Net Income Calculator Assumptions
Net Income Calculator is based on the following assumptions:
• If employed, income includes salary and benefits in kind but no other income.
• If self employed, only includes income outside of the PAYE system.
• Income taxed at special rates (e.g. deposit interest subject to DIRT) and special tax reliefs (e.g. mortgage interest relief) are not relevant.
• Income excludes all welfare payments.
2. Pension Contributions and Net Take-Home Pay
• Pension contributions paid, along with tax payable, are deducted from gross income to arrive at net take-home pay.
3. Tax Payable Amount
• Includes PRSI, USC and Income tax (but not property taxes).
• Aged between 16 and 99 years of age.
• Children are dependent children for which you are entitled to child benefit.
• If you select this and have children, it is assumed that you do not qualify for the single parent credit or single parent standard rate cut-off band as you are living with your partner.
7. Single Parent
• Your dependent children live with you for part of the year and you are not living with a partner.
8. Married 2-earner
• Income is earned evenly by both earners and comes from the same source (i.e. employed or self-employed).
9. Tax Credits
• The only tax credits included where applicable are the Personal tax credit, PAYE tax credit, Age tax credit and Home Carer credit.
10. Home Carer Tax Credit
• Child benefit is received in respect of dependent children, and the spouse does not earn income in excess of €5,080.
• The monthly figures assume that PRSI is collected evenly throughout the year.
• Employed persons assumes class A PRSI.
• Self-employed persons assumes class S PRSI.
12. Universal Social Charge (USC)
• Income equal to or less than €10,036 is exempt from USC in 2012 (€4,004 in 2011).
13. Property Tax
• All properties are in the State and one house is your principal private residence.
• Relates solely to NPPR charge and new property tax – payable by the owner of the property and ignores any exemptions available from the new property tax.
• The calculator is for general information purposes only and is not intended to cover every eventuality. Professional advice should be taken regarding your specific circumstances.