What's your job & salary

Plenty successful folk seem to find the incentive.... It's a head scratcher isn't it :pac:

hi!

Creamy Goodness wrote: »

Really dislike this narrative that there’s no incentive to work in Ireland, or the “sure I don’t want a pay rise cause I’ll get taxed 50% now”. Glorified oversimplification.

For me it’s true and one of the main reasons myself and my colleagues never do overtime. Tough enough going doing the 39 hours a week - I’m constantly being asked to do more shifts. 9 times out of 10 I say no cause I won’t see much money from doing it.

iColdFusion

AndrewJRenko wrote: »

If you want to un-depress yourself, review the data that shows that Ireland is not a high tax country.

https://www.irishtimes.com/business/personal-finance/ireland-v-the-rest-of-the-world-do-we-pay-too-much-tax-1.3230432

Well in general we pay more than the UK according to that article but have crap roads, not great public transport, no NHS, much higher road tax and VRT to name but a few, no university fees being a main advantage we have though.

Creamy Goodness wrote: »

Really dislike this narrative that there’s no incentive to work in Ireland, or the “sure I don’t want a pay rise cause I’ll get taxed 50% now”. Glorified oversimplification.

Well its a pretty painful hurdle when the threshold starts at €35.5k, hardly raking it in before that so the 40% threshold is a major hit to what you could be taking home just working an average job.

Creamy Goodness

iColdFusion wrote: »

Well its a pretty painful hurdle when the threshold starts at €35.5k, hardly raking it in before that so the 40% threshold is a major hit to what you could be taking home just working an average job.

Right I agree with the hardly raking it in part but it’s only the amount earned over 35.5k that attracts 40% which is very different than the usual lad pub talk that often spouts the 50% tax “shure I’d be better off on the dole” talk.

I much prefer the saying “the more tax I pay, the more I earn” it may not be a popular way of looking at it but I’m not going to lose sleep over it

Bobeagleburger

Double the pension tax break at higher tax bracket. Can't go wrong. No brainer to go big on contributions.

Also, some companies have share schemes which can be used as a way to pay less tax.

AndrewJRenko

iColdFusion wrote: »

Well its a pretty painful hurdle when the threshold starts at €35.5k, hardly raking it in before that so the 40% threshold is a major hit to what you could be taking home just working an average job.

If only there was some other possible source of tax revenue that we could tap?
https://twitter.com/Rubberbandits/status/1400479758132068358?s=19

Blindboy :rolleyes:
A Sinn Fein esque populist horsesh1t spouter.

StupidLikeAFox

AndrewJRenko wrote: »

If only there was some other possible source of tax revenue that we could tap?
https://twitter.com/Rubberbandits/status/1400479758132068358?s=19

The countries where those profits were made must be pissed

krissovo

AndrewJRenko wrote: »

If only there was some other possible source of tax revenue that we could tap?
https://twitter.com/Rubberbandits/status/1400479758132068358?s=19

There is another tax source from the MNC's who make little to no revenue from Irish businesses where the revenue is channeled from Europe into Ireland and we benefit for the lower corporate tax rate. I work for a MNC, my salary is €120k with a OTE of 200k and I do not touch any Irish business, I work with EMEA & APAC based Global companies along with many thousands of employees where a large portion of us earn over €100k. In my company 30% would gross over €100k.

Personally I will gross €200 / €220k this year at a Director level for EMEA & APAC in a MNC but will contribute at least €65k through income tax, €15k USC, €8k PRSI. My employer will also contribute €20k+ through PRSI. The numbers add up fast especially as at least 800 in my company in Ireland gross over €100k for supporting customers who are not based in Ireland. Do the maths, you want to tax them to death and they will not employ us here!

EDIT: Its worth noting that through company share grants as restricted stock and a share purchase programs I will also pay €30k+ a year in capital gains tax.

Geuze

AndrewJRenko wrote: »

If only there was some other possible source of tax revenue that we could tap?
https://twitter.com/Rubberbandits/status/1400479758132068358?s=19

This company is not based in Ireland.

krissovo

Geuze wrote: »

This company is not based in Ireland.

What Microsoft? They are very much based in Ireland!

