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Salary differences

  • 12-01-2021 4:10pm
    #1
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭


    Scenario is two people on 50k a year.

    Person 1 is on 50k flat

    Person 2 is on 35k with 15k extra including overtime etc. Person two gets one cheque a month with these extra allowances.

    Two peolpe earning the same yearly but does person two come out with less money?


Comments

  • #2
    Allinall
    Registered Users, Registered Users 2 Posts: 6,827 ✭✭✭Allinall


    WhiteWalls wrote: »
    Scenario is two people on 50k a year.

    Person 1 is on 50k flat

    Person 2 is on 35k with 15k extra including overtime etc. Person two gets one cheque a month with these extra allowances.

    Two peolpe earning the same yearly but does person two come out with less money?

    No difference if all the €15k is taxable.


  • #3
    seannash
    Registered Users, Registered Users 2 Posts: 5,672 ✭✭✭seannash


    So does the first person have to do any overtime?
    For me I'd pick the first option.
    I'm not sure how that set up will be viewed by lending institutions. You might officially show your salary as 35k and not 50k which could cause an issue with loans or mortgages


  • #4
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭WhiteWalls


    My question here is both are on the same money yearly but the fact that person 2 is paid overtime/allowances in one week a month, does that not mean that they will pay more tax?


  • #5
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,693 Mod ✭✭✭✭Kimbot


    WhiteWalls wrote: »
    My question here is both are on the same money yearly but the fact that person 2 is paid overtime/allowances in one week a month, does that not mean that they will pay more tax?

    Is person a paid weekly or monthly?
    Is person b paid weekly or monthly?


  • #6
    Allinall
    Registered Users, Registered Users 2 Posts: 6,827 ✭✭✭Allinall


    WhiteWalls wrote: »
    My question here is both are on the same money yearly but the fact that person 2 is paid overtime/allowances in one week a month, does that not mean that they will pay more tax?

    No.

    The tax balances out over the year, or in this case every month.

    they will pay less tax for three weeks, and more in the week they get the top up pay.


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  • #7
    seannash
    Registered Users, Registered Users 2 Posts: 5,672 ✭✭✭seannash


    WhiteWalls wrote: »
    My question here is both are on the same money yearly but the fact that person 2 is paid overtime/allowances in one week a month, does that not mean that they will pay more tax?


    If there is it can all be rectified by filing an assessment with revenue online


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