Dáil Éireann Debate, Wednesday - 10 July 2013
106. Deputy Stephen S. Donnelly asked the Minister for Finance the expected revenue generated for the year 2014, assuming no changes to the taxation relevant to the individual, if an average single individual not currently in employment with two dependent children were to return to full-time employment; and if he will make a statement on the matter. [33886/13]
View answerIt is assumed that the individual in question takes up employment earning the average industrial wage (i.e. €31,485 for 2012 based on the latest information available). In addition, it should be noted that any social welfare payment that an individual may be entitled to has not been taken account of for the purpose of these computations. Furthermore, it is assumed that the individual is not in receipt of a medical card and therefore does not benefit from the concessionary Universal Social Charge (USC) rate.
It should be noted that following tax credits have been included in the computation where relevant:
|
Tax Credit |
€ |
|
PAYE tax credit: |
€1,650 |
|
Personal tax credit: |
€1,650 |
|
Married tax credit: |
€3,300 |
|
One parent family tax credit: |
€1,650 |
|
Home carer tax credit: |
€810 |
Tax Liability 2014
|
Tax Liability |
€ |
|
Earnings |
€31,485 |
|
USC |
€1,523 |
|
PRSI |
€1,259 |
|
Income Tax |
€1,347 |
|
Total Deductions |
€4,129 |
|
Net Pay |
€27,356 |
