See the impact of Budget 2015 on your pay packet this January
Fine Gael TD for Dublin Fingal, Alan Farrell has said that all families in Dublin Fingal should see the positive impact of Budget 2015 in their pay packets this January.
“Regardless of whether you are paid weekly, bi-weekly or monthly, the impact of the measures which the Government included in Budget 2015 will be visible when you look at your pay slip this month. As of January 1st, 80,000 more people are no longer subject to the USC charge on top of the 330,000 people who were made exempt from paying the USC charge in 2012. Furthermore, the lower bands of USC, applicable for the workers who earn over €12,012, have also been reduced.
“In relation to income tax, the band at which the higher rate is paid has been raised from €32,800 to €33,800. The upper rate of income tax has also been reduced from 41% to 40%. Essentially, this means that all workers will find that they are taking home more money in 2015 than they were last year. While all families in Dublin Fingal will benefit from these changes, lower and middle income workers will benefit proportionately more than those in the higher wage brackets. This is the case as the Government prioritised reducing the high rates of tax applicable to modest incomes in last October’s Budget.
“People have made hard sacrifices over the last number of years in order to get the economy back on track. As our economy continues to recover we must continue to give back to all of those who have made these sacrifices. The measures contained in Budget 2015 were the first step in doing this and I am pleased that, as the Taoiseach has previously stated, these tax cuts will be repeated in 2015 and 2016.
“Not only will these changes benefit all families in the North County but they will also work to further incentivise job creation as they should lead to the creation of 15,000 new jobs. You can work out exactly how much more you will take home as a result of Budget 2015 by visiting Fine Gael’s online tax calculator at http://www.finegael.ie/budget2015/. I will continue to work to ensure that the positive impact of our economic recovery is felt in every household in Dublin Fingal.”
- A Single PAYE worker on the minimum wage of €17,542 will get €173 back.
- An average industrial wage PAYE worker on €35,000 will get €396 back.
- A working family (eg. a guard and a nurse) with two children who earn €55,000 and €50,000 respectively will get €1,204 back.
- A PAYE worker on €71,000 will get €747 back.
- A PAYE worker on €140,000 will get €747 back.