Working 6 days?

zeebre12

I'm a newly qualified primary teacher working 5 days a week now since September. During the summer I worked in a cafe. Just wondering if I work Saturdays also in the cafe will I be taxed loads? Will I actually be losing money if I work the Saturday also? You hear of some people working 2 jobs to make ends meat or how does it work?

Pawwed Rig

You won't be losing money but your remuneration after tax may not make the extra work worthwhile

zeebre12

Pawwed Rig wrote: »

You won't be losing money but your remuneration after tax may not make the extra work worthwhile

Why do some people work 6 days then? I know someone who works the 5 days and now he is working Saturday somewhere else also?

Wesser

because they need more money. you will not come out at a loss .... you wil overall earn more money.... obviously.....

relax carry on

zeebre12 wrote: »

Why do some people work 6 days then? I know someone who works the 5 days and now he is working Saturday somewhere else also?

Because you still come out with more money than you had before?

Depending on how much you earn the second job may be taxed at your marginal rate but after tax you still have money that you wouldn't have had if you didn't work the second job.

Heres Johnny

As a single person your tax rate for all money earned over 35,300 a year is 51% so you only get to keep half of any money earned over this amount every year. This is what the poster means by maybe it's not worth it. If you are paid 100 euro for a Saturday you will only get 50 euro in your pocket. You are still up but I probably wouldn't work one of my days off for a small extra amount of money, unless I really needed the extra income.

Getting into another topic now but You can put extra into a pension AVC and in that way you get to keep it all or most of it but you're into getting financial advice and long term planning now.

Heres Johnny

As a single person your tax rate for all money earned over 35,300 a year is 51% so you only get to keep half of any money earned over this amount every year. This is what the poster means by maybe it's not worth it. If you are paid 100 euro for a Saturday you will only get 50 euro in your pocket. You are still up but I probably wouldn't work one of my days off for a small extra amount of money, unless I really needed the extra income.

Getting into another topic now but You can put extra into a pension AVC and in that way you get to keep it all or most of it but you're into getting financial advice and long term planning now.

Heres Johnny

As a single person your tax rate for all money earned over 35,300 a year is 51% so you only get to keep half of any money earned over this amount every year. This is what the poster means by maybe it's not worth it. If you are paid 100 euro for a Saturday you will only get 50 euro in your pocket. You are still up but I probably wouldn't work one of my days off for a small extra amount of money, unless I really needed the extra income.

Getting into another topic now but You can put extra into a pension AVC and in that way you get to keep it all or most of it but you're into getting financial advice and long term planning now.

pointer28

zeebre12 wrote:

Why do some people work 6 days then? I know someone who works the 5 days and now he is working Saturday somewhere else also?

Maybe their Saturday job is not through the books and they're getting cash in hand.

notharrypotter

zeebre12 wrote: »

Why do some people work 6 days then? I know someone who works the 5 days and now he is working Saturday somewhere else also?

Quite simply by working the extra day elsewhere they generate extra income.

For many there may not be an option/opportunity in their "normal" job to generate extra income (overtime/extra hours above contact etc).

As indicated above the question then arises, is it worth your while?

In a nutshell by working extra hours (either in your normal job or elsewhere) you generate extra income. This is liable for tax/USC/prsi in the normal way.
So for example by working 8 hours on your Saturday in a cafe on minimum wage you generate approximately €90 extra. Assuming you are on the higher tax bracket you will take home roughly €45.
The decision to be made is the extra (using the example above) €45 in your hand worth the loss of your Saturday?

A different example may be a software engineer who will get say €100 per hour for working on a Saturday with a different firm.
So in this example they will earn approximately €800 extra with taxes etc leaving them with roughly €400 in their hand.
This version may make economic sense to Sacrifice the occasion Saturday.

namenotavailablE

One possible idea if you want to minimise the tax impact on the Saturday job is to allocate enough tax credits and standard rate band from your main job to the second one- this is done through 'myAccount' on www.revenue.ie.
However, doing this will reduce your net income from the main job, so it's swings and roundabouts.

yabadabado

zeebre12 wrote: »

Why do some people work 6 days then? I know someone who works the 5 days and now he is working Saturday somewhere else also?

Why do some people work 7 days ?

You won't lose money by working more

Geuze

Heres Johnny wrote: »

As a single person your tax rate for all money earned over 35,300 a year is 51%

40% tax

4% PRSI

4.5% USC


= 48.5% marginal tax rate, a killer.

Geuze

zeebre12 wrote: »

I'm a newly qualified primary teacher working 5 days a week now since September. During the summer I worked in a cafe. Just wondering if I work Saturdays also in the cafe will I be taxed loads? Will I actually be losing money if I work the Saturday also? You hear of some people working 2 jobs to make ends meat or how does it work?

No, you won't be losing money by working more.

I'm shocked that somebody who is meant to be educated enough to teach our children thinks this.

You are suggesting that marginal tax rates exceed 100%.

I'm also worried by "meat" vs "meet" from a teacher.

Portsalon

zeebre12 wrote: »

I'm a newly qualified primary teacher ........................

You hear of some people working 2 jobs to make ends meat or how does it work?

Standards continue to decline! God help those kids! :rolleyes: