second job tax?

M

medo

Guest
As explained in a previous unrelated post, I find myself in a position where I most certainly need to start generating extra income to keep up mortgage payment. I have a permanent full time job and earn approx 400 per week take home pay. However, out of this I am paying rent PLUS a part-payment to a mortgage also. Add this to some loan payments and bills and its a very very tight stretch week to week, getting to the point that its even difficult to keep the car legally on the road and to eat a decent lunch every day.
I would be willing to get a part time weekend job on minimum pay, but am I correct in saying ill be taxed like hell on this job and come out with only a few euro per hour?
 
I don't have a calculator to hand, but net take home of 400 per week suggests that your salary is well within the lower tax band.

The lower rate tax band is 32,800; If you take your current annual salary and subtract it from this tax band, you can still earn this amount at the lower tax rate, which means it may be worth your while to take a second job.

You would have to contact revenue to let them know that you were taking another job and to transfer any remaining standard rate cut off point to your second job. All your earnings on your second job would then be taxed at approximately 31% (20% tax + 7% USC + 4% PRSI).

HTH
Nutso
 
I agree with all of what Nutso has said above, except that assuming you would be earning a gross in your second job of no more than €50 - €200 per weekend you would pay no PRSI, and 2% USC (PRSI and USC in your second job would be calculated independently of your main job). So a tax rate of 22% in all likelihood.
 
Possibly you are correct on that Mandelbrot.

But wouldn't that mean that there was an underpayment of PRSI and USC at the end of the year due to other earnings?
 
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