Wednesday 7 December 2016

Retired couple

Income €35,951

Published 08/12/2010 | 09:01

Verdict €23 monthly loss

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Michael and Elizabeth recently retired. They are both aged 66. Both receive contributory old age pensions, whilst Michael also has a private pension of €12,000 gross per annum.

They will be affected by the proposal to introduce a universal social charge in 2011, which will replace the health levy and income levy.



How it compares

2010

2011

Gross income

€35,951

€35,951

Taxable income

€0

€0

Income tax (before credits)

€0

€0

Total credit

€0

€0

PRSI

€0

€0

Universal social charge

(Income and health levies)

N/A

€280

Net income

€35,951

€35,671

Total deductions

percentage of gross income

0%

1%

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