Budget 2024 - Income Tax Calculator

Due to the complexity of Income Tax rules it has been necessary to make some simplifications for the purposes of the Tax Calculator.

Tax Calculator 2024 Notes

1. Single/Married Option: Use the Single Person option if you are married but separately assessed.
   
   
2. If you are an employee, the calculator assumes that you are an employed contributor for PRSI purposes (Class A) under 66 years of age. If you have Other Income, the calculator assumes that you are liable to PRSI at 4% on that income.
   
   
3. For self-employed individuals, the calculator applies the additional 3% USC charge (11% rate) to income in excess of €100,000. The calculator includes the earned income tax credit for self-employed individuals.  If you have Other Income, the calculator assumes that you are liable to PRSI at 4% on that income.
   
   
4. Dependent Children/Child:
   1. Home Carer Tax Credit – A dependent child is:
      A child for whom Social Welfare Child Benefit is payable – this includes all children under 16 and children in full-time education under 18.
      
      
   2. One Parent Family Tax Credit – A dependent child is:
      A child who is under 18 years of age at the start of the tax year, or if 18 or older, is in full-time education.
       
5. Deposit interest is not included in the Tax Calculator, as DIRT deducted at source meets the income tax liability.
   
   
6. Pension Contributions: Restrictions on the maximum allowable pension contribution apply dependant on age and earnings. Restrictions have been applied in the Tax Calculator. The Tax Calculator reduces NET Take Home Pay by pension contributions on the assumption the contributions are made out of Gross/Other income.
   
   
7. Home Carer Tax Credit: The full tax credit of €1,800 for 2024 and €1,700 for 2023 is given in the Tax Calculator if the home carer's income is less than or equal to €7,200 for 2024 and 2023.
   If the home carer's income is greater than €7,200 for 2024 and 2023, the standard rate band is increased by the home carer's income and the home carer tax credit is not given.
   
   
8. Calculator assumes that no property based reliefs are applicable. 
   
   
9. A Rent Tax Credit for renters in the private rented sector is available for those who are not in receipt of any other State housing support. A Rent Tax Credit of €750 is available for 2024 and €500 for 2023.
   
   From 2024, the Rent Tax Credit will also be available for parents who pay for their student children who have tenancies in ‘Rent a Room’ or ‘digs’ accommodation. Only one credit may be claimed per person per year, however the value of the credit will be doubled in the case of married couples and civil partners. The Tax Calculator does not provide for the Rent Tax Credit.
   
   
10. An Incapacitated Child Tax Credit of €3,500 for 2024 and €3,300 for 2023 is available to a parent or guardian of a child who is permanently incapacitated, either physically or mentally, and where there is a reasonable expectation that the child will be unable to maintain themselves when over 18 years of age.
    
    If you have more than one child who is permanently incapacitated, you may claim a credit for each child. If a child is maintained by more than one person, the tax credit is divided between them. The Tax Calculator does not provide for this tax credit.
    
    
11. The Tax Calculator does not provide for the proposed PRSI changes that will result in PRSI contribution rates increasing by 0.1% from 1 October 2024.

The information provided to this calculator is not used by EY for any purpose other than to calculate an estimate of your tax liability in accordance with the information given. It is not tracked, recorded, stored, reproduced or used by EY for any purpose.

Click here to return to Budget 2024 - The EY Perspective.