Bike to Work – Savings Calculator
Savings Calculator
SAVING CALCULATOR
| Employees Salary | |
| Cost of Bike & Accessories |
EMPLOYEE SAVINGS:
| Tax Relief Saving %: | |
| Your Savings: | |
| Final cost of bike: |
EMPLOYER SAVINGS:
| Employer PRSI savings |
Example Savings
Actual savings will depend on each individuals personal circumstances.
Here is a typical example of savings possible as both a Basic rate taxpayer (20%) and a Higher rate taxpayer (40%):
Basic Rate Taxpayer : 20% Tax + USC + PRSI = 28.5%
| Cost of bike / ticket | €1000 | €1,250 | €1,500 | €3,000 |
| Tax Relief Saving % | 28.5% | 28.5% | 28.5% | 28.5% |
| Tax Relief Saving | €285 | €356.25 | €427.50 | €855 |
| Net Cost | €715 | €893.75 | €1072.50 | €2145 |
Example Savings
Actual savings will depend on each individuals personal circumstances.
Here is a typical example of savings possible as both a Basic rate taxpayer (20%) and a Higher rate taxpayer (40%):
Higher Rate Taxpayer : 40% Tax + USC + PRSI = 52%
| Cost of bike / ticket | €1000 | €1,250 | €1,500 | €3,000 |
| Tax Relief Saving % | 52% | 52% | 52% | 52% |
| Tax Relief Saving | €520 | €650 | €780 | €1575 |
| Net Cost | €480 | €600 | €720 | €1425 |