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EXAMPLE 12 |
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Married couple, one income, two children |
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Taxed under Schedule D |
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|
GROSS |
PRSI/Levy Liability |
Tax Liability |
Child Benefit |
Total |
Gain as % of |
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|
INCOME |
Existing |
Proposed |
Existing |
Proposed |
Increase (a) |
Gain |
Net Income (b) |
|
€ |
€ |
€ |
€ |
€ |
€ |
€ |
% |
|
12,000 |
360 |
360 |
0 |
0 |
144 |
144 |
1.0 |
|
13,000 |
390 |
390 |
0 |
0 |
144 |
144 |
0.9 |
|
14,000 |
420 |
420 |
0 |
0 |
144 |
144 |
0.9 |
|
15,000 |
450 |
450 |
0 |
0 |
144 |
144 |
0.8 |
|
16,000 |
480 |
480 |
0 |
0 |
144 |
144 |
0.8 |
|
17,000 |
510 |
510 |
0 |
0 |
144 |
144 |
0.8 |
|
18,000 |
540 |
540 |
0 |
0 |
144 |
144 |
0.7 |
|
19,000 |
950 |
950 |
0 |
0 |
144 |
144 |
0.7 |
|
20,000 |
1,000 |
1,000 |
190 |
190 |
144 |
144 |
0.7 |
|
25,000 |
1,250 |
1,250 |
1,190 |
1,190 |
144 |
144 |
0.6 |
|
30,000 |
1,500 |
1,500 |
2,190 |
2,190 |
144 |
144 |
0.5 |
|
35,000 |
1,750 |
1,750 |
3,190 |
3,190 |
144 |
144 |
0.4 |
|
40,000 |
2,000 |
2,000 |
4,850 |
4,850 |
144 |
144 |
0.4 |
|
45,000 |
2,250 |
2,250 |
6,950 |
6,950 |
144 |
144 |
0.4 |
|
50,000 |
2,500 |
2,500 |
9,050 |
9,050 |
144 |
144 |
0.4 |
|
55,000 |
2,750 |
2,750 |
11,150 |
11,150 |
144 |
144 |
0.3 |
|
60,000 |
3,000 |
3,000 |
13,250 |
13,250 |
144 |
144 |
0.3 |
|
70,000 |
3,500 |
3,500 |
17,450 |
17,450 |
144 |
144 |
0.3 |
|
80,000 |
4,000 |
4,000 |
21,650 |
21,650 |
144 |
144 |
0.3 |
|
90,000 |
4,500 |
4,500 |
25,850 |
25,850 |
144 |
144 |
0.2 |
|
100,000 |
5,000 |
5,000 |
30,050 |
30,050 |
144 |
144 |
0.2 |
|
110,000 |
5,500 |
5,500 |
34,250 |
34,250 |
144 |
144 |
0.2 |
|
120,000 |
6,000 |
6,000 |
38,450 |
38,450 |
144 |
144 |
0.2 |
|
130,000 |
6,500 |
6,500 |
42,650 |
42,650 |
144 |
144 |
0.2 |
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(a) Value during 2003 of the increase in Child Benefit (CB) made in the Budget, which is effective from April, 2003 |
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(i.e. assuming 9 months of CB increase). |
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(b) Net income includes CB less deductions of tax, levy and PRSI (where appropriate) and so may be higher than the gross income. |
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