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Married couple tax

  • 16-01-2018 1:02am
    #1
    [Deleted User]
    Posts: 0 ✭


    Hi all,
    We just got married.

    My salary: 30K
    My husband salary: 52K
    1 dependent child in a full-time creche care.

    Would joint assessment be beneficial for us?

    How to spread tax credits between 2 of us to be more beneficial for both of us?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Tax credits can't be made more efficient.

    Standard rate cut off point can be. A single person has 33800 scrop. That is the amiunt they can earn without being taxed at the higher rate.

    You can transfer 3800 of this to your husband and save 20% of this in tax.


  • #3
    Stationmaster
    Registered Users, Registered Users 2 Posts: 950 ✭✭✭Stationmaster


    CIARAN_BOYLE wrote: »
    Tax credits can't be made more efficient.

    Standard rate cut off point can be. A single person has 33800 scrop. That is the amiunt they can earn without being taxed at the higher rate.

    You can transfer 3800 of this to your husband and save 20% of this in tax.

    I think you'll find a jointly assessed couple can transfer tax credits too and the SRCOP is now €34,550.


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Stationmaster wrote: »
    I think you'll find a jointly assessed couple can transfer tax credits too and the SRCOP is now €34,550.

    Thanks for the update on srcop.

    I'm well aware that tax credits can be transferred but it doesn't make things any more efficient. Both parties above are fully using their tax credits.


  • #5
    randombar
    Registered Users, Registered Users 2 Posts: 3,428 ✭✭✭randombar


    Hi,

    I dont want to start a new thread, I'm just wondering is there any "married couple" tax/usc calculators out there?

    My wife is going on parental leave and I'm just wondering is there "sweet spots" in terms of tax bands to get under to be in lower brackets jointly etc. i.e. if she took 3 months instead of two months off would that drop us to a lower bracket.

    Thanks for any advice,
    Gary


  • #6
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,702 ✭✭✭✭namenotavailablE


    Some calculators listed on this post

    Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm



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  • #7
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    GaryCocs wrote: »
    Hi,

    I dont want to start a new thread, I'm just wondering is there any "married couple" tax/usc calculators out there?

    My wife is going on parental leave and I'm just wondering is there "sweet spots" in terms of tax bands to get under to be in lower brackets jointly etc. i.e. if she took 3 months instead of two months off would that drop us to a lower bracket.

    Thanks for any advice,
    Gary

    Not sure if you will find a calculator to give advice as 3 months is a short time .
    Before you make any changes overall , bear in mind that your wife will still be entitled to her monthly tax credit which should be €275 approx .

    If she has any monthly deductions like health, pension , etc , her wages could be processed as normal , and the remaining tax refund is hers monthly .
    Even though her monthly cut off point is probably around €2100 , I don't think any of this can be transferred to you .


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