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Help - Dividing credits between two jobs

  • 20-04-2022 2:27pm
    #1
    thunderblasht
    Registered Users, Registered Users 2 Posts: 1 ✭


    I've just started a second job and I'm trying to figure out the best way to use my credits.

    I'm single, so credits of €3400p/y, and the salaries break down like this:

    Job A - Paid Weekly - €1200p/m gross

    Job B - Paid Monthly - €4500p/m gross.

    Is it best to just split them evenly? Or what would you folks recommend? Thanks a million for your help.



Comments

  • #2
    Tow
    Registered Users, Registered Users 2 Posts: 9,187 ✭✭✭Tow


    You are well into the higher tax bands on both jobs, so just split them 50:50.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    impega1
    Registered Users, Registered Users 2 Posts: 109 ✭✭impega1


    Single Tax Credit 3400

    Single Cut off Point 36800


    By dividing everything 50/50 you will end up paying more tax each month and will have to reclaim it the following year

    You have just over 3060 to play around with each month at standard rate of tax.

    To leave your 1200 p/m with lowest possible tax then should allocate cut off of 14000 to this job (1200*12) and tax credit of 2880 (1200*12*20%)

    This will leave you paying no PAYE in this job.

    For USC first 12,012 is charged at 0.5%, next 9283 at 2%, next 48749 @4.5% and balance at 8%

    Again assign 12012 at 0.5% to 1200 p/m job and 2388 at 2%. This will leave you paying 47.76 per year in USC in this job.

    All other balances of Tax Credits, Cut off and USC should be assigned to second job.



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