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stargal Posts: 462
Girls, Need advice! I am in a full time job but my wages have dramatically dropped since this time last year, and I am contemplating getting a part time job to help me with the run up to Christmas but I am worried how that will affect my main wages. Would it be worth my while getting a pt job or will I be creased on tax?
Nadie Posts: 1111
Hi there, You're assessed on all your earnings as a whole - I'm just going to try and give a little example and see if it helps. This time last year you were making 30,000, and paying 5,000 in tax. Now you earn 20,000, and pay 2,000 in tax. If you take a job to make up the missing 10,000, you will also be hit with the 3,000 in tax that you are no longer paying. Which will seem like a lot cos it's 33% of your wages on the second job, but you'll end up in the same place. Does this make any sense at all?
stargal Posts: 462
:-8 Kind of!! I hate anything to do with tax - no matter how much it's explained, me and tax do not unsterstand each other!! I will be getting paid on a weekly basis from the pt job - the money coming from that will go towards Christmas presents, food & drink and any leftovers will go towards the wedding savings.. It wont be worth my time if I'm taxed more than I come out with..
Nadie Posts: 1111
It depends what tax bracket you're in - if the part time job would mean you're paying tax at the 41% rate you will probably be so sickened with what you come home with that you'll quit after a week. Example, I got a bonus last month of €5K, but because I pay tax at 41%, the government got more of my bonus than I did, once they'd helped themselves to the PRSI and levies. There is an option of having your tax credits and bands split across the two employers - but this is really only worthwhile if you see it as a long term thing. It would mean you'd pay a similar rate of tax in both jobs, as opposed to the excess tax all being paid in the part time job.
stargal Posts: 462
ok thanks, now I understand! I'm on the lower bracket, and even with the part time job I will still be ALOT under the bracket!
Nadie Posts: 1111
Good stuff - I think then that you'll be happy enough with the part time tax - you'll definitely get to keep more than half of it!
stargal Posts: 462
OK That's good to hear! Thanks Nadie :thnk
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