A cut in the 4.5% USC rate to 4% (the entry threshold for this rate has also been increased to €25,760 in line with an increase to minimum wage).An increase in personal, Employee PAYE and earned income tax credits by €100.An increase to the higher rate of tax for PAYE workers (from €40,000 to €42,0000).Minister for Finance Michael McGrath announced a number of changes to tax this afternoon, including: As Capalad puts it, that's "an exciting place to be."Īdditionally, once Schwurack sets up an IRA, she should make sure she actually allocates funds to invest her money in and lists a beneficiary for the account.BUDGET 2024 HAS officially been announced, with a range of one-off payments and some changes to taxes charged on income. That means that, unless Schwurack wants to have closer to six months' worth of expenses in savings or has other financial goals she'll need cash for in the next few years, she can safely start putting the $150 or so she saves each month into an IRA instead. "She may want to take $1,000 from her savings account or her checking account and seed her retirement account with it," Capalad says, adding, "She's at the point where she can divert her savings into a retirement account." Based on Schwurack's current expenses, she has a little over three months' worth of living expenses put away, which is right in line with the three-to-six months savings cushion recommended by many experts. However, Schwurack should still do her own research and decide which option makes the most sense for her situation.Īs far as where to find cash to contribute, Capalad says Schwurack is in a good place with her liquid savings and could probably use some of that money to start a retirement account. "So if that $1,000 grows to $10,000, when you're ready to take it out, you can take out that $10,000, tax-free," Capalad says. If you put $1,000 in, you'll pay taxes on that money now, but not later. But if not, I am very happy working with the regional theaters and being able to get out there and just act, sing and dance." What she spends If I can be on Broadway, it would be fantastic. "New York City is a great place to be," she says.
"Dance is my true passion in life, but serving pays the bills and it gets me to where I need to be," she says.Īnd, despite the competition and low pay, she says moving to the city to try to be a dancer was the right choice. Schwurack doesn't want to work at a restaurant forever, but for now she's grateful for the position. The holiday season is especially lucrative: Schwurack can make anywhere from $10,000 to $12,000 in December alone, she says. "It's really a gamble when you're a server on how much you'll make," she says.Īlthough she normally brings in between $250 and $300 a night, she has earned up to $800 on particularly busy days. In a typical week, she takes home about $1,100 between her wages and tips, though that number can fluctuate. When she's not dancing, Schwurack works at the restaurant Tony's Di Napoli, where she earns around $60,000 a year. Equity dancers earn closer to $900 per week or more, she says. Because she's a non-equity dancer, her rates are lower. Most of Schwurack's contracts have lasted around two months and paid between $350 and $500 per week. There's a few shows that are running for years, but things change and you might leave a show even if it doesn't close." "Even if you get on Broadway they can last for a month or two, maybe up to six months. "You live the poor actor life unless you have certain side jobs that make the money because a lot of the contracts aren't very lasting," she says. Although dance is Schwurack's passion, she acknowledges that "it's really hard, actually being a dancer in New York City."įor one thing, the competition is fierce: "When I go to an audition, open calls usually have around 300 girls there at least."Īnd when Schwurack does land a job, it's both short-term and means taking a pay cut.