This salary calculator helps you to get a net salary from gross salary and vice versa using SRS data in Latvia.
|Net salary (take-home)||716.00 EUR|
|Social tax||10.5%||105.00 EUR|
|Personal income tax||20%||179.00 EUR|
|Social tax, employer's part||23.59%||235.90 EUR|
|Business risk fee||0.36 EUR|
|Total employer's expenses||1236.26 EUR|
Differentiated non-taxable minimum
In the field "non-Taxable minimum" is specified "0", because now it is not a fixed data, you have to specify this minimum in accordance with the data of the SRS or taxpayer's predicted minimum.
The maximum non-taxable minimum per year is:
- In 2019 — 2760 EUR,
- In 2020-2021 — 3600 EUR.
The non-taxable minimum is 0 EUR:
- In 2019 — if the annual taxable income is more than 13 200 EUR, for example, the salary is 1101 EUR per month;
- In 2020 — if the annual taxable income is more than 14 400 EUR, for example, the salary is 1201 EUR per month.
- In 2021 — if the annual taxable income is more than 21 600 EUR, for example, the salary is 1801 EUR per month.
Progressive monthly income tax rate
The rate of 20% on monthly income is up to 1667 EUR.
The rate of 23% on the part of the monthly income after 1667 EUR.
Progressive annual income tax rate
The rate of 20% on annual income up to 20004 EUR.
The rate of 23% on the part of annual income exceeding 20004 EUR and up to 62800 EUR.
In 2018-2020 the rate of 31.4% on the annual income exceeding 62800 EUR when filing the annual Declaration.
In 2021 the rate of 31% on the annual income exceeding 62800 EUR when filing the annual Declaration.
The minimum wage within the normal working time is 430 EUR per month in 2019/2020, 500 EUR — in 2021.
The minimum wage is defined in the Cabinet of Ministers Regulation No. 656.
Thanks to everyone who helps to improve this salary calculator!