Friday 9 December 2016

Single income family with three children paying into a pension

Published 09/12/2010 | 10:02

Orla: We are a one-income family. My husband earns €77,000 and pays 5pc of his own income into a pension. His company pays 10pc. We have three children under five. How much worse off will we be?

  • Go To

Orla’s family will be affected by several of the budget measures.

The reduction in the personal, PAYE, and home carers tax credits will cost them €630 and the narrowing of the standard rate tax band will cost them a further €756, increasing the income tax bill by €1,386.

The reduction in child benefit will cost them €480.

The removal of PRSI relief for pension contributions and the abolition of the PRSI ceiling will increase their PRSI bill by €154.

The universal social charge which replaces the income levy and the health levy, will cost them an additional €204. This brings the total cost of the budget for Orla’s family to €2,224.

Read More

Promoted articles

Editors Choice

Also in Business