Tax rates for low pay married with kids

Jail8ird

I have recently returned to Ireland and I'm trying to figure out
what kind of salary I need to earn in order to provide for my wife
and 2 young children. I will be the only earner from now, so is
there any exemption from tax up to a certain amount ?
I've been reading www.revenue.ie without any luck.
I found a job advertised in county galway, salary 20k. Woefully
low I know but its what I'd like to do (tourism office) but I
wonder if we can survive on that salary?

Thanks!

Afuera

Sorry, I don't know the information you're looking for offhand. Maybe you could check out the government's oasis website (www.oasis.gov.ie). I've found the to be invaluable when trying to find information regarding employment and tax details in the past.

Jail8ird

Yeah sorry. I understand for a one income married couple
you are taxed at 20% up to 40k but if you only earned 20k
would I still be taxed at 20%?

Ta.

Afuera

Jail8ird wrote:

Yeah sorry. I understand for a one income married couple
you are taxed at 20% up to 40k but if you only earned 20k
would I still be taxed at 20%?

Yes, the rate of tax would be 20% if you were earning 20k.

Not all of the 20k would be taxable though as you would be entitled to tax credits. The Revenue Commisioners should have a table showing the different tax credits available. These depend on the circumstances and I think it's around 3k for a married earner.

There are a few Irish Tax Calculator applications out there but I can't vouch for their accuracy:
http://www.ey.com/global/content.nsf/Ireland/tax_budget06_calculator
http://www.esatclear.ie/~grabe/TaxCalc/TaxCalc.html

daveirl

This post has been deleted.

kluivert

Married with two childern, spouse does not work then the following applies:

Standard Cut Off point is €41000 which is taxed at 20%
Balance is taxed at 42%

Married with two Children, spouse does work then the following applies:

Standard Cut Off point is €41000 which is taxed at 20% (with an increase of €23000 max.
Balance is taxed at 42%

Tax Credits Available to you:

Married
Paye (x2 if your spouse also works)
Home Carers Tax Credit (If spouse stays at home)
Service Charges (Bins)
Rental (if you rent)
Mortgage Interest Relief (If you have a mortage)

Julesie

If the gross salary on offer is 20k your tax credits will more than cover any tax payable so you will net 20k. This works out at about 1600 a month plus childrens allowance (approx €300 for two kids).
Im not sure on exactly on where you are planning to locate (e.g galway city/county) but rent for a 3bed seems to average around €800/900 which would leave your finances very tight. Its the little things that will kill you money wise such as school expenses, dentist, fuel, electricity, telephone, insurance etc etc. I just don't think that €1000 a month is enough for a family of four to live on with any level of comfort or security. All it would take is one month of high spending or low income to leave you in a very precarious position.

Apologies if that all sounds pessimistic but at the same time there is no point in selling you false ideas.

kluivert

What type of job are you after