INCOME 2007 2008
Annual Salary
Benefits in Kind/Notional Pay
Pensions
Investment income
Other Sources
Gross Income
Allowances
This section is for allowances on which tax relief is given at your top rate of tax. Examples include: Agreed Work Expenses, Allowance for Person Employed to take care of incapacitated individual and Health Expenses. Check your Tax Certificate for amount.
TAXABLE INCOME
Single /Widowed
Lone Parent
Married (one income)
Married (two incomes)
PERSONAL TAX CREDIT
Personal Tax Credit
BIK Relief : Preferential home loan interest:
BIK Relief : VHI/BUPA paid by employer:
TAX DUE
PRSI
Health Levy
TOTAL DEDUCTIONS FROM INCOME
Net Income
Additional income - child benefit  

From April 2008, €166 per month per child for first two children; €203 per month for each subsequent child.

Annual after-tax income
2007 2008
Single person 1760 1830
Married couple 3520 3660
Widowed person (no dependent children) 2310 2380
Single parent (with dependent children) 3520 3660
Married couple - Home Carer tax credit 770 900
PAYE Credit 1760 1830
Blind person's tax credit (per person) 1760 1830
Dependent relative tax credit 80 80
Age tax credit - single 275 325
Age tax credit - married 550 650
Incapacitated child tax credit 3000 3660
Widowed parent with dependent child

first year after bereavement, reducing credit available for subsequent years

 5,510 5,760
Local authority waste charges

an upper limit of 400 per annum at the standard rate (previous year amount) applies for 2007

 80 80
Trade Union Subscriptions

maximum amount 300 at the standard rate applies for 2007


maximum amount 350 at the standard rate applies for 2008

 60 70
Certain fees paid for third-level education

maximum relief 5,000 at the standard rate

 1,000 1,000
Certain fees paid for approved training courses

maximum relief 1,270 at the standard rate

 254 254
Rent relief for private accommodation - Single 55 or over 720 800
Rent relief for private accommodation - Married/widowed 55 or over 1,440 1,600
Rent relief for private accommodation - Single under 55 360 400
Rent relief for private accommodation - Married/widowed under 55 720 800
TOTAL
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Company car
Original Cost Rate

Rate may vary where business mileage exceeds 15,000 p.a.

 Amount reimbursed to employer towards
running costs.		 2007 2008
X % -
X % -
Preferential Loans (Loans from an employer at specified rate)
Interest payable at specified rate Interest actually paid 2007 2008
@ 12%-
@ 13%-
Other
VHI/BUPA paid by employer
Club Subs paid by employer
Other Benefits provided by employer
TOTAL BENEFITS IN KIND
Preferential Home Loans
Interest payable at specified rate (4.5%) or ceiling (see table below) Less interest actually paid and relieved at source 2007 2008
-
Interest payable at specified rate (5.5%) or ceiling (see table below) Less interest actually paid and relieved at source
-
Mortgage interest payments

Tax relief on mortgage interest is granted at source. Relief is granted on interest paid subject to the following ceilings:

2007 First-time Buyers Other 2008 First-time Buyers Other
Single €8,000 €3,000 Single €10,000 €3,000
Married €16,000 €6,000 Married €20,000 €6,000
Widowed €16,000 €6,000 Widowed €20,000 €6,000

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  2007 2008

2007: No liability for employees whose income was less than €339 per week ; Ceiling €48,800
2008: No liability for employees whose income was less than €352 per week ; Ceiling €50,700
FULL RATE EMPLOYED CONTRIBUTOR
(Lower of either annual employment income or ceiling for tax year) /
(annual employment income/52 or weekly salary) X 127		   Salary liable to PRSI @ 4.0%
-  
-  
REDUCED RATE EMPLOYED CONTRIBUTOR
(Lower of either annual employment income or ceiling for tax year) /
(annual employment income/52 or weekly salary) X 26		   Salary liable to PRSI @ 0.9%
-  
-  
SELF-EMPLOYED CONTRIBUTOR
Total Income @ 3% (min. payment € 253)
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2007 2008
On all income where income exceeds €480 per week - up to €100,100 @ 2%
Excess over €100,100 @ 2.5%
On all income where income exceeds €500 per week - up to €100,100 @ 2%
Excess over €100,100 @ 2.5%
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Assumptions

This Budget calculator is for indicative purposes only and cannot cater for every individual circumstance. For the purposes of this calculator the following assumptions have been made:

For the category of married couple with two earners, for the purposes of the calculation, the figures input should be the combined income of both spouses.

  1. The calculation will assume that both incomes are split evenly
  2. The results shown as the "net of tax position" is the combined disposable income
  3. For the category of married - home carer, that the carer spouse has no income
  4. Where a company car is provided it is assumed that the business mileage is less than 15,000 per annum
  5. That there are no tax credits available against investment income
  6. That income subject to DIRT has not been included
  7. That the annual salary is gross salary less pension contributions
  8. That the level of income is in excess of all of the age exemptions
  9. Widowed Lone Parent - does not include the additional credit due in the five years following bereavement
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Help

Use this calculator to find out what the changes in Budget 2008 mean for you.

To start, enter your gross salary in the income section (ie 32000, or 63500) and work down through the categories adding other income and allowances.

If you fill out both the 2007 and 2008 categories, the calculator will provide an estimate of any difference in your income after the Budget.

Leave blank any section that does not apply.

Use sections on tax credits or benefit in kind to provide a more detailed estimate.

Because it is not possible to cater for every individual circumstance, this calculator makes a number of assumptions which are outlined in the "assumptions" section.

Care has been taken in the preparation of the information contained in the calculator.

However, we do not make any representations or warranties as to the accuracy of the information contained and this information is provided for illustrative purposes only.

Need for professional advice Information contained from the calculator should not be relied upon in relation to a specific issue or decision without taking financial, banking, investment or other advice from an appropriately qualified professional adviser.

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