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NOW THAT THE weeks of leaking are over and this year’s Budget has been announced, let’s get specific about what it means for you.
If you’ve been making about €100,000 or so, here’s how things will change for you next year.
If you’re self-employed, the earned income tax credit is being increased by €400 to €950.
Regular income tax is being left unchanged with the people earning €100,000 paying about two-third of their income at the higher tax rate of 40%.
Saving: €400 if you’re self-employed
Changes to the bottom three rates of USC will benefit most salaried workers with the main benefit coming from the reduction in the third-highest rate.
People earning €100,000 will still pay 8% USC on almost €30,000 of their income but will benefit from a reduction in the other three rates. Last year the total was €5,542.
This is the new USC obligation for someone earning €110,000:
It means that your USC payments next year will now total about €5,189.
Saving: €353
Not a taxation measure, but social welfare rates have been increased by €5 across the board. So this change will affect things like child benefit.
For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator.
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Dammit, might have to sell the Ferrari
It’s means you’ll be OK I’d say.
It will be hard. but I’ll take it on the cheek.
Ammm…that social welfare increase won’t actually ‘affect things like child benefit’
The biggest looser in today’s budget was the Fianna Fail party of WIMPS.
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