If you are a worker and want to know how to calculate net salary Spain that you will receive in your bank account month after month, in this article we will tell you step by step how you can calculate it. Also discover a net salary calculator in Spain.
The difference between the net salary and the gross salary are taxes, that is, the gross salary is what you receive before taxes are deducted and the net is what you will actually receive.
To calculate the net salary it is important that you know the gross salary, in this way you can subtract all the deductions that you must apply from an exact amount. Each figure varies depending on the percentage of salary with which you have signed your contract.
Mandatory deductions to calculate net salary in Spain
Spain has a series of deductions that must be subtracted from the gross salary of all workers. It will not always be the same percentage, this varies depending on the income received by the worker, it can range from 10% to 40%.
When you go to a job interview, make sure that you are not caught with the gross salary figure, it requires knowing the net salary, because if not, the surprise that you will get the day you receive your first pay and check your bank account.
Social security deduction
In Spain, each worker must pay a monthly percentage of his salary to Social Security . The amount to be allocated varies between more than 6% but less than 7%. The reason why this fee should be allocated is to cover sick leave or work accidents, as well as unemployment.
The cost of Social Security is carried out for 12 months, despite the salaries that have 14 payments.
The model of the Spanish State to demand a Social Security quota is to protect all workers in the country. In addition, it seeks economic stability and to reduce the wage gap as much as possible so that social inequality is minimal.
Personal income tax in Spain
The Personal Income Tax is charged to all workers in Spain. Both paid workers and the self-employed are charged. Workers who earn up to €12,450 a year must pay 19% and thus the percentages rise until reaching those who earn from €35,200 to €60,000 who must pay 37% and those who exceed €60,000 must pay 45%.
Net salary calculator in Spain
In order not to complicate yourself with the numbers, we recommend that you enter this calculator that will take care of doing all the math for you. In this way you will not have to worry about investigating the percentages that correspond to you from personal income tax or Social Security.
Enter the net salary calculator in Spain and forget about the hassle of calculating the monthly net salary in Spain on your own. Remember that the best thing you can do is a monthly spending plan and stick to your budget in order to lead a healthy economic life that you can enjoy, even a good vacation in the destination of your choice.
To know the final figure that you will see in your bank account month by month, you only need to enter the gross annual salary and your type of employment contract, either general or less than 12 months, on this page. In addition, you will have to choose between the number of payments and your age. These are the essential data you need to calculate the net monthly salary.
