Age:42
Spouse’s/Partner's age:39
Annual gross income from employment or profession:42,900
Annual gross income of spouse:41,290
Monthly take-home pay:
Me: 2,608
Spouse: 2600 approx
Type of employment: e.g. Civil Servant, self-employed
Me: Full time, Permanent, Public Sector
Spouse: Full time, Permanent, Private Sector
Both PAYE
Rough estimate of value of home: 400,000
Amount outstanding on your mortgage:320,000
What interest rate are you paying? 3.66
Other borrowings – car loans/personal loans etc
800 per month
Do you have a pension scheme?
Me: Public Sector plus Pension Levy
Spouse: Private Pension through work
Do you own any investment or other property?
Yes. Current value of property 200K approx. O/s mortgage 100K. 11 years remaining on mortgage. Monthly repayments 927, Rental Income 1300. Would prefer not to have to sell for personal reasons
Ages of children:6 & 7
Life insurance:Yes €45/month approx
What specific question do you have or what issues are of concern to you?
At this time we are both working and are able to meet our expenses each month, mortgage, insurances, child care etc. My question is this:
I am looking at reducing my hours from 37 to 15 per week and applying for carers benefit. Don’t know yet if my employer will agree but am trying to work out bottom line on take home pay for the household and if we can do this. My difficulty is working out tax implications of this move, particularly the impact on pension levy, income tax, prsi, usc etc. We are also in receipt of Incap Child Tax Credit of €3300 per annum and are joint assessed for tax purposes. As I see it my gross pay from employment would reduce to €334.35/wk and if successful with carers benefit this would result in another €205/wk also taxable. Am assuming this will also have an impact on tax return come Oct 2017 for the rental property. If I could see exact figures I’d know if we can do this and still keep roof over our heads.
Spouse’s/Partner's age:39
Annual gross income from employment or profession:42,900
Annual gross income of spouse:41,290
Monthly take-home pay:
Me: 2,608
Spouse: 2600 approx
Type of employment: e.g. Civil Servant, self-employed
Me: Full time, Permanent, Public Sector
Spouse: Full time, Permanent, Private Sector
Both PAYE
Rough estimate of value of home: 400,000
Amount outstanding on your mortgage:320,000
What interest rate are you paying? 3.66
Other borrowings – car loans/personal loans etc
800 per month
Do you have a pension scheme?
Me: Public Sector plus Pension Levy
Spouse: Private Pension through work
Do you own any investment or other property?
Yes. Current value of property 200K approx. O/s mortgage 100K. 11 years remaining on mortgage. Monthly repayments 927, Rental Income 1300. Would prefer not to have to sell for personal reasons
Ages of children:6 & 7
Life insurance:Yes €45/month approx
What specific question do you have or what issues are of concern to you?
At this time we are both working and are able to meet our expenses each month, mortgage, insurances, child care etc. My question is this:
I am looking at reducing my hours from 37 to 15 per week and applying for carers benefit. Don’t know yet if my employer will agree but am trying to work out bottom line on take home pay for the household and if we can do this. My difficulty is working out tax implications of this move, particularly the impact on pension levy, income tax, prsi, usc etc. We are also in receipt of Incap Child Tax Credit of €3300 per annum and are joint assessed for tax purposes. As I see it my gross pay from employment would reduce to €334.35/wk and if successful with carers benefit this would result in another €205/wk also taxable. Am assuming this will also have an impact on tax return come Oct 2017 for the rental property. If I could see exact figures I’d know if we can do this and still keep roof over our heads.