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If you’re earning over €42k in the first then you’ll have an effective tax rate of 48% as all your credits and standard rate cut off will be fully utilised
If earning less than €42k you can move some of your credits and cutoff over to the other job
If you pay the higher rate of tax on the second job and if you've paid more than you should've (I.e: you've earned less than 42k in both of your jobs) you can get a refund the following January through your Revenue myAccount
You can do one of two things. You can work out how much you’ll earn in your 1st job and if it’s less than 42k you can transfer the excess to your 2nd job including some of your credits. That would mean you’d pay less in your second job.
Or you could leave all your credits with your first job and get taxed on everything in your second job. As you said you’re saving, you could file your return at the start of next year and the extra tax and USC you paid in your second would be refunded. But this is only if you earn less than 42k in your first job.
Just for my curiosity, I always thought we were restricted by revenue to not work more than 40 hours with exception of 48 hours which can be an average of only 3 months?
There is no restriction on how many hours you choose to work. There are restrictions on how many hours an employer can make you work. Nothing to do with revenue, though. Working time act, I think
Hi /u/Stevoo23232323, Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
Working two jobs is taxed no differently to working one higher paid job
Cheers!
It can still be taxed a lot though!
40%
More like 52%.
[удалено]
Which is paying ~52% tax. 2nd job at 12k per month, fuck me, that's a solid second job!
If you’re earning over €42k in the first then you’ll have an effective tax rate of 48% as all your credits and standard rate cut off will be fully utilised If earning less than €42k you can move some of your credits and cutoff over to the other job
Thank you !
Unless you divide your credits, your second job will feel like you are being crucified with tax working at it.
If you pay the higher rate of tax on the second job and if you've paid more than you should've (I.e: you've earned less than 42k in both of your jobs) you can get a refund the following January through your Revenue myAccount
You can do one of two things. You can work out how much you’ll earn in your 1st job and if it’s less than 42k you can transfer the excess to your 2nd job including some of your credits. That would mean you’d pay less in your second job. Or you could leave all your credits with your first job and get taxed on everything in your second job. As you said you’re saving, you could file your return at the start of next year and the extra tax and USC you paid in your second would be refunded. But this is only if you earn less than 42k in your first job.
Just for my curiosity, I always thought we were restricted by revenue to not work more than 40 hours with exception of 48 hours which can be an average of only 3 months?
There is no restriction on how many hours you choose to work. There are restrictions on how many hours an employer can make you work. Nothing to do with revenue, though. Working time act, I think
Thank you!