take home pay

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lz1

Registered User
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I have been offered a new position, salary €50K, €1K VHI contribution, €3K car allowance.
My wife works full time, gross €30K.
Stupid I know but what will my monthly net salary be, I have tried using different calculators and get different results.

Thanks
LZ1
 
Hi Lz1 - I don't think anyone is going to be able to give you a 100% exact answer with full details of your personal situation, particularly your tax credits. What kind of variation did you get in your answers from various calculators? If you post specific details of the answers you got, posters may be able to help explain these variations.
 
post up the details from your tax cert telling your monthly cut off, your wifes monthly cut off, your tax credits per month and her tax credits per month.

And second, its even harder to tell you for this year as it depends on how much you have earned in the year...so you are probably only going to get an answer which assumed you had worked there all this year..
 
Hi

My current monthly cut off is 2818.
My monthly tax credit is 244.

My wifes current monthly cut off is 2018
Her monthly tax credit is 201.
legend99, when you say I will have to assume I had worked there all this year then at least I'd have a good idea of what I'd earn.

thanks again
 
Are you claiming all your credits
Are you in a Trade Union
Do you pay bin charges etc

You & your wife are entitled to the Personal Allowance of 1580 and the PAYE allowance of 1270 p a.
This means both your credits should be 237 per month
Also your combined cut off points should be 58,800 p. a. (29400*2) or 4900 per month
I calculate yours combined to be 4836 or 58,032 p.a.

On the basis of the figures provided I calculate your salary as follows

Gross Pay for tax purposes 54,000 p a

Monthly pay 4,500
Tax
2818 @ 20% 564
1682 @ 42% 1682 This should be 706 (corrected see post below)
Gross Tax 2246
Tax credit 244
Net Tax 2002

* PRSI 248

Net Pay 2250 See post below

* This is to a combined salary of 44280. Anything in excess of this is calculated @ 2%.

Your wifes calculation is as follows
Annual Salary 30,000
Monthly Salary 2,500

Tax
2018 @ 20% 404
482 @ 42% 202
Gross Tax 606
Tax credit 201
Net Tax 405

PRSI 128

Net Pay 1967
 
asdfg said:
Are you claiming all your credits
On the basis of the figures provided I calculate your salary as follows

Gross Pay for tax purposes 54,000 p a

Monthly pay 4,500
Tax
2818 @ 20% 564
1682 @ 42% 1682
Gross Tax 2246
Tax credit 244
Net Tax 2002

* PRSI 248

Net Pay 2250

* This is to a combined salary of 44280. Anything in excess of this is calculated @ 2%.
Click to expand...

Can't see how this is right, I'm on less than 35k and take home almost this much per month even after paying into a pension and BUPA.
 
After Janets post I rechecked my figures (correct now I hope)
Gross Pay for tax purposes 54,000 p a

Monthly pay 4,500
Tax
2818 @ 20% 564
1682 @ 42% 706
Gross Tax 1270
Tax credit 244
Net Tax 1026

* PRSI 248

Net Pay 3226

* This is to a combined salary of 44280. Anything in excess of this is
calculated @ 2%.

Hope this makes sense:
If your employer is paying VHI they may be paying the net figure. If this is the case then the benefit BIK to you is 1250. You then receive a tax credit of 250 (up to you to reclaim). Net effect is the same. Crazy but thats the way revenue want it done.
 
If your employer pays the VHI for you, they are obliged to pay the gross amount on your behalf, its not right for them to pay the net amount. They pay the gross amount, you pay BIK on the gross amount and then you, as you say, go and claim 20% of that as a tax credit.

asdfg said:
After Janets post I rechecked my figures (correct now I hope)
Gross Pay for tax purposes 54,000 p a

Monthly pay 4,500
Tax
2818 @ 20% 564
1682 @ 42% 706
Gross Tax 1270
Tax credit 244
Net Tax 1026

* PRSI 248

Net Pay 3226

* This is to a combined salary of 44280. Anything in excess of this is
calculated @ 2%.

Hope this makes sense:
If your employer is paying VHI they may be paying the net figure. If this is the case then the benefit BIK to you is 1250. You then receive a tax credit of 250 (up to you to reclaim). Net effect is the same. Crazy but thats the way revenue want it done.
Click to expand...
 
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