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EXAMPLE 7 |
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Married couple, one income, two children taxed under PAYE |
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Modified rate PRSI contributor |
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|
GROSS |
PRSI/Levy Liability |
Tax Liability |
Child Benefit |
Total |
Gain as % of |
Total Gain where |
Gain including FIS |
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|
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 |
144 |
144 |
1.0 |
664 |
3.4 |
|
13,000 |
0 |
0 |
0 |
0 |
144 |
144 |
0.9 |
664 |
3.3 |
|
14,000 |
0 |
0 |
0 |
0 |
144 |
144 |
0.9 |
664 |
3.3 |
|
15,000 |
123 |
123 |
0 |
0 |
144 |
144 |
0.8 |
664 |
3.2 |
|
16,000 |
132 |
132 |
0 |
0 |
144 |
144 |
0.8 |
664 |
3.1 |
|
17,000 |
141 |
141 |
0 |
0 |
144 |
144 |
0.7 |
664 |
3.1 |
|
18,000 |
150 |
150 |
0 |
0 |
144 |
144 |
0.7 |
716 |
3.3 |
|
19,000 |
539 |
539 |
0 |
0 |
144 |
144 |
0.7 |
664 |
3.0 |
|
20,000 |
568 |
568 |
0 |
0 |
144 |
144 |
0.7 |
456 |
2.0 |
|
25,000 |
713 |
713 |
530 |
390 |
144 |
284 |
1.1 |
284 |
1.1 |
|
30,000 |
858 |
858 |
1,530 |
1,390 |
144 |
284 |
0.9 |
284 |
0.9 |
|
35,000 |
1,003 |
1,003 |
2,530 |
2,390 |
144 |
284 |
0.8 |
284 |
0.8 |
|
40,000 |
1,137 |
1,148 |
4,190 |
4,050 |
144 |
273 |
0.7 |
273 |
0.7 |
|
45,000 |
1,238 |
1,253 |
6,290 |
6,150 |
144 |
269 |
0.7 |
269 |
0.7 |
|
50,000 |
1,339 |
1,354 |
8,390 |
8,250 |
144 |
269 |
0.6 |
269 |
0.6 |
|
55,000 |
1,440 |
1,455 |
10,490 |
10,350 |
144 |
269 |
0.6 |
269 |
0.6 |
|
60,000 |
1,541 |
1,555 |
12,590 |
12,450 |
144 |
269 |
0.6 |
269 |
0.6 |
|
70,000 |
1,742 |
1,757 |
16,790 |
16,650 |
144 |
269 |
0.5 |
269 |
0.5 |
|
80,000 |
1,943 |
1,957 |
20,990 |
20,850 |
144 |
269 |
0.5 |
269 |
0.5 |
|
90,000 |
2,143 |
2,158 |
25,190 |
25,050 |
144 |
269 |
0.4 |
269 |
0.4 |
|
100,000 |
2,344 |
2,359 |
29,390 |
29,250 |
144 |
269 |
0.4 |
269 |
0.4 |
|
110,000 |
2,544 |
2,559 |
33,590 |
33,450 |
144 |
269 |
0.4 |
269 |
0.4 |
|
120,000 |
2,745 |
2,760 |
37,790 |
37,650 |
144 |
269 |
0.3 |
269 |
0.3 |
|
130,000 |
2,945 |
2,960 |
41,990 |
41,850 |
144 |
269 |
0.3 |
269 |
0.3 |
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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 (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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(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 |
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improvement in FIS made in this Budget which take effect from January, 2003. |
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(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. |
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