that you are paying 7% USC on everything.

You'll need to get your USC bands assigned to your employer (speculating, I'd say they may be assigned to the company you are director of at present).

The effect of the current situation is that you are paying 7% USC on all earnings, rather than 2% on the first 10k and 4% on the next 6k - overpaying by about 680€ in the year (10k x 5% + 6k x 3%), or 52€ per 4-weekly. And €3,236 - €3,184 is.... €52!

Thanks a mil Barney.
Really appreciate that.