a1falang Posted July 30, 2009 Share Posted July 30, 2009 Hopefully quick and easy for some brainbox here. Link to comment Share on other sites More sharing options...
aitch52 Posted July 30, 2009 Share Posted July 30, 2009 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 Link to comment Share on other sites More sharing options...
AlexLah Posted July 30, 2009 Share Posted July 30, 2009 75 K of what? THB? Kwookle is your friend. http://www.rd.go.th/publish/6045.0.html Link to comment Share on other sites More sharing options...
CWMcMurray Posted July 30, 2009 Share Posted July 30, 2009 Would vary depending upon whether you were maried and how many kids... but would give a rough estimate of around 65k Link to comment Share on other sites More sharing options...
a1falang Posted July 30, 2009 Author Share Posted July 30, 2009 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. Link to comment Share on other sites More sharing options...
Spoonman Posted July 30, 2009 Share Posted July 30, 2009 (edited) 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 Link to comment Share on other sites More sharing options...
Tywais Posted July 30, 2009 Share Posted July 30, 2009 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. Link to comment Share on other sites More sharing options...
ihightower Posted July 30, 2009 Share Posted July 30, 2009 (edited) 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 Link to comment Share on other sites More sharing options...
AlexLah Posted July 30, 2009 Share Posted July 30, 2009 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? Link to comment Share on other sites More sharing options...
mjperry Posted July 30, 2009 Share Posted July 30, 2009 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 Link to comment Share on other sites More sharing options...
thaiphoon Posted July 30, 2009 Share Posted July 30, 2009 (edited) 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 Link to comment Share on other sites More sharing options...
thaiphoon Posted July 30, 2009 Share Posted July 30, 2009 (edited) 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 Link to comment Share on other sites More sharing options...
mjperry Posted July 30, 2009 Share Posted July 30, 2009 These figures are NOT CORRECT1) 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 Link to comment Share on other sites More sharing options...
Tywais Posted July 30, 2009 Share Posted July 30, 2009 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 Link to comment Share on other sites More sharing options...
thaiphoon Posted July 30, 2009 Share Posted July 30, 2009 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 Link to comment Share on other sites More sharing options...
a1falang Posted July 30, 2009 Author Share Posted July 30, 2009 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. Link to comment Share on other sites More sharing options...
thaiphoon Posted July 30, 2009 Share Posted July 30, 2009 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. Link to comment Share on other sites More sharing options...
Tywais Posted July 30, 2009 Share Posted July 30, 2009 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. Link to comment Share on other sites More sharing options...
thaiphoon Posted July 30, 2009 Share Posted July 30, 2009 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!! Link to comment Share on other sites More sharing options...
sunholidaysun1 Posted July 31, 2009 Share Posted July 31, 2009 Anyone for a CUPPA !! Link to comment Share on other sites More sharing options...
noahvail Posted July 31, 2009 Share Posted July 31, 2009 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! Link to comment Share on other sites More sharing options...
samran Posted July 31, 2009 Share Posted July 31, 2009 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. Link to comment Share on other sites More sharing options...
monty Posted July 31, 2009 Share Posted July 31, 2009 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! Link to comment Share on other sites More sharing options...
TerryLH Posted August 1, 2009 Share Posted August 1, 2009 '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. Link to comment Share on other sites More sharing options...
mjperry Posted August 2, 2009 Share Posted August 2, 2009 (edited) These figures are NOT CORRECT1) 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 Link to comment Share on other sites More sharing options...
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