Thursday 8 December 2016

Married with one income

Income €55,000

Published 08/12/2010 | 08:55

Verdict €115 monthly loss

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Fiona and Sean are a married couple. Sean works for a large insurance company while Fiona looks after their son Patrick (4) at home and is entitled to home-carer credit. Sean earns an annual salary of €60,000. They are first-time buyers and their mortgage (taken out three years ago) is worth €250,000. As their mortgage was taken out three years ago, it is expected they will qualify for relief until the end of 2017.

Fiona and Sean will be affected by the reduction in tax credits, the reduction in the married-persons’ tax band and the €10 reduction per month in Child Benefit. They will also be affected by the proposal to introduce a Universal Social Charge in 2011, which will replace the Health Levy and the Income Levy.



How it compares

2010

2011

Gross income

€55,000

€55,000

Taxable income

€55,000

€55,000

Income tax (before credits)

€14,906

€15,662

Total credit

€6,390

€5,760

PRSI

€1,936

€1,936

Universal social charge

(Income and health levies)

€3,300

€3,169

Net income

€41,248

€39,993

Total deductions

percentage of gross income

25%

27.28%

Child benefit

€1,800

€1,680

Mortgage interest credit at source

€1,688

€1,688

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