Key Post 2014 Tax summary

[Brendan Burgess]

Main income tax credits

Single person credit|€1,650
Married|€3,300
PAYE|€1,650

Income Tax rates

Standard|20%
Top rate|41%

Standard Rate cut-off points

Single |€32,800
Married couple, one income| €41,800
Married couple, two incomes|up to €65,600
One parent family|€36,800

Employee PRSI rate: 4%

USC

Exemption limit|€10,036
€0 -€10,036|2%
€10,037- €16,016|4%
>€16,016|7%
Self employed > €100,000|10%

Check out:
Key Post A summary of the USC for 2013 and 2014


Capital Gains Tax rate: 33%

Annual exemption: €1,270

Capital Acquisitions Tax rate: 33%


Thresholds from 6/12/2012

Son/daughter|€225,000
Parent/sibling/niece/nephew/grandchild|€30,150
Other|€15,075

Thresholds before 6 Dec 2012

 

[Brendan Burgess]

I thought it would be useful to summarise the key figures for personal taxes in one thread. ( I keep forgetting what the CAT thresholds are for example)

Please start a new thread if you wish to ask a question about any of these taxes.

Please only respond to this with corrections or suggestions on layout.

Further general posts would be welcomed e.g.

• A complete list of tax credits
• A list of links to Revenue guides
• A summary of how prsi and USC works
• A summary of how income tax works

 

[Sunny]

Would the standard rate cut offs be useful?

Here is the link. My formatting skills are not very good!

http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/how_your_tax_is_calculated.html

 

[Brendan Burgess]

Thanks for the suggestion Sunny

Updated now.

Brendan

 

[Mrmr]

Sorry Brendan, would it be any use also to include the USC/ Medical card bands/limits for the appropriate %'s?

Also, could anyone tell me are the following figures gross or net? And also, within a marriage is it 60k gross, or 60k x 2?
'From 1 January 2013 reduced rates of USC apply only to medical card holders under 70 with aggregate incomes of €60,000 or less and to people over 70 with aggregate incomes of €60,000 or less. ‘Aggregate’ income for USC purposes does not include payments from the Department of Social Protection. People with incomes of €10,036 or less continue to be exempt from USC. See 'Rates' below.'

 

[Brendan Burgess]

Hi Mrmr

I think that the USC is such a complicated charge that it deserved a separate Key Post.

Here it is for you

Key Post A summary of the USC for 2013 and 2014


Brendan

 

[Brendan Burgess]

The top rate of tax is 55%

For people earning over €100,000

|PAYE|self-employed
Income tax|41%|41%
USC |7%|7%
USC surcharge||3%
PRSI|4%|4%
Total|52%|55%

 

[Brendan Burgess]

Summary of main tax Credits 2014

Revenue Guide

Single person|€1,650
Married |€3,300
PAYE Credit|€1,650
One parent family|abolished
Single person Child Carer|€1,650
Home Carer |Max €810
Rent Tax Credi t <55, single|€160
Rent Tax Credit <55, married|€320
Tuition Fees |€550
Age Credit single|€245
Age Credit married|€490

Unlimited Tax Credits
Medical expenses: 20%
Nursing home expenses: top rate of tax



Home Carer
Applies to married couples jointly assessed for tax
A dependent person is a child or a person aged over 65
Home Carer's income must not exceed €5,080 per year


Single Person Child Carer Tax Credit
The One Parent Family Tax Credit will be abolished with effect from 31 December 2013 and replaced by the “Single Person Child Carer Tax Credit”.

The new tax credit will be granted to the primary carer who is either the parent, or to an individual who has a qualifying child in their custody and maintains that child for the whole or the greater part of a year of assessment. The credit will be granted for a child up to the age of 18 years or, if over 18 years, where they are in full-time education.

 

[Brendan Burgess]

Main rates of PRSI
SW 14 Contribution Rates and User Guide
Most employees – Class A
Income below €352 per week or €18,304 – nil
Income above €18304 – 4% on all income

Self employed – Class S

Rate on all income: 4%
Minimum contribution if your income is over €5,000 : €500