Dáil Éireann Debate, Wednesday - 10 July 2013
120. Deputy Stephen S. Donnelly asked the Minister for Finance the revenue expected to be generated for the year 2014, assuming no changes to the taxation relevant to the person, if an average person with a working spouse and two dependent children were to take up full-time employment; and if he will make a statement on the matter. [33900/13]
Amharc ar fhreagraIt is assumed that the individual in question is not working in 2013. However, in 2014, the individual takes up full time employment earning the minimum wage €17,542 (i.e. 39 hours @ €8.65 per hour * 52 weeks = €17,542). It is further assumed, that the working spouse in 2013 is working full time and earns the average industrial wage in 2013 and 2014 (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 2013
|
Tax Liability |
Spouse 1 |
|
Earnings |
€31,485 |
|
USC |
€1,523 |
|
PRSI |
€1,259 |
|
Income Tax |
€537 |
|
Total Deductions |
€3,319 |
|
Net Pay |
€28,166 |
Tax Liability 2014
|
Tax Liability |
Spouse 2 |
Spouse 1 |
|
Earnings |
€17,542 |
€31,485 |
|
USC |
€547 |
€1,523 |
|
PRSI |
Nil |
€1,259 |
|
Income Tax |
€208 |
€2,997 |
|
Total Deductions |
€755 |
€5,779 |
|
Net Pay |
€16,787 |
€25,706 |
