Take-Home Pay Calculator (Ireland)
Here’s a comprehensive table summarizing the key information about take-home pay in Ireland:
| Category | Details |
|---|---|
| Income Tax Rate | 20% standard rate and 40% higher rate |
| Standard Rate Cut-off | €42,000 for single persons |
| Tax Credits | Personal Tax Credit: €1,875, Employee Tax Credit: €1,875 |
| Universal Social Charge (USC) | 0.5% to 8% depending on income |
| Pay Related Social Insurance (PRSI) | 4.1% for employees |
| Example of Take-Home Pay | Net pay for €50,000 income: €37,429 per year |
| Calculation Steps | 1. Determine taxable income 2. Apply tax rates 3. Subtract tax credits 4. Calculate USC and PRSI 5. Deduct all from gross pay |
| Factors Affecting Take-Home Pay | – Marital status – Number of incomes in household – Pension contributions – Additional tax credits or reliefs |
| Recent Changes | Standard rate cut-off point increased by €2,000 in Budget 2024 |
| Rent Tax Credit | Increased from €500 to €750 a year from 2024 |
| Online Resources | Revenue.ie, CitizensInformation.ie, TaxCalc.ie |
This table provides a concise overview of the key elements that determine take-home pay in Ireland, including tax rates, credits, deductions, and recent changes. It’s important to note that individual circumstances can vary, and for precise calculations, it’s advisable to use official calculators or consult with a tax professional.