Whats The Point of Earning 100k Salaries in Ireland

JamesC7

Taken from deloitte.ie/tc/ 100K does not seem like much after tax considering the massive stress and demands that come with 100k positions.
60k per year = after tax 40,315.00
100K = 58,869.00

smash

It's still over 18.5k more a year. I'd say it's worth it...

Mr. Incognito

Someone has to be the hate scape goat for the Socialist and Shinner Bots working class hate.

JamesC7

smash wrote: »

It's still over 18k more a year. I'd say it's worth it...

I'm not so sure the 20k is worth it. You're already losing 40k in tax and the stress in these jobs can be massive.

Agricola

JamesC7 wrote: »

I'm not so sure the 20k is worth it. You're already losing 40k in tax and the stress in these jobs can be massive.

Some people are allergic to work

smash

JamesC7 wrote: »

I'm not so sure the 20k is worth it. You're already losing 40k in tax and the stress in these jobs can be massive.

This isn't the 80's. 100k a year isn't a company CEO managing a few hundred staff. 100k a year is an achievable salary in many industries. What's this "extra stress" you talk about?

What would you take home salary be in the Uk or some other comparable European country don't forget to include local tax and levies.

Menas

If you are good enough to earn a salary like that then chances are that money is not your sole motivation. You know, pride at been the best at what you do, power etc etc...

bnt

Ah, but with that kind of base salary you might be able to afford a decent home, and then you can claim mortgage interest tax relief. :rolleyes:

newmug

smash wrote: »

It's still over 18.5k more a year. I'd say it's worth it...

Some people only have 18.5K per year to live on in the first place! And raise a family on that too. Fcuk job stress, I'd take that any day over "will I have enough for the kids to have dinner every day this week" stress.

JamesC7

mariaalice wrote: »

What would you take home salary be in the Uk or some other comparable country don't forget to include local tax and levies.

This is rough estimates in some US States if you earned 200k a year you would take home 150k.
In Ireland you would take home 100k.

Uncle Ben

I'd guess the stress is equally shared by those on minimum wage or jobsbridge. I know where my sympathies lie.

narcissistic

I had to sign up to contribute to this thread. Im in my early 30's and earn €106k per year, €121k with bonuses and people on higher salaries are getting screwed. There is barely any incentive to achieve in this country and more calls being made to pretty much penalise those on higher incomes. This year alone ive worked on projects that have created 50+ jobs at 50k-75k in salaries. I have no intention in staying in Ireland long term.

I swindled the NSA

JamesC7 wrote: »

and the stress in these jobs can be massive.

Whereas life for the low paid (or even unemployed) is a bed of roses ?

Gone Drinking

Because you need to have worked in a 100k position to get into a 150k position and so forth.

I've worked in a few large companies, the guys on the big money are under pressure, but there lives aren't falling a apart either. Nice cars, nice holidays, they live in nice areas. I'd know these things from speaking to them on a personal level and in my mind, they were all happy people.

Don't assume working in a 100k position means your life is over..

Edit: Something I forgot to mention, bonuses. In the company I work for, I'm entitled to a 7% bonus, but from what I hear the director level bonuses are up to 75% because of the fact that its a high pressure position. So you need to factor that sort of stuff in also.

JamesC7

I swindled the NSA wrote: »

Whereas life for the low paid (or even unemployed) is a bed of roses ?

Quit my 90k IT position 2 years ago because i despised it. Earning half that doing what i love now (animation)

JamesC7

JamesC7 wrote: »

This is rough estimates in some US States if you earned 200k a year you would take home 150k.
In Ireland you would take home 100k.

I didn't say the USA I said a compatible European country, have you looked at how much property tax is in desirable parts of the US let alone the cost of health insurance.

Stillhouette

I swindled the NSA wrote: »

Whereas life for the low paid (or even unemployed) is a bed of roses ?

The unemployed have the latest iPhones, full Sky TV subscription and go on multiple holidays a year according to some on this site. How bad.

