Monthly Salary 75k Gross, How Much Nett?

[a1falang]

Hopefully quick and easy for some brainbox here.

[aitch52]

I ain't a brainbox but was on same salary a couple of years back, 2.8 K tax and if memory serves correct 450 Baht SS, hope this helps

[AlexLah]

75 K of what? THB?

Kwookle is your friend.

http://www.rd.go.th/publish/6045.0.html

[CWMcMurray]

Would vary depending upon whether you were maried and how many kids... but would give a rough estimate of around 65k

[a1falang]

aitch52: thanks.

AlexLah: of course Thai baht. Sorry, your link doesn't help. I'm an idiot who's hopeless with numbers.

CWMcMurray: never thought of that. I'm single with no kids. Also, I think maximum SS deduction is 750 baht, right Or is that just for Thai employees?

Hopefully, someone can help. Single falang on 75k gross would be ?? nett.

[Spoonman]

I earn a fair chunk more than 75k a month and i pay 750b a month for SS, i have no idea if its scaled in proportion to actual income.

As for your nett salary, im guessing somewhere round 61k.

Edited July 30, 2009 by Spoonman

[Tywais]

I earn a fair chunk more than 75k a month and i pay 750b a month for SS, i have no idea if its scaled in proportion to actual income.

It's 5% of income capped at income of 15k/month so 750 is maximum.

[ihightower]

Hopefully quick and easy for some brainbox here.

A quick rule of thumb is:

Gross Salary Per Month x 0.8 = What you get in your Bank Account every month

20% gone on Taxes and SS

For salaries about THB50,000 to THB 400,000 per month.

So, in your case... THB75,000 x 0.8 = THB60,000

Hope this helps.

Edited July 30, 2009 by ihightower

[AlexLah]

aitch52: thanks.

AlexLah: of course Thai baht. Sorry, your link doesn't help. I'm an idiot who's hopeless with numbers.

Hopefully, someone can help. Single falang on 75k gross would be ?? nett.

75000 X 12 = 900.000 so according to the tax office you need to pay 20% on your income alone.

Are you a troll or what?

[mjperry]

I work it out you'll be paying 8,916.66/month income tax so your net monthly salary would be 65,333.34 THB. Worked out as:

900,000 = Gross Annual Salary

SS Exemption = 9,000

Single Person Exemption = 30,000

861,000 Taxable Income

Tax Breakdown

0 to 150,000 @ 0% = 0

150,001 to 500,000 @ 10% = 35,000

500,001 to 1,000,000 @ 20% = 72,200

107,000 Annual Tax to be Paid

8,916.66 Monthly Tax Due

So 75,000 - 8,916.66 Tax - 750 SS = 65,333.34 THB/month Net

Martin

[thaiphoon]

I've got a spreadsheet that works all this out for my staff. 75k per month = 900k per annum.

Less standard expense allowance at 40% of annual income, butcapped at 60k max

Less personal allowance 30k

= 810k taxable income

First 150k you pay no tax (tax = 0)

Next 350k pay tax at 10% (tax = 35,000)

Next 500k pay tax at 20% (tax = 62,000)

So monthly pay = 75,000 less 8,083 tax (97,000 / 12) = 66,917 less social tax at 5% of annual salary but capped at 750 pm = 66,167

Edited July 30, 2009 by thaiphoon

[thaiphoon]

I work it out you'll be paying 8,916.66/month income tax so your net monthly salary would be 65,333.34 THB. Worked out as:

900,000 = Gross Annual Salary

SS Exemption = 9,000

Single Person Exemption = 30,000

861,000 Taxable Income

Tax Breakdown

0 to 150,000 @ 0% = 0

150,001 to 500,000 @ 10% = 35,000

500,001 to 1,000,000 @ 20% = 72,200

107,000 Annual Tax to be Paid

8,916.66 Monthly Tax Due

So 75,000 - 8,916.66 Tax - 750 SS = 65,333.34 THB/month Net

Martin

These figures are NOT CORRECT

You have missed off the standard expense allowance of 60k

Edited July 30, 2009 by thaiphoon

[mjperry]

These figures are NOT CORRECT

1) You do not deduct SS figure before calculating income tax

2) You have missed off the standard expense allowance of 60k

1. Social Insurance contributions are listed as an exemption on the revenue department website, is this not the case?

2. Your right, i'd forgotten about the extra 60k allowance

Martin

[Tywais]

900,000

-60,000 Standard deduction

---------

840,000

-30,000 Personal deduction

---------

810,000

-150,000 Not taxed

----------

690,000 150k-500k 10% = 350k*.1 = 35k

-350,000

----------

340,000 500k-1M @20% =68k

35K+68K = 103k

103k/12 = 8583/month tax liability

75,000 - 8583- 750 ~= 65667/month take home

[thaiphoon]

aitch52: thanks.

