How to calculate my take home pay if I jobshare? [Teacher/Public servant]

A

acequion

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Hi. I would be very grateful if somebody could indicate a reliable online tax calculator or perhaps even give me a rough estimate.

To clarify, I'm a secondary teacher, therefore a public sector worker. I am 64 and am very conflicted over whether to retire this year or to ease out by job sharing for a year. While I've got a lot of professional advice on pension calculations, retirement planning etc, I've not got any on the job sharing salary as I'm only considering that option now. But I have heard that I would earn a good bit less job sharing than I would on my pension so it may not be worth my while.

My current gross salary is about 74K, they say you get 50% of that, so 37K gross. I'm single and have no more than the usual tax free allowances.

Any help in trying to figure out the approximate take home pay would be hugely appreciated. Thanks a lot.
 
Hi, I am a primary teacher and am job sharing to ease my way towards retirement. I have an AP2 post for which I am paid my full allowance so my job share salary is €43,000 approx. My fortnightly pay is €1250 approx. I work 2/3 day week on alternate weeks. I think the take home pay is quite good as you pay a lot less tax. Job sharing is a good option to bridge the way for full retirement I think.
 
acequion said:
Hi. I would be very grateful if somebody could indicate a reliable online tax calculator or perhaps even give me a rough estimate.

To clarify, I'm a secondary teacher, therefore a public sector worker. I am 64 and am very conflicted over whether to retire this year or to ease out by job sharing for a year. While I've got a lot of professional advice on pension calculations, retirement planning etc, I've not got any on the job sharing salary as I'm only considering that option now. But I have heard that I would earn a good bit less job sharing than I would on my pension so it may not be worth my while.

My current gross salary is about 74K, they say you get 50% of that, so 37K gross. I'm single and have no more than the usual tax free allowances.

Any help in trying to figure out the approximate take home pay would be hugely appreciated. Thanks a lot.
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I think a 50% effective tax rate, even on 74k and single is well wide of the mark, you dont live in Denmark.

More likely 30% (without checking), presume you are not a Maths teacher.

Your extra allowances for chalk / AVCs / medical bills etc will give you a softer landing than is conventional wisdom.

74k is a fantastic salary for the hrs involved. Enjoy your retirement.
 
clinteastwood said:
74k is a fantastic salary for the hrs involved.
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I presume you are referring to the class contact hours, not all the additional hours for preparation, corrections etc. The performative nature of teaching means that the contracted hours do not reflect the actual hours required to do the job effectively.
 
clinteastwood said:
I think a 50% effective tax rate, even on 74k and single is well wide of the mark, you dont live in Denmark.

More likely 30% (without checking), presume you are not a Maths teacher.

Your extra allowances for chalk / AVCs / medical bills etc will give you a softer landing than is conventional wisdom.

74k is a fantastic salary for the hrs involved. Enjoy your retirement.
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I don’t think they suggested a 50% tax rate, merely pointed out that their gross salary would be reduced from 74k to 37k when job sharing.
Hopefully you are not a teacher of reading comprehension.
 
clinteastwood said:
Yes, agreed but its far off 40hrs/week and 4 weeks hols.
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Agreed but the intensity of the teaching week is often misunderstood. I worked for a number of years in an office job. Lots of comments about how I would "miss the teaching holidays". I didn't miss them as much as I thought I would and was far less exhausted at the end of my 40 hour week than I was after my 25 hour teaching week. The difference was a much more relaxed environment, where I could take long lunches, frequent untimed coffee and toilet breaks. I also left work and didn't have to think about it again until the following morning. The holidays in teaching are a great perk, but the job would be completely unsustainable without them. Apologies for taking the thread off topic!
 
Threadser said:
Agreed but the intensity of the teaching week is often misunderstood. I worked for a number of years in an office job. Lots of comments about how I would "miss the teaching holidays". I didn't miss them as much as I thought I would and was far less exhausted at the end of my 40 hour week than I was after my 25 hour teaching week. The difference was a much more relaxed environment, where I could take long lunches, frequent untimed coffee and toilet breaks. I also left work and didn't have to think about it again until the following morning. The holidays in teaching are a great perk, but the job would be completely unsustainable without them. Apologies for taking the thread off topic!
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Gee, I should apply for a job there - please DM the place before its too late!.

Plus, dont forget the lump sum and guarantee indexed pension - these are fantastic perks not available to the masses..

of course, I dont want my child to attend school all year round either!

Good luck to the OP, not criticising, just commenting - the hrs/holidays/pensions are much much better number than most of the jobs out there.

and I hope he enjoys his retirement.

