I may have to reduce my working week from 5 day to 4 day. My salary will be reduced by 20%, but im not sure about what taxes etc are payable on the new gross pay. I would really appreciate if someone could help me estimate this!
Feel free to download my Excel 2007 tax calculator spreadsheet to run the scenarios: http://taxcalc.eu/monthlyss
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I'm in a similar situation to the OP and didnt want to clog up the frontpage with a similar question.
In my case I would be opting for a 4-day week with the intention of dedicating more time to a legitimate side business. With the goal being to quit my current job and work the side-job full-time (all going well).
I would be married next year so marriage tax credits would apply.
My PRSI Code is A1.
I will be married.
I am public sector so have Pension Levy on top those deductions if that is relevant.
Essentially I would like to find out what the drop would be take home, and then decide would I likely be able to generate further income through the side-business.