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BUDGET 2023 IS out now, and with it, a range of changes to taxes charged on income.
Minister for Finance Paschal Donohoe announced an increase in tax credits, a higher threshold for the PAYE’s upper tax band, and minor adjustments to PRSI and USC.
The measures will affect people differently depending on their income. You can find out what exactly they mean for you with The Journal’s Budget Calculator.
For a person earning an annual income of €100,000, here’s a breakdown of how your tax will change.
We’ve already explained what it means for someone on €30,000, €40,000 and €60,000, as well as our full Budget coverage on Government spending, social welfare, and other changes.
The main change to PAYE in this year’s Budget is that the entry point for the higher tax band rate has been increased by €3,200, meaning a smaller proportion of income will be subject to the higher tax rate.
Additionally, personal tax credits and employee tax credits are increasing by €75 each, bringing both to €1,775.
For a single person earning €100,000, that means income tax will decrease from €29,240 to €28,450.
That means savings on PAYE for a single person earning €100,000 will amount to €790.
Changes to PRSI in Budget 2023 will not affect this income level. PRSI for a single person earning €100,000 will remain at €4,000, giving €0 in savings here.
Some minor adjustments are being made to the USC to account for the rise in the minimum wage.
The ceiling of the second USC rate band is increasing from €21,295 to €22,920.
That means USC tax on an income of €100,000 would be charged as follows:
It gives a total annual USC payment of €4,795, a saving of around €41 compared to 2022.
Across the three taxes, the changes in this year’s Budget will bring a tax reduction of €831 for a single person earning €100,000.
For a married person, your savings will depend on whether you and your partner file your taxes together or separately and whether your household has one or two incomes.
Use The Journal’s Budget Calculator to find out what exactly the changes mean for you.
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Yes, marriage is truly good for the heart- which is why this joy needs to be extended to same-sex couples as well.
Agreed Ben
Surely it depends on who you marry!!! :p
Yet another washed down analysis…they are even missing a significant variable: the mother-in-law factor…
I don’t bother caring to listen to these research things. For example one report will say bottled water is healthier than tap, a while later another will appear saying the opposite. Same with coffee, the Sun, about how much chocolate we consume etc etc….everything in moderation and u will b just fine
That would be an ecumenical matter
Jasus been married nearly killed me. My ex was as close as possible to the shining.
Agreed , your physical and mental health will go downhill if your married to a controlling , nagging , short tempered tyrannical bitch ( or bastard ).
Not always the case. Certainly not in my case
@Somethingodd R u suggesting one could have marriage in moderation – reckon that’s something my hubby would appreciate…
Darwin’s laws point at probable outcomes for human lifestyles single, single parent, married, married parent.
Follow up study, how many of the singletons lived alone , is it marriage or company that gives benefit
That’s great tho till they take you to the cleaners relax peeps it’s Friday chill :)
But surely, Gerard, by the time they take you to the cleaners you’re no longer married, your new unhappiness thus proving the case?
have your say