Geuze

StupidLikeAFox wrote: »

The countries where those profits were made must be pissed

Those profits were made in California.

These profits will be taxed by the USA.

Geuze

krissovo wrote: »

What Microsoft? They are very much based in Ireland!

That particular company is not.

krissovo

Geuze wrote: »

Those profits were made in California.

These profits will be taxed by the USA.

Wrong, there are a lot of Californian/US companies with money "stuck" in Europe from European revenue as they cannot funnel it back to the US. So even though some of these "cash rich" Californian companies have billions tied up in Europe they still borrow against this collateral to fund R&D as cheap credit.

Geuze

All of Microsoft profits are taxable by the USA.

Geuze

https://twitter.com/seamuscoffey/status/1400506860189499395

Geuze

Geuze

https://twitter.com/DanNeidle/status/1400418173795586053

Geuze

https://twitter.com/DanNeidle/status/1400419756239380486

krissovo

Any of that relevant to the thread? Sorry I am not a numbers guy

onrail

krissovo wrote: »

Any of that relevant to the thread? Sorry I am not a numbers guy

Someone grossing 200k defending their employer's tax avoidance practices. This may or may not be because it allows them to earn 200k.

BringBackMick

On paper I take home good money but I’m still a poor pup

Gross salary doesn’t mean much

The P60 would say my annual gross is around 75,000€

In hand I’m taking around 1600 a fortnight

The tax man really does take all your dollar

JimmyVik

Im going to be doing overtime for the next week.
Usually i dont do it anymore, but i cant get away with it this time as another guy has covid atm and noone else to do it.

I can look forward to keeping less than half of what I earn from the overtime for myself.
Total waste of time.

fits

Keeping living costs low is the main thing I think. And if paying a lot at 40% make sure there’s a good pension.

tom1ie

Keeping costs low (or getting them to be low) is indeed the way to go.
The more money we put into peoples pockets, the more things will end up costing.
Services will adjust to make as much money as possible, so if people have more disposable income business will adjust costs to maximise profit.

Mr. Incognito

Co- Own a law firm.

Pay myself 100k in salary.

Take the profits out in October to pay the tax man.

The numbers legally privileged

BringBackMick

BringBackMick wrote: »

...................

The P60 would say my annual gross is around 75,000€

In hand I’m taking around 1600 a fortnight..............

€55k gross would net €1600/fortnight so the tax man isn't taking as much as you think........ it must be going on share purchase or pension or something like that

There's the guts of €20k "missing"

AndrewJRenko

krissovo wrote: »

There is another tax source from the MNC's who make little to no revenue from Irish businesses where the revenue is channeled from Europe into Ireland and we benefit for the lower corporate tax rate. I work for a MNC, my salary is €120k with a OTE of 200k and I do not touch any Irish business, I work with EMEA & APAC based Global companies along with many thousands of employees where a large portion of us earn over €100k. In my company 30% would gross over €100k.

Personally I will gross €200 / €220k this year at a Director level for EMEA & APAC in a MNC but will contribute at least €65k through income tax, €15k USC, €8k PRSI. My employer will also contribute €20k+ through PRSI. The numbers add up fast especially as at least 800 in my company in Ireland gross over €100k for supporting customers who are not based in Ireland. Do the maths, you want to tax them to death and they will not employ us here!

EDIT: Its worth noting that through company share grants as restricted stock and a share purchase programs I will also pay €30k+ a year in capital gains tax.

Imagine, just imagine, if we got all that income tax, CGT USC AND a small slice of a Corporation Tax on profits on companies based here. Just imagine. Just a small slice.

notAMember

krissovo wrote: »

Personally I will gross €200 / €220k this year at a Director level for EMEA & APAC in a MNC but will contribute at least €65k through income tax, €15k USC, €8k PRSI. My employer will also contribute €20k+ through PRSI. The numbers add up fast especially as at least 800 in my company in Ireland gross over €100k for supporting customers who are not based in Ireland. Do the maths, you want to tax them to death and they will not employ us here!

Apologies for the unsolicited feedback, but your pension contributions are quite low. If you can afford it, bump up those AVCs.

Gael23

37k in an entry level software role but I get medical insurance and a 10% bonus