Budget 2015 Case Studies

    As was widely anticipated, the minister announced for Budget 2015 a reduction in the higher rate of income tax from 41% to 40%. There has been no change to the standard rate of 20%.

    This change benefits all those who pay tax at the marginal rate, however there is no benefit on income in excess of €70,044 as the increase in USC rates offsets the benefit in the income tax reduction.

    For example:

    Single Person €25,000

    Budget 2015 - Single Person €45000

    Budget 2015 - Single Person €75000

    Budget 2015 - Single Self Employeed €120,000

    Budget 2015 - Married One Income €50000

    Budget 2015 - Married Two Incomes €50000 each

    Budget 2015 - Married Two Incomes €45000 combined

    Budget 2015 - Married Two Incomes €110,000 combined

     

     

     

    Topics: Blog

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