How will the Budget affect you

Wednesday, October 15, 2014

The Department of Finance has released its calculations on how different sample individuals will be affected by today's Budget.

The budget included a cut in the top rate of income tax from 41% to 40%, and increase in the standard rate band of €1,000, and a change in USC bands and rates.

According to the Department, Budget 2015 will affect the following groups as follows:

 

Married couple, one income (private sector)

• A married couple with four children and one income from the private sector of €70,000will be better off by €896 (€17.23 / week).

 

Married couple / one income (public sector)

• A married couple with two children, with one income in the public sector of €59,300 will see an annual increase of €598 (€11.50 / week)

 

 

Married couple, two incomes (public sector)

• A married couple with three children, with a combined income from the public sector of€105,000 (€55,000 + €50,000) will see an annual income increase of €1,204 (€23.15 / week).

 

Single person, minimum wage

• A single person working in the hospitality sector on minimum wage (€17,542) will see an increase of €173 per year in income (€3.33 / week)

 

Single parent

• A single parent with an income of €40,000 will receive an extra €466 annually (€8.96 / week)

 

Retired couple

• A retired couple on a contributory state pension of €22,703 PLUS their own pension from employment of €50,000 per year will see €798 more per year (€15.35 / week).

These figures, it should be noted, do not take into account charges levied outside of the taxation system, including water charges.