Am I paying too much tax

[BernieMadoff]

Hi,

I have gross earnings of €51,000 p.a. and have given my tax creadits in entirety to my spouse (she is the higher earner). My gross monthly pay is €4250 but after tax and levies i only receive €2,400 - is this roughly correct or am i overpaying somewhere along the line. I have already claimed credits for union subs, waste charges etc.

any advice appreciated

cheers

 

[vandriver]

Is your standard rate cut off point at zero?Under this scenario and assuming that you are an ordinary private sector employee saying a1 prsi ,them it looks about right.But if you both have incomes that would see you pay tax at the higher rate then what you lose,your spouse gains an equal amount

 

[deadlyduck]

If you could confirm from your payslip the value of your standard rate cut-off point and tax credits (for a month or year) I could give a definitive answer. Alternatively , feel free to download my spreadsheet at taxcalc.eu/monthlyss

 

[ejger]

Bernie - Im afraid the tax man had "madoff" with too much of your money by my reckoning. The first €26kper annum should be at 20% (this additional band cant be transferred to a spouse) - so that would assume with the balance at 41% that total tax (assuming no tax credits which is unlikely as you should get the PAYE credit of €1830 per annum) would be €1280 per month and the PRSI/ Levies would be aproximately 9-10% so say a further 425 per month leaving a net of €2545 - €2700 if you add in the PAYE credit. You should check with your HR Dept to see if you're on emergency tax and take steps to get yourself off it.

 

[papervalue]

Hi,

I have gross earnings of €51,000 p.a. and have given my tax creadits in entirety to my spouse (she is the higher earner). My gross monthly pay is €4250 but after tax and levies i only receive €2,400 - is this roughly correct or am i overpaying somewhere along the line. I have already claimed credits for union subs, waste charges etc.

any advice appreciated

cheers

put a copy of you payslip here and also what is tax credit and band figure - them the forum can give you accurate answer.

confirm you are employee and not a director of a company.