EXAMPLE 3
Married couple, one income, four children taxed under PAYE
Full rate PRSI contributor
|
GROSS
|
PRSI/Levy Liability
|
Tax Liability
|
Child Benefit
|
Total
|
Gain as % of
|
Total Gain where
|
Gain including FIS
|
|
INCOME
|
Existing
|
Proposed
|
Existing
|
Proposed
|
Increase (a)
|
Gain
|
Net Income (b)
|
FIS applies (c)
|
as % of Net Income (d)
|
|
€
|
€
|
€
|
€
|
€
|
€
|
€
|
%
|
€
|
%
|
|
12,000
|
0
|
0
|
0
|
0
|
324
|
324
|
1.8
|
844 |
3.5 |
|
13,000
|
0
|
0
|
0
|
0
|
324 |
324
|
1.7 |
844 |
3.4
|
|
14,000
|
0
|
0
|
0
|
0
|
324 |
324
|
1.6 |
844 |
3.3
|
|
15,000
|
336
|
336
|
0
|
0
|
324
|
324
|
1.6 |
844 |
3.3 |
|
16,000
|
376
|
376
|
0
|
0
|
324
|
324
|
1.5 |
844 |
3.3
|
|
17,000
|
416
|
416
|
0
|
0
|
324
|
324
|
1.4 |
844 |
3.2
|
|
18,000
|
456
|
456
|
0
|
0
|
324
|
324
|
1.4 |
844 |
3.2 |
|
19,000
|
876
|
876
|
0
|
0
|
324
|
324
|
1.3 |
896 |
3.1
|
|
20,000
|
936
|
936
|
0
|
0
|
324
|
324
|
1.3 |
1140 |
3.3 |
|
25,000
|
1,236
|
1,236
|
530
|
390
|
324
|
464 |
1.6
|
464 |
3.9 |
|
30,000
|
1,536
|
1,536
|
1,530
|
1,390
|
324 |
464 |
1.4 |
464 |
1.4
|
|
35,000
|
1,836
|
1,836
|
2,530
|
2,390
|
324
|
464 |
1.3 |
419 |
1.3 |
|
40,000
|
2,091
|
2,136
|
4,190
|
4,050
|
324
|
419 |
1.1 |
407 |
1.1 |
|
45,000
|
2,221
|
2,278
|
6,290
|
6,150
|
324 |
407 |
1.0 |
407 |
1.0 |
|
50,000
|
2,341
|
2,398
|
8,390
|
8,250
|
324
|
407 |
0.9
|
407 |
0.9 |
|
55,000
|
2,462
|
2,519
|
10,490
|
10,350
|
324 |
407 |
0.8 |
407 |
0.8
|
|
60,000
|
2,577
|
2,634
|
12,590
|
12,450
|
324 |
407 |
0.8 |
407 |
0.8 |
|
70,000
|
2,802
|
2,859
|
16,790
|
16,650
|
324
|
407 |
0.7
|
407 |
0.7 |
|
80,000
|
3,018
|
3,080
|
20,990
|
20,850
|
324 |
402 |
0.6 |
402 |
0.6
|
|
90,000
|
3,233
|
3,295
|
25,190
|
25,050
|
324
|
402
|
0.6 |
402
|
0.6
|
|
100,000
|
3,443
|
3,505
|
|
29,250
|
324 |
402
|
0.5 |
402
|
0.5
|
|
110,000
|
3,653
|
3,715
|
33,590
|
33,450
|
324 |
402
|
0.5 |
402
|
0.5
|
|
120,000
|
3,863
|
3,925
|
37,790
|
37,650
|
324 |
402
|
0.5 |
402
|
0.5
|
|
130,000
|
4,068
|
4,130
|
41,990
|
41,850
|
324
|
402
|
0.4 |
402
|
0.4
|
(a) Value during 2003 of the increase in Child Benefit (CB) made in the Budget,
which is effective from April, 2003 (i.e. assuming 9 months of CB increase).
(b) Net income includes CB less deductions of tax, levy and PRSI (where appropriate)
and so may be higher than the gross income.
(c) The two last columns show the total gain where Family Income Supplement
(FIS) is taken up in both years. The gain includes the value during 2003
of the improvement in FIS made in this Budget which take effect from January, 2003.
(d) Net income includes CB and FIS (where relevant) less deductions of tax, levy
and PRSI (where appropriate) and so may be higher than the gross income.
|