NomadicGray

Stillhouette wrote: »

The unemployed have the latest iPhones, full Sky TV subscription and go on multiple holidays a year according to some on this site. How bad.

Joan?!

dodzy

narcissistic wrote: »

I had to sign up to contribute to this thread. Im in my early 30's and earn €106k per year, €121k with bonuses and people on higher salaries are getting screwed. There is barely any incentive to achieve in this country and more calls being made to pretty much penalise those on higher incomes. This year alone ive worked on projects that have created 50+ jobs at 50k-75k in salaries. I have no intention in staying in Ireland long term.

You chose your username well.

JamesC7

mariaalice wrote: »

I didn't say the USA I said a compatible European country, have you looked at how much property tax is in desirable parts of the US let alone the cost of health insurance.

Health, dental is usually covered by 100k salary jobs. Europe is a joke most taxes go over 50%

CardBordWindow

Cant' believe nobody has mentioned coke, or hookers yet!

Am I in the right forum?

narcissistic

JamesC7 wrote: »

Health, dental is usually covered by 100k salary jobs. Europe is a joke most taxes go over 50%

Agreed. The majority of top talent in Europe would take a cut to work in the US

Egginacup

smash wrote: »

It's still over 18.5k more a year. I'd say it's worth it...

Are you familiar with the economic term "Diminishing Marginal Returns"?

JamesC7

narcissistic wrote: »

Agreed. The majority of top talent in Europe would take a cut to work in the US

Being self-employed in Ireland is a different story though. 12.5 corp tax, tax credits, 2 years tax exemption.

Stillhouette

NomadicGray wrote: »

Joan?!

Ha, you called me Joan as if I am Joan Burton. Genius.

If you actually bothered to read my post you will see that I am not actually making these claims but hey, you ignore that if you think it will get you some cheap likes.

NomadicGray

Stillhouette wrote: »

Ha, you called me Joan as if I am Joan Burton. Genius.

If you actually bothered to read my post you will see that I am not actually making these claims but hey, you ignore that if you think it will get you some cheap likes.

Forget the cheap likes, I'm enjoying getting to you with such an obvious joke

arayess

Trigger Happy wrote: »

If you are good enough to earn a salary like that then chances are that money is not your sole motivation. You know, pride at been the best at what you do, power etc etc...

not me.
my only motivation is money - The day i can fund my retirement is the day i quit.

Akrasia

Egginacup wrote: »

Are you familiar with the economic term "Diminishing Marginal Returns"?

Theres a study to show that once your income level reaches about $75k, any additional income over this level does not increase happiness http://blogs.wsj.com/wealth/2010/09/07/the-perfect-salary-for-happiness-75000-a-year/

Basically, the law of diminishing marginal returns applies to happiness

By the time the someone is on 75k, they will have enough income to pay for a decent car, a decent house and have enough disposable income to cover pension, health insurance and to go on holidays and have a good social life.

Anything above this is just piling on 'stuff' that don't necessarily increase happiness.

If someone overstretches and spends way more than they can afford on a fancy car or fancy house and they are struggling to pay back their loans, then this doesn't apply. People can ruin their own lives by being too greedy and setting their sights too high

I like the old Epicurus quote, "Nothing is sufficient for the person who finds sufficiency too little"

my friend

bnt wrote: »

Ah, but with that kind of base salary you might be able to afford a decent home, and then you can claim mortgage interest tax relief. :rolleyes:

There is no mortgage interest relief

narcissistic

Im sorry but this is the nonsensical ramblings of someone who will never ever reach an executive level. Earning more than $75k will not make you happy? Money gives people choices and choices make people happy.

The op might as well say its not fair that I cant afford an Audi TT on my 100k salary. I am not saying all is perfect with the tax situation in Ireland but its not perfect anywhere.

Dan_Solo

Stillhouette wrote: »

The unemployed have the latest iPhones, full Sky TV subscription and go on multiple holidays a year according to some on this site. How bad.

Somebody (I can't remember who) said it! Close enough to a fact for me!

