NOW THAT THE speculation has drawn to an end, and this year’s Budget has been announced, let’s get specific about what it means for you.
If your annual salary comes in at around €100,000, here’s how things will change for you from the beginning of next year.
Adjustments to the Universal Social Charge (USC) will give you an extra €902 a year, or €75 a month.
The reduction in the three lowest USC rates will mean you’ll be paying €5,542 in 2016, instead of €6,444.
Your income tax will remain unchanged, but you’ll be able to benefit from an earned income tax credit of €550 if you’re self-employed.
If you have children, you’ll get an extra €5 a month from child benefit, which is being increased from €135 to €140.
And if they’re young, you’ll likely benefit from the provision of free childcare from the age of three up to five and a half, or until primary school.
The 0.15% pension levy fund has also been abolished.
If you’re a smoker, you’ll be spending an extra €182.50 over the next year, after the 50 cent increase in the cost of a 20-pack.
For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator.
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