This video brings you through some practical worked out examples of the impacts of the budget 2025 as Delivered on 1st October 2024 on PAYE workers in different circumstances like:
Single person on various income levels between €20,000 and €70,000 per annum.
Single Person on Minimum Wage
Single Parent & Primary Carer
Single Person with No Dependents and Renting
Single Person No Dependents
Single Public Service Income Married Couple with 2 Children
Single Income Private Sector Married Couple with Three Children
Double Income Married Couple with 2 children and both in the Public Service.
Double Income Married Couple with One Child Dependent.
Single Income Married Couple with Three Children.
Single Person with no children and blind person tax credit.
In the worked out examples it takes account of An increase of €2,000 in the income tax standard rate band cut-off point for all earners:
- Single, widowed or surviving civil partner from €42,000 to €44,000;
- Single, widowed or surviving civil partners, qualifying for the Single Person Child Carer Credit from €46,000 to €48,000;
- Married couples or civil partners (one income) from €51,000 to €53,000;
- Married couples or civil partners (two incomes) from €51,000 to €53,000 (with an increase of max €35,000).
It also of the adjustments the income tax credits, with Budget 2025 providing for the following changes:
- An increase of €125 in the Personal Tax Credit from €1,875 to €2,000
- An increase of €125 in the Employee Tax Credit from €1,875 to €2,000
- An increase of €125 in the Earned Income Tax Credit from €1,875 to €2,000
- An increase of €150 in the Home Carer Tax Credit from €1,800 to €1,950
- An increase of €150 in the Single Person Child Carer Tax Credit from €1,750 to €1,900
- An increase of €300 in the Incapacitated Child Tax Credit from €3,500 to €3,800
 An increase of €300 in the Blind Person’s Tax Credit from €1,650 to €1,950
 An increase of €60 in the Dependent Relative Tax Credit from €245 to €305
It also outlines the non pay gains such as Electricity Credit, The additional Child Benefit Payments, The once off Rent Tax Credit for 2024, The Working Family Payment Lump Sum, The Working Family Payment. #ireland #payrollmatters #payrollmattersinireland

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