(€70,000 self-employed, 30,000 PAYE), what should their income tax bill be (roughly)?

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Maybrick

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Hi,
Can any tax expert help me with a quick question? If a couple has a joint income of 100,000 (70,000 self-employed, 30,000 PAYE), what should their income tax bill be (roughly)? I always assumed it was around 28,000, but my wife thinks it's closer to 33,000. Who's right?

Any help greatly appreciated.
Maybrick
 
Not an expert but
72,800 x 20% = 14,560
27,200 x 41% = 11,153
Less Credits - 5490
Total Income Tax 20,223
PRSI 70,000 x 3% 2,100 (Class S)
23,400 x 4% = 936 (Class A)
Health Levy 100,000 x 4% 4,000
Income Levy 100,000 x 2% 2,000
Approx 29,259
 
If they were the figures for 2009, Assuming Personal Credit and Paye Credit for paye worker and no other credits (such as trade union etc, services charges, medical exp etc)

Then Income tax would be 22052
Prsi on 70K would be 2100 (3%)
Health levy on 70K would be 2331 (3.33%)
Income Levy on 70K 1169 (1.67%)
Employees Prsi on 30K 1935

Income levy on 30K 501 (1.67%)

Total 30070
Person on 30K would have had some of this deducted from their wages, ie the employees Prsi of 1935, income levy 501, and some of the income tax depending on how credits were shared

Medical exp, service charges could be claimed to reduce this.
Also worth looking at paying into pension fund which would also reduce it.
Also with 70K income from sole trader i would be looking into setting up a ltd co if i was you.
 
Thanks for that - can I just check, are you saying that Joe made a slight mistake in his calculations?
 
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