RE: Salary & Taxation

[jinksy]

Cant say i understand our taxation system fully and that is the underlying issue to my Problem;

I have a salary of €60,000 which is divided over 12 equal payments could anyone tell me what it is i should be walking away with ??

Things to note; I'm married but have never registered as such so i think im still taxed as a single man

I have a company car and im therefore charged BIK , how much i dont know but its a Ford Mondeo Ghia 05 and i am site based so i only get the 5000 mile allowance. Would appreciate if anyone could help me out.

Thanks in advance

 

[Satanta]

Hey Jinksy,

There's way too much information to give you everything you'd require to answer this.

As regards what you should be walking away with per month from the €60'000 per annum, it all depends on what credits your entitled too.
http://www.askaboutmoney.com/showthread.php?t=35458
Check out the thread for starters.
Do you rent? You can claim credits for rental relief if you do.
Is your wife earning over the standard rate of tax (is she at 42%?)? If not by becoming assessed as a couple you can (possibly) gain from her unused credits. You can't lose from being jointly assessed so worth doing.
Are you paying towards a pension? This will reduce your income but financially you'll gain from it due to the tax relief available.

There are a huge number of things which will change what your take home pay will be. Check out the thread and if you've any specific queries feel free to ask them.

 

[Towger]

60k on Single persions allowance (without car) would give you 3468.71.

The BIK on the Car: as you are only doing 5,000 business miles per year you are paying Tax on 30% of the origional market value of the car each year. It is not worth having a Company Car unless doing high mileage.

Towger