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Splitting Tax Credits Between Two Jobs

  • 25-08-2019 12:19pm
    #1
    BUDDYHOLLY1234
    Registered Users, Registered Users 2 Posts: 18 ✭


    Hi All,

    I have a quick query regarding spthe splitting my ta credits. I have two jobs and the main job is a salary of €423 per week Gross.

    I have also started a second parttime job making approx €200 weekly Gross.

    I have Tax Credits amounting to €3300 per annum and I am wondering what is the best way to maximse splitting my tax credit as I will be taxed at 20 per cent as both amounts to not surpass the €35,300.

    Can people please advise with an example of amounts to transfer to second job and how much to leave with my main job..

    Thanks


Comments

  • #2
    jimmy456
    Registered Users, Registered Users 2 Posts: 90 ✭✭jimmy456


    First Job income is 423X52 = 21,996 per annum. Tax at 20% is 4,399.
    Second job income is 200X52 = 10,400 per annum.

    So you could transfer 10,400 of your standard rate cut off to the second job. Leave all the credits of 3,300 with the first job as they will get absorbed by the tax of 4,399.

    If you go on revenue.ie you can do this by adding the second job if not already there. Then give an estimate of the income for the second job to transfer standard rate band.


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