What's your job & salary

BringBackMick

BringBackMick wrote: »

It’s public sector

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

There’s ASC USC PAYE and maybe a union fee

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

That explains it ish
ASC applies to a person who is a member of a public service pension scheme. Folk in the public sector need to get their head around that they pay for their pension, that's not a tax.

ASC isn't anywhere near 26% thoiugh.

Although €1680/fortnight is almost 44k net.

iColdFusion

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.

I really think all this "TAX THA RICHE" populist bullcrap in Ireland is just people regurgitating what they have heard from America, anyone earning a decent wage (€35.5k+) in Ireland pays more than enough income tax already and that tax keeps increasing as their wages do.
Funny how successive Irish governments have never sorted housing, healthcare, public transport, pensions etc but always seem to be very competent when it comes to taxing people :rolleyes:

OEP

iColdFusion wrote: »

I really think all this "TAX THA RICHE" populist bullcrap in Ireland is just people regurgitating what they have heard from America, anyone earning a decent wage (€35.5k+) in Ireland pays more than enough income tax already and that tax keeps increasing as their wages do.
Funny how successive Irish governments have never sorted housing, healthcare, public transport, pensions etc but always seem to be very competent when it comes to taxing people :rolleyes:

The really rich people don't make their money through a salary and there are lots of legal ways to avoid paying tax in that case - I think some of those loop holes should be closed off.

floorpie

krissovo wrote: »

Do the maths, you want to tax them to death and they will not employ us here!

It seems to me that there are obvious negative externalities to MNCs that are only made worse by high salaries offered to international employees regardless of tax on income, many of which are major issues in the country, e.g. cost of property, displacement.

It's not right that you're taxed so much imo, but also not right that the effect of MNCs should be ignored.

ted1

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.

All my projects are outside Ireland, I pay all the same taxes as you ( I guess you pay LPT upfront, I pay monthly) , in addition my company pays corporation tax in Ireland. I guess we would be on better salaries if they didn't.

Don't try to justify it.

iColdFusion

OEP wrote: »

The really rich people don't make their money through a salary and there are lots of legal ways to avoid paying tax in that case - I think some of those loop holes should be closed off.

What is the risk of them or their kids ever being a drain on society though?
Very low id say, they're never going to need HAP, dole, social housing, college grants, public healthcare, public transport, probably not even even any public schools.
Even if they are avoiding income tax, DIRT, CGT etc legally id guess their indirect taxation, created employment and support of the local economy is quite significant, these are the people building the mansions and buying the brand new fancy cars after all so overall they are massively net contributors to the economy.

OEP

iColdFusion wrote: »

What is the risk of them or their kids ever being a drain on society though?
Very low id say, they're never going to need HAP, dole, social housing, college grants, public healthcare, public transport, probably not even even any public schools.
Even if they are avoiding income tax, DIRT, CGT etc legally id guess their indirect taxation, created employment and support of the local economy is quite significant, these are the people building the mansions and buying the brand new fancy cars after all so overall they are massively net contributors to the economy.

The vast majority of the population will never need the dole, HAP, social housing etc., so that's a stupid point. Rich people use the same roads, schools, universities as the rest of us. Them creating employment isn't for charity, it's to make more money. And I'm not saying that's negative or anything, I just don't get the argument that they're creating jobs as some sort of reason for them not to pay tax.

Let me ask you this, why should someone earning 150k have to pay circa 40+% on their income, where as someone bringing in millions through other avenues can pay much much less. That person earning 150k isn't going to be availing of the dole or HAP, nor will their children.

A lot of these people would have benefitted from large inheritance through trusts, another way of not paying tax.

Bobeagleburger

OEP wrote: »

The vast majority of the population will never need the dole, HAP, social housing etc., so that's a stupid point. Rich people use the same roads, schools, universities as the rest of us. Them creating employment isn't for charity, it's to make more money. And I'm not saying that's negative or anything, I just don't get the argument that they're creating jobs as some sort of reason for them not to pay tax.

Let me ask you this, why should someone earning 150k have to pay circa 40+% on their income, where as someone bringing in millions through other avenues can pay much much less. That person earning 150k isn't going to be availing of the dole or HAP, nor will their children.

A lot of these people would have benefitted from large inheritance through trusts, another way of not paying tax.

What are you suggesting? An even higher tax bracket?

krissovo

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.

Is S & S sports and social? Very cheap if so Must get on to our crowd.....

Padre_Pio

OEP wrote: »

The really rich people don't make their money through a salary and there are lots of legal ways to avoid paying tax in that case - I think some of those loop holes should be closed off.

There's very few tax breaks for PAYE earners. It's all taxed at source.
Pension, salary sacrifice, maybe the EIIS scheme are the only ones I'm aware of.
That said, for my salary of about 70k, I pay about high 20ish% in tax. Mainly by maxing out the above.

For non-PAYE earners, they're company owners and writing off personal costs against the company.

OEP wrote: »

The vast majority of the population will never need the dole, HAP, social housing etc., so that's a stupid point. Rich people use the same roads, schools, universities as the rest of us. Them creating employment isn't for charity, it's to make more money. And I'm not saying that's negative or anything, I just don't get the argument that they're creating jobs as some sort of reason for them not to pay tax.

There's a great TED talk from a multi-millionaire who says that the ultra-rich need to be taxed more.
https://www.ted.com/talks/nick_hanauer_beware_fellow_plutocrats_the_pitchforks_are_coming?language=en

purplefields

hi! wrote: »

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.

True for me too.

I pay myself up to my standard rate cut off point, and any extra work I will decline. Simply not worth it for all the stress.

Padre_Pio

Padre_Pio wrote: »

................
For non-PAYE earners, they're company owners and writing off personal costs against the company. ................

