About the Salary Calculator

Some information about the January 2017 budget figures used to generate the answers displayed in The Salary Calculator:

Income Tax

Tax Rates
Single
0 - 33,80020%
over 33,80040%
Married single income
0 - 42,80020%
over 42,80040%
Married two incomes
0 - 67,60020%
over 67,60040%
One parent family
0 - 37,80020%
over 37,80040%
  
Tax Credits
Single1,650
Married single income3,300
Married two incomes3,300
One parent family1,650
  
PAYE Credit1,650

The Salary Calculator uses Income tax information from January 2017 to calculate the deductions made on a salary. There are 2 tax rates of 20% and 40%. The thresholds between the tax rates depend on your filing status.

For the single status, the cut-off between 20% and 40% is at 33,800. For the married single income status, the cut-off between 20% and 40% is at 42,800. For the married two incomes status, the cut-off between 20% and 40% is at 67,600. For the one parent family status, the cut-off between 20% and 40% is at 37,800.

Tax Credits

Once your gross income tax has been worked out, it is reduced by the value of your tax credit. There are standard tax credits for each filing status. For the single status, the standard credit is 1,650. For the married single income status, the standard credit is 3,300. For the married two incomes status, the standard credit is 3,300. For the one parent family status, the standard credit is 1,650.

As well as the standard personal tax credit, there is also a PAYE (Pay As You Earn) tax credit of 1,650 for those who have their tax deductions done automatically by their employer.

Tax Allowance

The Salary Calculator also allows you to enter a tax allowance, if you have one. This allowance is deducted from your gross income before the tax is worked out, reducing your taxable income. This means that your tax bill is reduced at what is called the marginal rate - i.e. the top rate at which you personally pay tax. If your earnings mean that your highest rate of tax is 40%, a tax allowance of 1,000 would lower your tax bill by 400.

Universal Social Charge

Standard Rates
0 - 12,0120.5%
12,013 - 18,7722.5%
18,773 - 70,0445%
over 70,0448%
Reduced Rates
0 - 12,0120.5%
over 12,0122.5%
  
Lower income limit13,000
Reduced rate threshold60,000

Universal Social Charge, or USC, is calculated based on your gross income. If your income is under 13,000, you don't pay any USC. If your income is over this threshold, you pay USC on all your income.

From 0 to 12,012, you pay 0.5% of your income. Between 12,013 and 18,772, you pay 2.5%. Between 18,773 and 70,044, you pay 5%. On income over 70,044, you pay 8%.

If you are over 70 years old (or turn 70 during the tax year), or hold a full medical card, you may be eligible for reduced USC payments. If your income is above the threshold of 60,000, you pay the normal USC - but if your income is below this amount you will not have to pay at the higher rate of 8%. Instead, you will be charged the lower rates as follows:

From 0 to 12,012, you would pay 0.5% of your income. On income over 12,012, you would pay 2.5%.

Pay-Related Social Insurance

PRSI Threshold18,304
All income4%

Pay-Related Social Insurance (PRSI) is only charged if you are under 66 years old and if your gross income is over the threshold of 18,304. If you earn over this threshold, you are charged 4% on all of your income.

Pension Contributions

AgeMax %
Under 3015%
30-3920%
40-4925%
50-5430%
55-5935%
Over 6040%

The Salary Calculator lets you enter a percentage of your salary to deduct as a pension. Pension contributions are calculated by deducting the percentage rate you enter into the "Pension" field from your standard salary (not including overtime). This is an estimate - each employer calculates "pensionable pay" differently and so it may not exactly match The Salary Calculator.

Pension contributions are deducted from your income before working out your tax - thus reducing your taxable pay. However, pension contributions are still eligible for USC and PRSI payments, so these are not reduced if you contribute to a pension.

There is an annual limit you can pay into a pension scheme and still get these tax benefits. If you pay more into your pension than this limit, you may be liable for additional tax. The limit is currently 115,000. You are also restricted from contributing more than a certain percentage of your salary - this percentage depends on your age, and is listed in the table to the right.

Mortgage Calculations

The Mortgage Repayment Calculator makes some assumptions (such that interest is calculated monthly) to calculate a repayment amount that completes the mortgage after the entered time period has passed. It also does not include any information about building society fees, or variable rates.

For these reasons, The Mortgage Repayment Calculator is intended just to provide a ballpark figure to allow you to get an idea of the costs of different interest rates etc. Care has been taken to try to make these values accurate, but figures from mortgage lendors are likely to differ.

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