Frequently asked questions in category:
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What is the minimum wage in the Republic of Ireland?
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What does the national minimum wage mean and why is it in effect?
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Do I need to pay taxes as a student in Ireland?
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Where to find an income tax calculator?
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How to apply for a student loan?
The minimum wage in Ireland is set at €9.55 an hour, in accordance with the National Minimum Wage Order 2017. You are entitled to the minimum wage after the first 2 years of employment over the age of 18.
If you are are 18 years old or younger, you will not be eligible for the entire minimum wage. You will receive the ‘sub-minimum rates’: €6.69 an hour when you first turn 18; after one year, you will receive €7.64, and after two years, €8.60. Then after the second year you will receive the full minimum wage of €9.55.
The national minimum wage is in effect to ensure employees receive fair treatment and have enough money to pay for the necessities of life such as rent, food, water, and sanitary products etc. If you are not receiving the minimum wage (or sub-minimum wage) you should report the matter to your local authorities.
As a student, you are obligated to pay taxes your income (any money that you make from working). If you receive a scholarship, that will not be taxed. It really depends on how much you earn per annum. You will not earn anything in the region of €30,000 - €40,000 in a year. Realistically, let’s say you earn €15,000 in a year, you can expect to pay 20% in tax (€3,000) and 2% USC, you will be eligible for tax credits of €3,300 which will bring your take home pay back up to just under €14,900. You will pay just over €100 in taxes. Pretty nice! You can find out more here.
Although there are no official government income tax calculators, you can, however, find below a reliable tool with which you can easily calculate how much income tax you will pay. Taxback.com is a reliable, up-to-date website with which you can calculate your tax. This will give you a rough estimate of how much tax you will pay in a year.
Are you considering taking out a loan to support your studies? You can apply for a student loan from the Bank of Ireland. There are various payment plans and interest rates available, depending on your preferences. If you are looking for an easier way to pay your tuition fees or fund your exchange abroad, click here for more information.