Rail Users Ireland Forum

Go Back   Rail Users Ireland Forum > Irish Rail Customer Service Issues > General Irish Rail Discussion
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Thread Tools Search this Thread Display Modes
Unread 16-07-2008, 10:46   #1
New to the board
Join Date: Jul 2008
Posts: 2
Question How much do you actually save with taxsaver tickets?

Hi, can anyone tell me how to calculate what the real cost of the taxsaver ticket is? I travel to Maynooth to Ashtown daily and the relevant taxsaver ticket costs 90, but since I buy it through work, it comes out of my gross pay, so the real cost is less than 90. I'm trying to work out whether it's worth my while to buy this ticket, or if it would cost less to buy weekly tickets. I'm not sure that I really get value out of the taxsaver ticket since my journey is pretty short!
lola is offline   Reply With Quote
Unread 16-07-2008, 11:04   #2
Mark Gleeson
Technical Officer
Mark Gleeson's Avatar
Join Date: Dec 2005
Location: Coach C, Seat 33
Posts: 12,652

Day return is 4.30, so its cheaper in cash terms to buy a 7 day ticket at 20.60 than a monthly

The exact savings depend on what tax rate you pay, you save on PRSI and income tax.

Take your monthly pay before tax, subtract from that the value of the ticket, the number you get is the amount your tax is now calculated at. The income tax and PRSI you pay are both reduced as a result. There are some examples http://www.taxsaver.ie/ie/how_much_can_i_save.asp. Basics are you will save around 24% rising to over 45% if you pay at the higher tax rate

Note the monthly ticket would be valid on all trains in the semi circle formed by Maynooth, Balbriggan, Kilcoole and Hazelhatch, so if you head into Dublin on the weekend for instance its effectively free

The annual ticket is typically equally to 10 months in cost sometimes less, 890 in this case

Last edited by Mark Gleeson : 16-07-2008 at 11:13.
Mark Gleeson is offline   Reply With Quote
Unread 16-07-2008, 11:44   #3
New to the board
Join Date: Jul 2008
Posts: 2

Thanks for your reply, Mark!
lola is offline   Reply With Quote
Unread 16-07-2008, 20:18   #4
Colm Donoghue
Really Regular Poster
Colm Donoghue's Avatar
Join Date: Dec 2005
Posts: 873

just a slight correction, 41%paye + 6% prsi is 47% on the higher rate,
or 20% + 6% prsi is 26% on the standard rate.

plus your employer will save on employers prsi of about 10.75%
Colm Donoghue is offline   Reply With Quote
Unread 17-07-2008, 17:46   #5
Really Really Regluar Poster
dowlingm's Avatar
Join Date: Aug 2006
Location: Toronto, Canada
Posts: 1,360

that's pretty generous. surprisingly so in fact. I thought pretty much all of those allowances were standard rate credits.

all you get over here is a non-refundable tax credit (so if you don't pay much tax you don't get much/any benefit) of 15% standard rate Federal tax at the end of the year when you file your return. A lot of transit advocates feel that the money should be handed direct to the operator but that doesn't have the same electoral appeal.

I'd prefer to see the credit at least refundable because it provides an incentive for poorer users to get off more expensive-per-ride cash fares and onto unlimited use monthly or weekly passes.

Some argue that giving someone 48% back rewards the rich but those are the ones who are hardest to entice out of cars...
dowlingm is offline   Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

All times are GMT. The time now is 22:29.

Powered by vBulletin
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.