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New wage: Joint assessment + tax

  • 04-08-2017 8:21pm
    #1
    sineads80
    Registered Users, Registered Users 2 Posts: 25 ✭


    Hi all, so sorry if this is very basic but i am so confused about tax and have not received payslips ( i know im entitled but have never requested) so im unsure as to taxes etc. Im returning to work after maternity leave and have been offered another job at higher wage, however i wonder if i will actually be worse off at higher wage due to tax, prsi etc. Would appreciate if someone could calculate my proposed net wage?! Married, 36 yr old, 1 child of 6 months, husband is public servant on 50k, he has my tax credits, proposed new wage is 15euro per hour for 20 hours per week.... Would really appreciate if anyone can help ad im not sure of tax, prsi, usc etc


Comments

  • #2
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    sineads80 wrote: »
    Hi all, so sorry if this is very basic but i am so confused about tax and have not received payslips ( i know im entitled but have never requested) so im unsure as to taxes etc. Im returning to work after maternity leave and have been offered another job at higher wage, however i wonder if i will actually be worse off at higher wage due to tax, prsi etc. Would appreciate if someone could calculate my proposed net wage?! Married, 36 yr old, 1 child of 6 months, husband is public servant on 50k, he has my tax credits, proposed new wage is 15euro per hour for 20 hours per week.... Would really appreciate if anyone can help ad im not sure of tax, prsi, usc etc


    Presumably you received your P60 for last year? If not then you really need to insist that your employer gives you a copy.

    If you have it, then please throw up the following info:-

    Pay: figure at A1

    Tax: figure at B1

    USC: figure at D1

    PRSI: figure at F2; no. of weeks at F4 and the code at F5.

    Thanks.


  • #3
    sineads80
    Registered Users, Registered Users 2 Posts: 25 ✭sineads80


    Hi...really appreciate it..figures i have are:
    A1-7618
    B1-0
    D1-0
    F2-0
    F4-52
    F5-a0
    Im not sure if these are accurate as my boss doesnt do wage calcs and ive never checked these! This one is a job with less hours and lower pay....new one is more pay but will have more travel, pay parking, more hours = childcare etc so i need to see if it works out better in long run! Thanks again!


  • #4
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    sineads80 wrote: »
    Hi...really appreciate it..figures i have are:
    A1-7618
    B1-0
    D1-0
    F2-0
    F4-52
    F5-a0
    Im not sure if these are accurate as my boss doesnt do wage calcs and ive never checked these! This one is a job with less hours and lower pay....new one is more pay but will have more travel, pay parking, more hours = childcare etc so i need to see if it works out better in long run! Thanks again!

    Thanks for that.

    First tax. Your husband has your personal allowance, but you also have a PAYE allowance (which he cannot avail of) of €1,650 which means that you can earn up to €8,250 in 2017 before paying any tax. But if you have been receiving maternity benefit for 26 weeks then this will already have used up a lot of your tax credits. So let's assume that you have €400 tax credits left and there are 20 weeks left in the tax year. This means that you have a tax credit of €20 a week, so you won't have to pay tax on the first €100 that you earn each week.

    You expect to be paid €300 a week (€15*20 hours); so you'll have to pay tax on €200 which at 20% will be €40 a week.

    Next USC.

    You aren't liable to pay USC on your maternity benefit and you can earn up to €12,012 this year before being liable for USC. At €300 a week for 20 weeks, you will earn €6,000 this year, so you won't have to pay any USC.

    Finally PRSI:-

    If your pay is less than €352 a week, you won't be liable to pay PRSI.

    So the calculation is:

    Gross pay = €300, less PAYE (€40) no USC or PRSI; net pay = €260.

    I have assumed here that you had little or no earnings in 2017 before you went on maternity leave? Also that you claimed Maternity Benefit from the DSP?


  • #5
    sineads80
    Registered Users, Registered Users 2 Posts: 25 ✭sineads80


    Oh thank you so much for that. I really do appreciate your help. Thank you so much for breaking it down like that and explaining everything! Yes..you assumed right on those points...i only worked 1 day in 2017 before i was taken to hosp so was unpaid for 2 weeks...then mat ben kicked in! I honestly cant thank you enough!


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