That doesn't go on to the extent you seem to think.

JimmyVik

I find I get a much better appreciation of the tax hoover shoved up my hole when we all talk in exact amounts.
This percentage bull**** only covers up the fact that a lot of people pay fcuk all tax.

purplefields

Padre_Pio wrote: »

For non-PAYE earners, they're company owners and writing off personal costs against the company.

What would one example of a personal cost that they can write off? - preferably one that a PAYE worker could not?

smurfjed

Chatted to three pilots in the last week, not in Ireland but their salaries were rather varied.

1: First Officer A320 starting €26000 a year
2: Gulfstream G650 Captain €230,000 a year plus accommodation and business class travel.
3: Boeing Corporate Jet Captain €415,000 a year plus accommodation and First Class travel (but this is someone who has completed a 40 year career and is drawing a pension as well as salary)

Only the poor A320 FO will have to pay tax.

JimmyVik

JimmyVik wrote: »

.........
This percentage bull**** only covers up the fact that a lot of people pay fcuk all tax.

If you're on €35k/annum you come out with €2419/month if you don't throw anything into a pension. Just shy of €6k in total deductions.

You need to gross significantly more than that to take home a decent wedge once the 40% kicks in.

JimmyVik

Augeo wrote: »

If you're on €35k/annum you come out with €2419/month if you don't throw anything into a pension. Just shy of €6k in total deductions.

You need to gross significantly more than that to take home a decent wedge once the 40% kicks in.

If you earn €35k you pay €3700 in taxes.
If you earn €45k you pay €7640 in taxes.



So even though you are only earning €10k more you are paying over double the tax. You are getting to keep about half the extra you are earning over the person on €35k.

Padre_Pio

Augeo wrote: »

That doesn't go on to the extent you seem to think.

I know it doesn't happen to a large extent.
There is a misconception that there are all sorts of loopholes and tax avoidance schemes.

purplefields wrote: »

What would one example of a personal cost that they can write off? - preferably one that a PAYE worker could not?

The only ones I can think of are electronics and possibly cars.

OEP

6 wrote: »

What are you suggesting? An even higher tax bracket?

No, people earning a salary pay enough. It's people that make their money through companies that don't pay a fair share in some cases. They're not doing anything wrong, it's up to the government to close off the legal loopholes available to them.

I also believe we need to bring more people into the tax bracket to at least contribute something. There are huge amounts of people on lower incomes that pay nothing at all. Surely they could contribute a small %

JimmyVik

OEP wrote: »

No, people earning a salary pay enough. It's people that make their money through companies that don't pay a fair share in some cases. They're not doing anything wrong, it's up to the government to close off the legal loopholes available to them.

A friend of mine just got himself a Tesla for practically free.

Does he need a Tesla for work. No. But sure why not, its practically free.
His teenage son and wife "Work" for him too, even though they dont do anything. That cuts down the tax too.
There were so many little tax dodges that he told me about that I cant even remember most of them.

I looked it up and found this video

https://www.youtube.com/watch?v=hv9Ca80tan8

purplefields

Padre_Pio wrote: »

I know it doesn't happen to a large extent.
There is a misconception that there are all sorts of loopholes and tax avoidance schemes.


The only ones I can think of are electronics and possibly cars.

Anyone can have those. The electronics would have to be business related.

AndrewJRenko

Augeo wrote: »

That doesn't go on to the extent you seem to think.

What extent do you think it goes on to?

purplefields wrote: »

What would one example of a personal cost that they can write off? - preferably one that a PAYE worker could not?

Here's a real life example from a neighbour - a weekend junket to a European city and pick up an F1 race day or two, all charged to the business because they had a meeting while over there too.

purplefields

JimmyVik wrote: »

A friend of mine just got himself a Tesla for practically free.

Does he need a Tesla for work. No. But sure why not, its practically free.

Probably means that he's not paying BIK on it.... yet. I doubt Tesla are giving their cars away.

purplefields

AndrewJRenko wrote: »

What extent do you think it goes on to?



Here's a real life example from a neighbour - a weekend junket to a European city and pick up an F1 race day or two, all charged to the business because they had a meeting while over there too.

Anyone can do this stuff. You don't have to be a director to claim 'expenses'.
You just have to make sure it stands up to scrutiny with the Revenue Commissioners, and that's the catch.

AndrewJRenko

AndrewJRenko wrote: »

Here's a real life example from a neighbour - a weekend junket to a European city and pick up an F1 race day or two, all charged to the business because they had a meeting while over there too.

That's claiming expenses that aren't legitimate.
If audited he's in trouble.

Such carry on is very rare I imagine.

If the meeting was genuine flights, accommodation & subsistence are perfectly fine though.

I often stayed an extra few days on work trips but didn't try and put through entertainment as an expense

JimmyVik

JimmyVik wrote: »

A friend of mine just got himself a Tesla for practically free.
....

He bought it from his company so effectively got it half price with zero BIK.

Hardly practically free.

AndrewJRenko

AndrewJRenko wrote: »

What extent do you think it goes on to?



.....

About the same as public servant dossing.

Allinall

Augeo wrote: »

He bought it from his company so effectively got it half price with zero BIK.

Hardly practically free.

Also, if it's 100% his company, then he's paying full price for it.

Definitely not "practically free"

JimmyVik

Augeo wrote: »

He bought it from his company so effectively got it half price with zero BIK.

Hardly practically free.

Close enough.
At least a hell of a lot closer than anyone else will get it for.

JimmyVik

JimmyVik wrote: »

If you earn €35k you pay €3700 in taxes.
If you earn €45k you pay €7640 in taxes.



So even though you are only earning €10k more you are paying over double the tax. You are getting to keep about half the extra you are earning over the person on €35k.

I'd class USC & PRSI as taxes too TBH.