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That's for a 35.7k salary. I'm talking 6 figure salaries. To get to a 150k NET salary if you factor in income tax, payroll tax, state pension system/insurance,
by alecco 5y ago
That's for a 35.7k salary. I'm talking 6 figure salaries. To get to a 150k NET salary if you factor in income tax, payroll tax, state pension system/insurance, union contributions, and a bunch of other things it becomes 80% of the GROSS cost for the employer.
Income tax alone gets to 55% for higher bands in many countries.
And due to looming pension crisis they are planing to RAISE all these taxes and contributions.
- oblio 5y ago> Income tax alone gets to 55% for higher bands in many countries. Do you have a list of these countries? The highest I know is 42% for the highest tax bracket, which makes the effective tax rate around 35-38% for most salaries, including the very high ones.
- alecco 5y agohttps://en.wikipedia.org/wiki/Tax_rates_in_Europe#Summary_list https://en.wikipedia.org/wiki/Tax_rates_in_Europe#Summary_li... Sort by Maximum Income Tax Rate (3rd column). I should've said personal income taxes and contributions not just "Income Tax". There is a nightmare of other things you can see there but effectively it's taxes on personal income. Employers pay a lot too before this. For example in Spain they pay almost 30%. https://www.bankinter.com/blog/finanzas-personales/del-salario-bruto-salario-neto-espana-asi-varia-sueldo-infografia https://www.bankinter.com/blog/finanzas-personales/del-salar... (note this is for <50k/yr, but employer contributions don't have bands)
- deleted 5y ago[deleted]