Changes to USC made in Budget 2015
USC (Universal Social Charge) was amended in Budget 2015 – it was decreased for lower income levels and increased for higher income bands.
These are the new rates of USC that came into effect on January 1st 2015
Zero if total income is under €12,012 a year
For people with income of €12,012 or more the rates will be :
1.5% on all income from 0 up to €12,012
3.5% on earnings between €12,012 and €17,576
7% on any income between €17,577 and €70,043
8% on any income over €70,044
Note A rate of 11% USC will apply to self employed earnings over €100,000
People aged 70 or more with income under €60000 will have a maximum rate of of 3.5% USC (Even on Income over €17,577 ) .
Over 70′s with income over €60,000 will pay the same rates of USC as under 70’s .
Medical card holders with income under €60,000 also have a top rate of 3.5% USC .
Medical Card holders with income of €60,000 or more will pay the same rates of USC as non medical card holders.
A person earning €50,000 per year will pay the Universal Social Charge at a rate of 1.5% on the first €12012 (which comes to €180.18), 3.5% on the next €5,980 (which comes to €194.74) and 7% on the balance of €32424 (which comes to €2,270). In total this person will pay €2,645 USC per year.