Hi all,
My wife is in private sector employment, PRSA through her company, with employer matching contributions up to 5%. She is on 72k per annum.
She will go out on maternity leave in April, whereby her company will top-up the maternity benefit to match 'full pay'.
Together we want to increase both of our pension contributions as much as possible this year.
For the purposes of tax relief on her earnings, it will be at 20% level (age 30-39) but I'm trying to establish how revenue will recognise her gross earnings for the year. Am I right in thinking this will only be the actual pay received from her employer? ie; even though she will not be out of pocket technically, she will not be able to recognise that income for the purposes of pension contribution tax relief?
So 72k less 6months @ 235 per week (6k) = 66k?
Second part of the question, are earnings recognised for pension tax relief strictly related to 'employment', or is it possible to recognise rental income as earnings for this purpose?
Thanks,
Tom
My wife is in private sector employment, PRSA through her company, with employer matching contributions up to 5%. She is on 72k per annum.
She will go out on maternity leave in April, whereby her company will top-up the maternity benefit to match 'full pay'.
Together we want to increase both of our pension contributions as much as possible this year.
For the purposes of tax relief on her earnings, it will be at 20% level (age 30-39) but I'm trying to establish how revenue will recognise her gross earnings for the year. Am I right in thinking this will only be the actual pay received from her employer? ie; even though she will not be out of pocket technically, she will not be able to recognise that income for the purposes of pension contribution tax relief?
So 72k less 6months @ 235 per week (6k) = 66k?
Second part of the question, are earnings recognised for pension tax relief strictly related to 'employment', or is it possible to recognise rental income as earnings for this purpose?
Thanks,
Tom