Thursday 26 April 2018

Cost of the Budget for single income family

Noella: I am a working mother with three children, aged seven, six and three. My husband was self-employed and closed his business in late 2008. He is now a full-time carer of my children and has no benefits. My gross income is €75,000. How does this budget affect us?

Noella’s family will be affected by several of the budget measures. The reduction in the personal, PAYE and home carers tax credit and the narrowing of the standard rate tax band will increase their income tax bill by €1,386. The Universal Social Charge which replaces the income levy and the health levy will increase their tax bill by €69.

The reduction in child benefit will result in a reduction of €480 in child benefit.

This brings the total cost of the budget to €1,935.

Business Newsletter

Read the leading stories from the world of Business.

Also in Business