Valetta

JamesC7 wrote: »

Being self-employed in Ireland is a different story though. 12.5 corp tax, tax credits, 2 years tax exemption.

If you have a company that pays 12.5% Corporation Tax, then you're not self-employed.

You pay PAYE as any other employee.

Free Hat

narcissistic wrote: »

Im sorry but this is the nonsensical ramblings of someone who will never ever reach an executive level. Earning more than $75k will not make you happy? Money gives people choices and choices make people happy.

Not everyone wants to reach an executive level. It can be stressful and demanding on your personal life. Some people rather find a balance between the two.

At the moment I am working in a management position but to be honest, I was happier earning less money further down the ladder.

Qualitymark

JamesC7 wrote: »

Being self-employed in Ireland is a different story though. 12.5 corp tax, tax credits, 2 years tax exemption.

Self-employed people don't have employer-paid insurance covering them for the risk of unemployment; their insurance payments doubled last year; if they earn over €100,000 they have to pay a special high rate of 11% Universal Social Insurance which is not charged to other people earning this rate; a self -employed worker on annual earnings of €15,000 – less than half the average industrial wage – will pay 14.9 per cent of gross income in tax. A civil servant on the same will pay 1.9 per cent on that same sum. The self-employed person will pay €2,235 – almost eight times the €285 tax bill of the civil service employee.

narcissistic wrote: »

Im sorry but this is the nonsensical ramblings of someone who will never ever reach an executive level. Earning more than $75k will not make you happy? Money gives people choices and choices make people happy.

It's true - why bother, unless you particularly love the higher-earning work. Racking my brains to imagine what greater choices €100k would give me than €50k… A nicer class of negative equity, maybe?

Akrasia

narcissistic wrote: »

Im sorry but this is the nonsensical ramblings of someone who will never ever reach an executive level. Earning more than $75k will not make you happy? Money gives people choices and choices make people happy.

It's not a rambling, it's a study, and there have been several other studies that all show the obvious, that money can buy you happiness up to a point, but once you reach a certain level, extra income doesn't make you any happier.

If you have a BMW 7 series or a BMW 3 series, you're not going to feel happier day to day once the novelty wears off. They're both nice comfortable cars that do the same job, but one is twice the price of the other.

But if you have any reliable comfortable car, you're going to feel happier than if you have an old unreliable car that keeps breaking down but you can't afford to get it fixed or replace it.

The different kinds of choices you have on 200k versus 75 K aren't significantly going to affect your happiness. In Europe, 75k will meet your day to day living expenses with a decent amount left over for recreation and self actualisation

Here is an interesting issue with tax on earnings in Ireland, I was working full time till this year and now I work 75% of full hours yet my take home salary is 90% of what it was when working full time the law of diminishing returns I think its called.

SuprSi

Comparable UK income/tax for a married person;

£60k = £42,125.70
£100k = £65,325.70
Difference = £23,200

Definitely better than in Ireland, and that's before the newly re-elected Conservatives introduce their new tax measures which will significantly improve things.

SuprSi

SuprSi wrote: »

Comparable UK income/tax for a married person;

£60k = £42,125.70
£100k = £65,325.70
Difference = £23,200

Definitely better than in Ireland, and that's before the newly re-elected Conservatives introduce their new tax measures which will significantly improve things.

I have relative living in the uk, have you take in to account council charges in the Uk although that might be cancelled our by the free health care I am not sure.

My Daughter pays something like £1,200 of council tax a year.

macmontyson

An additional €18.5k a year is over €1.5k per month......... that can get you a lot if used wisely!

Education fund for your kids
Contributions towards your pension
Weekend breaks in Europe every month
All of the above

If you have a job that promote a good work life balance the additional stress is worth it.

Money worries cause more stress than anything.

