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What Budget 2017 means for someone earning around €100,000

Has it been a good or bad day for you?

shutterstock_496502491 Shutterstock / tetxu Shutterstock / tetxu / tetxu

NOW THAT THE weeks of leaking are over and this year’s Budget has been announced, let’s get specific about what it means for you.

If you’ve been making about €100,000 or so, here’s how things will change for you next year.

Income Tax

If you’re self-employed, the earned income tax credit is being increased by €400 to €950.

Regular income tax is being left unchanged with the people earning €100,000 paying about two-third of their income at the higher tax rate of 40%.

Saving: €400 if you’re self-employed

USC

Changes to the bottom three rates of USC will benefit most salaried workers with the main benefit coming from the reduction in the third-highest rate.

People earning €100,000 will still pay 8% USC on almost €30,000 of their income but will benefit from a reduction in the other three rates. Last year the total was €5,542.

This is the new USC obligation for someone earning €110,000:

  • 0.5% on the first €12,012 = €60.06
  • 2.5% on up to €18,772 = €169
  • 5% on up to €70,044 = €2563.55
  • 8% on up to €100,00 = €2396.40

It means that your USC payments next year will now total about €5,189.

Saving: €353

Social Welfare

Not a taxation measure, but social welfare rates have been increased by €5 across the board. So this change will affect things like child benefit.

For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator.  

Read: What Budget 2017 means for someone earning around €20,000 >

Read: What Budget 2017 means for someone earning around €30,000 >

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5 Comments
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    Mute Modern Irish Dad
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    Oct 18th 2024, 10:28 PM

    Take Stock

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    Mute Means Of Escape
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    Oct 19th 2024, 7:30 AM

    @Modern Irish Dad: and don’t be the laughing stock

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    Mute Modern Irish Dad
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    Oct 19th 2024, 1:28 PM

    @Means Of Escape: Put a stock in it

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    Mute reg morrisey
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    Oct 19th 2024, 9:22 AM

    Can anyone tell me why he was doing so well in the Irish team and then he was gone? Was it injury?

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    Mute James T.Kirk
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    Oct 19th 2024, 11:55 AM

    @reg morrisey: Some games just worked for him. It was soon found out he had poor defence and limited skills.

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    Mute Shawn
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    Oct 19th 2024, 2:21 PM

    @reg morrisey: Sure was

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    Mute Gearoid MacEachaidh
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    Oct 19th 2024, 2:48 PM

    @reg morrisey: it was injury which kept him out for over a year. When he came back he wasn’t the same player. He seemed to have lost a yard of pace and all confidence. But he improved steadily last season and looked back to best last night. Farrell seems to prefer ball playing wingers like Hsnsen and Lowe rather than out and out finishers but Nash got his chance when Hanson was out injured, I can see Stockdale getting time over the autumn Internationals and the 6 Nations

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