Some have, others haven't.
The over 65s have paid their full PRSI contributions over their life time which originally was to cover Healthcare and pensions
Note that is tax included on my state pension
DSP pensions are not liable to USC.Tax isn't "included" on your State Pension.
However, you may be liable to pay income tax on your State Pension if your total annual income, including pension(s), exceeds the value of your annual tax credits. You may also be liable to pay USC.
Speak for yourself Shirazman.Economically we (the over 66s) - are a burden on the economy. There's no getting away from that. Indeed, from the exchequer's point of view, the sooner that we move on so it can stop paying our pensions and hoover up some CAT from our badly-structured wills, the better!
Speak for yourself Shirazman.
Many over 66s continue to pay taxes far in excess of any DSP benefits they may receive.
DSP pensions are not liable to USC.
State pension is taken into account for my total income therefore it is taxableTax isn't "included" on your State Pension.
However, you may be liable to pay income tax on your State Pension if your total annual income, including pension(s), exceeds the value of your annual tax credits. You may also be liable to pay USC.
I think what Shirazman is trying to state is that the state pension is paid without any tax deducted. It is however liable to income tax. The tax is collected by reducing your tax credits and 20% tax band.State pension is taken into account for my total income therefore it is taxable
Pension + A + B = total earnings
Nothing draconian there Gordon. You can easily afford it.The State will get 40% of my State Pension and 14.75% PRSI, 8% USC, plus 40%-ish income tax on almost everything else for the duration of my career.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?