Akrasia

The Law of diminishing returns to relates economic activity where it gets more expensive to produce once you pass a certain threshold

For example, if you have a field of corn, you can harvest 90% of the crop using a standard harvester costing 90,000, but if you want to harvest 95% of the crop, you need to spend more money on a more advanced machine, costing an extra 50,000 and if you want to harvest 99% of the crop, you need to spend money on hiring an army of farm workers to physically collect the left over corn from the field costing an extra 80,000c
The first 90% of the crop can be harvested for 1000 per percent yield, the additional 5% costs 10,000 per percent yield, and the additional 4% costs 20k per percent yield.

This is the law of diminishing returns. The closer you get to maximum production, the more expensive it gets, the optimum production is where the marginal income is slightly higher than the marginal cost of production.

For wages, the law of diminishing marginal returns kicks in at the thresholds where people may qualify for state benefits (eg, you no longer qualify for a medical card, or a higher education grant for your kids) it doesn't usually apply to higher incomes because even if your extra income from higher wages are eroded by tax, you're never going to get to a point where earning higher wages actually reduces your income. (unless you have some bizzare personal circumstance where your financial obligations increase the more you earn)

On the money making you happy thing, have a good look at all the back ground information on Graham Dwyer.

People who believe that having money and statues type possession such as expensive car will make them happy tend to believe that very strongly and for them it might be true their whole sense of themselves is constructed form what they have.

SuprSi

mariaalice wrote: »

I have relative living in the uk, have you take in to account council charges in the Uk although that might be cancelled our by the free health care I am not sure.

My Daughter pays something like £1,200 of council tax a year.

Very true, not something I included. We currently pay around £1,900 a year in council tax though as you said the NHS is completely free, which includes GP's.

Aidric

smash wrote: »

This isn't the 80's. 100k a year isn't a company CEO managing a few hundred staff. 100k a year is an achievable salary in many industries. What's this "extra stress" you talk about?

Salary is aligned with responsibility. If you think that someone on 100k is just breezing through and working their 9-5 then you are badly misguided.

Grandpa Hassan

Aidric wrote: »

Salary is aligned with responsibility. If you think that someone on 100k is just breezing through and working their 9-5 then you are badly misguided.

The point is valid. 100k is an achievable salary which does not bring senior managerial responsibility. It is not 9 till 5, but would not entail too much accountability. It is an achievable middle management salary.

If you were talking 150 / 200k +, I would agree with you. But I would add that I cannot think of anything worse than just 'breezing through'. Pressure and responsibility is good.....it keeps me on my toes and makes life interesting. Pressure only becomes stress if you don't respond to it well

Aidric

Aidric wrote: »

Salary is aligned with responsibility. If you think that someone on 100k is just breezing through and working their 9-5 then you are badly misguided.

I know someone who very genuinely believes Tony O Brian the director of the HSE only works 9 to 5.30 and the his job must be a breeze and cant be that stressful because its a government job. This person genuinely believes this.

Not justifying the HSE or anything but I would say running the HSE is anything but a breeze.

Stillhouette

NomadicGray wrote: »

Forget the cheap likes, I'm enjoying getting to you with such an obvious joke

I knew you were a funny guy but you are on a completely different level. When do you tour?

duffman13

I've got disagree somewhat, as I progress up the ladder my work life balance improves. My performance gets me up the ladder, at which point it's about surrounding yourself with the right people and having a positive image in order to progress further or maintain your position. There is more pressure (slightly) but I'd say my work load has dropped by about 10% with each promotion I've received.

snubbleste

Sure you put money in a tax shelter like property(!).. That's what Irish people do..

partyguinness

Aidric wrote: »

Salary is aligned with responsibility. If you think that someone on 100k is just breezing through and working their 9-5 then you are badly misguided.

Absolutely...I am a partner in a firm since last summer. My basic salary is actually fairly rubbish for the hours I do (£35k sterling) but it's the profit share at the the financial year that will kick it up. It's my first year and I am expecting circa. £60k (before tax) on top toward the end of the summer.

Office is open 9-5 Monday to Friday but my hours are a min. 65-70 hour, six day a week. Leaving before 7pm is an achievement. Doesnt include the sleepness nights...

Of course as it linked to profit, the harder I work, the more work and clients I bring in, the greater the profit.