Due to a technical error at The Irish Times, an early test table was published in yesterday's Budget supplement in place of the above table.
The table shows how the monthly take-home pay of a single employee will change as a result of the Budget 2001 tax and PRSI measures. Because the tax year is moving to a calendar year from January 1st, 2002, the next tax year will be shorter than usual, running from April 6th, 2001, to December 31st, 2001.
To make it easier to see how Budget 2001 affects you, the table shows the changes in takehome pay on a monthly basis and deductions as a percentage of salary.
To calculate your deductions as a percentage of salary in 2001 take your annual salary and divide it by 12 to get your monthly salary. The deductions shown are for the shorter 2001 tax year - nine months. Divide the deductions figure by nine to get your monthly deductions. Divide this monthly deductions figure by your monthly salary figure and multiply the result by 100 to get your monthly deductions as a percentage of your salary in 2001. These figures are calculated for you in the table.
For example, an annual salary of £30,000 (€38,093) works out at £2,500 a month. The 2001 deductions of £6,278 work out at £698 per month. This £698 represents 27.9 per cent of your monthly salary in 2001. And the net monthly income after deductions of £698 is £1,802.
Calculate your own tax liability
Some tax credits in Box A of the Calculate Your Tax Liability Table on the back page of the Budget 2001 supplement should have been adjusted for the shorter 2001 tax year. The following are the correct tax credits amounts: Blind person's allowance (per person) £444; Dependent relative allowance £33; Age allowance - single £118.40; Age allowance - married £236.80; and Incapacitated child allowance £236.80.
