Working out TAX/Paye

Hi,

just trying to work out my tax/paye for myself an my partner.

I earn about 21650 per annum and she earns 27,000 per annum.

we wanted to put together a budget and havent a clue how to work out what our salaries will be. She gets paid on the last banking day of each month and I get paid every 4 weeks.

we have a mortgage, Tax Relief is sorted at source so I cant really think of anything else that comes into it ?.

I get a certain amount of commission/bonuses each month, but they would not bring me over about 2000 per month.

any help! - we are both new at the job so havent gotten our pay cheques for this month as yet.

thanks

When you say partner do you mean unmarried? If so then your tax affairs are completely separate. If you are married then joint/aggregated taxation is usually the most beneficial approach to elect for. See [broken link removed]. This topic might also be of interest to you.

Thanks for that Clubman, yes sorry we are unmarried.

I thought that our tax credit ect would be about the same ?, would this not be right ?

I had a look at the topic you mentioned, but this still confused me = Is there any straight forward way to figure out what my and herself's NET income will be ?

thanks agian

Can't work it out exactly based on information given as I'm not sure how much income you both earned since Jan 05 but based on a gross of 27K (assuming personal credit and PAYE credit only) the net salary would be €23,094 PA

Worked out as follows:

27K @ 20% = 5400
Less Tax credits (1580+1270) = (2850)

PRSI 6604 @ 2%= 132.08
+ ((27K - 6604) * .06) = 1223.76

Total Deduction = 5400-2850+132.08+1223.06 = 3905.14

Net = 27K - 3905.14 = 23094

Thus on 21650 the net would be 19135

Hope this helps

Thanks HamSlicer

27K @ 20% = 5400
Less Tax credits (1580+1270) = (2850)
(1580+1270 - this would be my Tax Credit and PAYE Creidt ?)

PRSI 6604 @ 2%= 132.08
+ ((27K - 6604) * .06) = 1223.76
(the 2% is my PRSI and 0.06 is my health contribution?)

Total Deduction = 5400-2850+132.08+1223.06 = 3905.14
Taxable income - PRSI = NET?

Net = 27K - 3905.14 = 23094

Q1 Yes

Q2 2% health contribution on full 27K & 4% social insurance on (27K - 6604). Same as what I said

Q3 Taxable income = 27K
Net income is gross less tax of 2550 (5400-2850) less PRSI of 1355.84 (132.08 + 1223.76) = 23094

Karl Grabe's tax calculator linked in the topic I mentioned above should estimate the ta/PRSI bills in both cases - i.e. the same calculations/figures as Ham Slicer provided above. It also links to the standard credits, allowances and standard rate banks published by Revenue. Some reading is necessary if you want to understand this stuff I'm afraid.