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Returning to work question

  • 30-12-2019 9:53am
    #1
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭


    We have been a One Income Family for a number of years now. I am looking at returning to work (part-time) in 2020.

    My Husband & I are jointly assessed and he has any available Tax Credits which were previously mine plus the Home Carers Tax Credit. He is PAYE.

    Would any Income I earn be taxed at 40% automatically ?

    Also is USC individually charged ? My Husband would already go into the highest bracket for that.

    TIA


Comments

  • #2
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,705 ✭✭✭✭namenotavailablE


    Assuming that you're an employee rather than self-employed, you would receive the employee tax credit of €1650 (or 20% of your earnings if that gives a lower value). Your husband would lose the Home carer credit. If you both wanted to do so, you could share the married credit currently granted to your husband to lower your own tax (but increase his).

    You would also be entitled to a minimum standard rate band of €26300. Your annual income up to this value would be taxed at 20%, any excess at 40%.

    USC is charged individually so it would have no impact on the USC already being paid by your husband.

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



  • #3
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    namenotavailabl wrote: »
    Assuming that you're an employee rather than self-employed, you would receive the employee tax credit of €1650 (or 20% of your earnings if that gives a lower value). Your husband would lose the Home carer credit. If you both wanted to do so, you could share the married credit currently granted to your husband to lower your own tax (but increase his).

    You would also be entitled to a minimum standard rate band of €26300. Your annual income up to this value would be taxed at 20%, any excess at 40%.

    USC is charged individually so it would have no impact on the USC already being paid by your husband.

    Thanks for this. Very helpful.


  • #4
    mystic86
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭mystic86


    SusanC10 wrote: »
    We have been a One Income Family for a number of years now. I am looking at returning to work (part-time) in 2020.

    My Husband & I are jointly assessed and he has any available Tax Credits which were previously mine plus the Home Carers Tax Credit. He is PAYE.

    Would any Income I earn be taxed at 40% automatically ?

    Also is USC individually charged ? My Husband would already go into the highest bracket for that.

    TIA

    Depends on the incomes, if you want more specific advice then let us know what those are.


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