For context a c. 1 million workers have no pension .
 
clinteastwood said:
Plus, dont forget the lump sum and guarantee indexed pension - these are fantastic perks not available to the masses..
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Just wondering why you didn't apply for teaching yourself? The masses are welcome to apply and to avail of the "fantastic perks". There is in fact quite a significant teacher shortage at the moment. It is a job that is open to all , but some people realise that it is in fact a challenging one and choose not to apply.
clinteastwood said:
For context a c. 1 million workers have no pension .
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Untrue, if they work and pay PRSI they will be entitled to the state pension. Anyone in teaching has paid a pension contribution and now an additional ASC tax from day 1 of their employment without having the choice to delay making provision for their retirement. Belatedly auto enrollment is being introduced ,so everyone will have a chance to contribute.
 
Threadser said:
Just wondering why you didn't apply for teaching yourself? The masses are welcome to apply and to avail of the "fantastic perks". There is in fact quite a significant teacher shortage at the moment. It is a job that is open to all , but some people realise that it is in fact a challenging one and choose not to apply.

Untrue, if they work and pay PRSI they will be entitled to the state pension. Anyone in teaching has paid a pension contribution and now an additional ASC tax from day 1 of their employment without having the choice to delay making provision for their retirement. Belatedly auto enrollment is being introduced ,so everyone will have a chance to contribute.
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Touchy!.....I'm not interested in teaching children, but merely commenting.
Not true, there is criteria to the state pension based on # of contributions. Even full rate is a pittance compared to the OP example.

The autoenrollement will aslo be a pittance compared to the index linked PS versions.

Any idea of how much "tax" as you wrote, needed to pay throughout 40yrs to give 50% final based pension ?....this ASC or whatever isnt anywhere going to pay for it!.

So please, be grateful for your career choice, lumpsums and index linked pensions for ever are a fantasy for the vast majority.
 
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k06351000 said:
I don’t think they suggested a 50% tax rate, merely pointed out that their gross salary would be reduced from 74k to 37k when job sharing.
Hopefully you are not a teacher of reading comprehension.
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Good one, I need glasses. Every dog has his day.
 
clinteastwood said:
Touchy!
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I simply replied with the facts which you have chosen to ignore. There is a significant teacher shortage so the "fantastic perks" are available to anyone who chooses to apply and is prepared to qualify. I also clarified that you need to work and pay PRSI to be entitled to the state pension. The ASC is a tax which doesn't convey any pension benefits. There is a separate pension contribution. Public service pensions include the state pension entitlement, a fact that is often ignored when calculations and comparisons are being made. Details of the auto enrollment scheme have not been finalised yet so making assertions about the scheme being a "pittance" compared to the single scheme public service pension may be somewhat premature.
 
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@clinteastwood, you'd want to go and take a good, long, cold shower and then maybe a stiff drink or whatever you're having because you really are making a prize clown of yourself. First for ranting without having properly read my post and then for your utterly misinformed rants about the job teachers do and their pay and conditions. Something you clearly know nothing about. You've given me a great laugh but I didn't post for a laugh or to waste my time talking to people like you. Like most bona fide posters here, I came looking for information.

@PoundMan, thanks so much for the link to that online calculator. I think I have pretty much worked it out now. Thanks again.
 
Threadser said:
Just wondering why you didn't apply for teaching yourself? The masses are welcome to apply and to avail of the "fantastic perks". There is in fact quite a significant teacher shortage at the moment. It is a job that is open to all , but some people realise that it is in fact a challenging one and choose not to apply.

Untrue, if they work and pay PRSI they will be entitled to the state pension. Anyone in teaching has paid a pension contribution and now an additional ASC tax from day 1 of their employment without having the choice to delay making provision for their retirement. Belatedly auto enrollment is being introduced ,so everyone will have a chance to contribute.
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Sorry. have to agree to disagree. Goodbye.
 
acequion said:
@clinteastwood, you'd want to go and take a good, long, cold shower and then maybe a stiff drink or whatever you're having because you really are making a prize clown of yourself. First for ranting without having properly read my post and then for your utterly misinformed rants about the job teachers do and their pay and conditions. Something you clearly know nothing about. You've given me a great laugh but I didn't post for a laugh or to waste my time talking to people like you. Like most bona fide posters here, I came looking for information.

@PoundMan, thanks so much for the link to that online calculator. I think I have pretty much worked it out now. Thanks again.
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Ditto.

Not a rant, just an observation. Dont be so touchy, working outside the staff room leads to a cleansing of "group" think.

Like I said, enjoy your pension, and your long summer holiday and automatic annual pension increases.

1 million have none.

Goodbye.
 
clinteastwood said:
Gee, I should apply for a job there - please DM the place before its too late!.

Plus, dont forget the lump sum and guarantee indexed pension - these are fantastic perks not available to the masses..

of course, I dont want my child to attend school all year round either!

Good luck to the OP, not criticising, just commenting - the hrs/holidays/pensions are much much better number than most of the jobs out there.

and I hope he enjoys his retirement.

For context a c. 1 million workers have no pension .
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Gee you should really apply might change your viewpoint. Sounds like sour grapes though or sarcastic. The poster was asking for information not what appears to be a chip on both shoulders of a rant. Whilst entitled to your opinion it’s not helpful or informed.
 
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