Annual tax for a family of 3

[masterboy123]

We are a married couple with 1 baby.

My wife is not working and minding our baby at home.
I am the sole earner in the family at the moment.
I am taxed at 40% above €45,800. Is this correct? Or I need to inform Revenue?
Please see attached screenshot.

I recall when my wife was working the 40% tax bracket kicked in at €72,000s.

Many thanks

 

[irbx]

Hi That looks correct to me ( I am not a tax advisor)

Below from the revenue website for married single income family. You only get the increase if wife was to start working up to 27800 extra ( up to is key words. If wife worked part time for 5k year then the band will only go up by 5K extra.

If you have any assets that generate an passive Income. Like rental income etc. that are in your name or join names. Might worth having a chat with TAX adviser . To check if tranfering them them to into your wife's name so this is her income might be worth it. So ye can leavage this.

Tax rates, bands and reliefs

This page shows the tables that show the various tax band and rates together with tax reliefs for the current year and previous four years

www.revenue.ie

 

[masterboy123]

Hi That looks correct to me ( I am not a tax advisor)

Below from the revenue website for married single income family. You only get the increase if wife was to start working up to 27800 extra ( up to is key words. If wife worked part time for 5k year then the band will only go up by 5K extra.

If you have any assets that generate an passive Income. Like rental income etc. that are in your name or join names. Might worth having a chat with TAX adviser . To check if tranfering them them to into your wife's name so this is her income might be worth it. So ye can leavage this.

View attachment 6101

Tax rates, bands and reliefs

This page shows the tables that show the various tax band and rates together with tax reliefs for the current year and previous four years

www.revenue.ie

Thanks for the info.

At present, we don't have a rental. I will explore further with a tax advisor.