Going back to work after being home with children for some years.

Hi All, I'm hoping someone might be able to help. I am really bad with all this tax stuff and Revenue are not answering their phones. I am considering going back to work after being home with children for some years. I'm trying to work out if its financially worth it. The salary would be €14,339 (part time) So am I right to think that would be taxed at 20% & take home would be around €955, if I leave my tax credits with my spouse? We also lose the home carers allowance. Other than that, would my husbands take home pay change? Sorry I'm really bad with all this stuff! His base salary is around 49,240k but with overtime etc he earned around 60k gross last year. Any help appreciated!

The employee tax credit is not transferable, you keep it, so you can use it.

On that salary, allowing for an employee tax credit, your take home pay would be 1092 per month.

Thank you both. Should my husbands take home pay remain unchanged, other than the home carers tax credit?

goeasy said:

Should my husbands take home pay remain unchanged, other than the home carers tax credit?

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Yup.

goeasy said:

I'm trying to work out if its financially worth it.

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If you are in receipt of Working Family Payment then that would be affected, as could GP Visit cards if you have such. Also, depending on ages and number of children, you should familiarise yourself with SUSI income thresholds re 3rd Level education costs.

michaelm said:

Yup.If you are in receipt of Working Family Payment then that would be affected, as could GP Visit cards if you have such. Also, depending on ages and number of children, you should familiarise yourself with SUSI income thresholds re 3rd Level education costs.

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Dont get any of these things unfortunately!

This free calculator might be ueful for you to an extent.