Am I paying too much tax? Please advise?

[TestLink]

Hi,
My salary is 67K per year. My wife's salary is 52K per year. With Revenue my wife's is the main account. Mortgage is paid from her account. I am only getting around 3000 euro every month after tax. Is the tax distributed correctly?

Please see the attached docs obtained from Revenue. Any advice?

 

[moneymakeover]

Looks like from tax credits your wife gets best tax credits
and tax bands

 

[TestLink]

So there is not much that could be done, rt?

 

[moneymakeover]

You can ask revenue to split them equally

Joint assessment

This page outlines joint assessment

www.revenue.ie

 

[TestLink]

Thanks....

 

[moneymakeover]

See link above on joint assessment

 

[sunnywalk]

I was under the impression that if husband and wife salaries are over the threshold for 40% tax that there is no benefit to being jointly assessed.
Tax credits can then be evenly distributed.
Someone on here may know about irish tax.

 

[deadlyduck]

You're correct that if each earner is above the standard rate band then no particular benefit applies to joint assessment. Where it can make a difference is if one earner's income drops below the band (e.g. maternity leave or redundancy/being unemployed for a period). Joint assessment allows for transfer of bands and certain credits between earners.

I've a spreadsheet @ taxcalc.eu/monthlyss which might help

 

[bstop]

Joint assessment can be an advantage where one partner has earnings marginally into the 40% band and the other partner has a lot of earnings at 40%.
If the lower earning partner had for instance, 2000 euro taxed at 40 % and made pension contributions for 10000 per year. If individually assessed they would only get tax relief at 40% on 2000 euro and 20% on 8000 euro. If jointly assessed they could potentially get tax relief at 40% on the whole pension contributions of 10000 euro. The pension tax relief is always applied at the couple's marginal tax rate.