Dáil Éireann Debate, Wednesday - 10 July 2013
114. 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 person, if an average single person currently in part-time employment with two dependent children were to move to full-time employment; and if he will make a statement on the matter. [33894/13]
Amharc ar fhreagraIt is assumed that the individual in question is working part time in 2013 for 20 hours a week at the minimum hourly rate of €8.65 per hour, which equates to an annual income of €8,996 per annum. In 2014, the individual takes up full time 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 Family Income Supplement (FIS) 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 2013
|
Tax Liability |
€ |
|
Earnings |
€8,996 |
|
One Parent Family payment |
€11,575 |
|
Total Gross Income |
€20,571 |
|
USC |
Nil |
|
PRSI |
Nil |
|
Income Tax |
Nil |
|
Total Deductions |
Nil |
|
Net Pay |
€20,571 |
Tax Liability 2014
|
Tax Liability |
€ |
|
Earnings |
€31,485 |
|
USC |
€1,523 |
|
PRSI |
€1,259 |
|
Income Tax |
€1,247 |
|
Total Deductions |
€4,129 |
|
Net Pay |
€27,356 |
