Hi,
Myself and wife both currently work full time in private sector.
Her age 40: Salary 58k and 8k bonus. DC Pension Scheme 6% employee/12% employer
Me age 41:Salary 85k +25k bonus. DC pension schemes - 9% employee/12% employee
Two kids age 8 and 5. Childcare costs approx. 1150 per month.
Wife is considering changing career to something that would allow her to just work when kids are at school - considering doing SNA at primary school etc or worst case scenario packing in work altogether for 5-7 years. She has sought more family friendly hours in her current position but it doesn't seem to be a runner.
When I use online tax calculators to look at the effect me taking her credits in the event she does not find suitable work - it appears I would be €287 per month better off (85k single assessment under joint v's 85k married with just 1 working). Am I correct in saying this is the €9000 transferrable which I would pay tax at 20% = €1800 + €1650 tax credit?
Would there be any other allowances she would be entitled to in this case?
Anyone else have similar experience and would share how it went for them?
Ignoring her bonus,I reckon she would need to earn €1600 per month nett if we wanted thing to remain as they are financially, excluding her pension obviously.
Her commuting costs are approx. €300 per month (tolls, petrol, wear&tear) and Childcare 1150 per month.
Thanks
Cully
Myself and wife both currently work full time in private sector.
Her age 40: Salary 58k and 8k bonus. DC Pension Scheme 6% employee/12% employer
Me age 41:Salary 85k +25k bonus. DC pension schemes - 9% employee/12% employee
Two kids age 8 and 5. Childcare costs approx. 1150 per month.
Wife is considering changing career to something that would allow her to just work when kids are at school - considering doing SNA at primary school etc or worst case scenario packing in work altogether for 5-7 years. She has sought more family friendly hours in her current position but it doesn't seem to be a runner.
When I use online tax calculators to look at the effect me taking her credits in the event she does not find suitable work - it appears I would be €287 per month better off (85k single assessment under joint v's 85k married with just 1 working). Am I correct in saying this is the €9000 transferrable which I would pay tax at 20% = €1800 + €1650 tax credit?
Would there be any other allowances she would be entitled to in this case?
Anyone else have similar experience and would share how it went for them?
Ignoring her bonus,I reckon she would need to earn €1600 per month nett if we wanted thing to remain as they are financially, excluding her pension obviously.
Her commuting costs are approx. €300 per month (tolls, petrol, wear&tear) and Childcare 1150 per month.
Thanks
Cully