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Tax and going back to work

  • 13-05-2019 7:25am
    #1
    Kezombie
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi I'm currently looking to go back to work at weekends. My husband has my tax credits and he reckons it wouldn't be worthwhile going back cause it would affect our tax and I would earn enough for the tax would take most of what I earn. I'm totally cluess on all this tax stuff. Any help please?


Comments

  • #2
    jimmy86
    Registered Users, Registered Users 2 Posts: 132 ✭✭jimmy86


    Hi,

    Without going into too much detail, your tax/prsi/usc shouldn’t amount to more than 25% of your gross pay.


  • #3
    Boards.ie: Mark
    Boards.ie Employee Posts: 5,461 ✭✭✭✭✭Boards.ie: Mark
    Boards.ie Employee


    Hi Kezombie,

    I've moved your thread across to the Taxation forum where people should be more able to help with your question.

    How can I? User's guide to some features on the new site



  • #4
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,703 ✭✭✭✭namenotavailablE


    4 big things to become familiar with when it comes to tax:

    1. You're taxed at 20% on your income up to a value known as 'standard rate band' or 'standard rate cut-off point [SRCOP]'. The amount of your SRCOP depends on your marital status and your income. As a married person (and assuming that your spouse has taken as much of the married persons SRCOP), it's likely that you could get €26300 in SRCOP for yourself (or if your income is lower, the amount of your income).
    2. You'll pay 4% PRSI on your earnings once you earn more than €352 per week. For a fairly small range of income, the PRSI is lower than 4% due to a declining PRSI credit.
    3. You'll pay USC on your earnings once you earn more than 13000 pa. The USC rates vary as your income changes, going from 0.5% on the first €12012 of annual income to 2% on the next €7862 and 4.5% on the next 50170. Any income over the sum of those values is charged 8%.
    4. You need to ensure that the tax office knows about your employment as it's how you get your tax credits and SRCOP. Your employer will be sent these details when preparing the payroll and if there are no values given because the tax office doesn't know about your circumstances, you'd be taxed at a penal 'emergency tax rate' of 52% all in.

    Try any of these calculators to give you an idea of how you'd stand:

    My macro enabled Excel spreadsheet (Windows only and needs Excel 2010 or newer to work): http://taxcalc.eu/monthlyss
    Karl Grabe's web app is good for a quick calculation: http://taxcalc.eu
    Hookhead's calculator is at http://www.virtualaccountant.ie/Tools/tax2019.jsp
    Deloittes: http://services.deloitte.ie/tc/
    Taxcalc.ie: http://taxcalc.ie/budget-2019/

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



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