AlexLah: of course Thai baht. Sorry, your link doesn't help. I'm an idiot who's hopeless with numbers.

Hopefully, someone can help. Single falang on 75k gross would be ?? nett.

75000 X 12 = 900.000 so according to the tax office you need to pay 20% on your income alone.

Are you a troll or what?

Yor post is not correct. Income tax in Thailand is a progressive tax, not a flat rate tax

[a1falang]

Thank you to everyone for taking the time to try and do all the sums. (I know I tried and just gave up after an hour.) And a BIG thank to thaiphoon for the spreadsheet-derived figure, which will have calculated the precise amount that can be independently verified as correct as per current Thai tax law.

[thaiphoon]

900,000

-60,000 Standard deduction

---------

840,000

-30,000 Personal deduction

---------

810,000

-150,000 Not taxed

----------

690,000 150k-500k 10% = 350k*.1 = 35k

-350,000

----------

340,000 500k-1M @20% =68k

35K+68K = 103k

103k/12 = 8583/month tax liability

75,000 - 8583- 750 ~= 65667/month take home

Tywais: There is a calculation error in your post. 810k - 150k = 660k, not 690k. That's a 30k difference x 20% = 6,000 a year tax reduction. 35K + new 62k (down 6k) = 97k which agrees with my figures.

[Tywais]

Tywais: There is a calculation error in your post.

Cheap calculator and hurrying too much. So, I think the OP has his NET salary now.

[thaiphoon]

Tywais: There is a calculation error in your post.

Cheap calculator and hurrying too much. So, I think the OP has his NET salary now.

Yes sir, I think you are right!!

[sunholidaysun1]

Anyone for a CUPPA !!

[noahvail]

Wow - I'm impressed with the amazing amount of work required to correctly figure the tax. And it seems as though it's a pretty straightforward procedure. I remember spending days on my US FIT way back when, before simplification - which added thousands of pages to the tax code. Well done guys, and good that two got the same answer!

[samran]

http://www.thaivisa.com/forum/post-a16490-...Calculator.html

Slighly dated given the bottom tax scales and some deductables have changed, but should give you a very close estimate.

[monty]

Actually the SS is down to 3 % (6% total, 3% employer, 3% employee).

Only thing I do not know is if they changed the 750 Baht cap. Most likely not!

[TerryLH]

'Actually the SS is down to 3 % (6% total, 3% employer, 3% employee).'

It's only been reduced from 1 July through 31 December as part of the government stimulus plan.

[mjperry]

These figures are NOT CORRECT

1) You do not deduct SS figure before calculating income tax

2) You have missed off the standard expense allowance of 60k

1. Social Insurance contributions are listed as an exemption on the revenue department website, is this not the case?

2. Your right, i'd forgotten about the extra 60k allowance

Martin

I was right on this one, just dug out my PND 91 form for the tax year 2008 where I had only been officially working for two months and my allowances were:

60,000 - Expenses Allowance

30,000 - Single Taxpayer Allowance

1,500 - Contribution to Social Security Fund Allowance (2 Months @ 750/month)

So given that the calculation should be:

900,000

- 60,000 Expenses Allowance

----------

840,000

- 30,000 Single Taxpayer Allowance

----------

810,000

- 9,000 Social Security Fund Allowance

----------

801,000

- 150,000 Not taxed

----------

651,000 150k-500k @ 10% = 35,000

- 350,000

----------

301,000 500k-1M @ 20% = 60,200

35,000 + 60,200 = 95,200

95,200 / 12 = 7,933.33/month tax liability

75,000 - 7933.33 - 750 = 66,316.67/month net salary

Might be wise to check section C.11 on your PND 91's to see if you've been claiming this allowance also. My PND 91 was approved by the Revenue Department with these allowances as I received a cheque refunding an overpayment of tax.

Martin

Edited August 2, 2009 by mjperry