Many people will be looking to establish exactly what the changes in Budget 2023 mean for them, in all aspects of life.
For a look into your finances post-Budget, you can use the Taxback.com Budget 2023 calculator by simply filling out a quick form here.
The quick and easy-to-answer questions about income, employment, and other unique circumstances will allow the calculator to show you exactly how you benefit from the Budget going forward - while also giving you an estimated tax refund amount.
READ MORE: Budget 2023: Who may be eligible for incoming Halloween and Christmas social welfare bonuses
Income Tax
One of the main differences in people's pay going forward will be a result of an increase of €3,200 in the income tax standard rate cut-off point for all earners.
Before Tuesday it was from €36,800 however, from now on it will be €40,000 for single individuals and from €45,800 to €49,000 for married couples/civil partners with one earner.
Other amendments include:
- An increase of €75 in the Personal Tax Credit from €1,700 to €1,775
- An increase of €75 in the Employee Tax Credit from €1,700 to €1,775
- An increase of €75 in the Earned Income Credit from €1,700 to €1,775
- An increase of €100 in the Home Carer Tax Credit from €1,600 to €1,700
Universal Social Charge, USC
Another change came in the form of a USC increase of €1,625 to the 2% rate band ceiling from €21,295 to €22,920.
The increase in the 2% rate band ceiling will mean that a full-time adult worker who benefits from the increase in the hourly minimum wage rate from €10.50 to €11.30 will remain outside the top rates of USC - saving them hundreds each year.
The reduced rate of USC concession for medical card holders is also being extended for a further year.
Reduced rates of USC will apply to individuals who have a full medical card and whose income is €60,000 or less.
The reduced rates of USC are 0.5% on the first €12,012 and 2% on the balance.
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