What is Net Wages Calculation?
The net salary (net) is the so-called real income which remains at the disposal of its owner. It is income that is net of tax and health and social insurance, or pension savings. The gross wage is stated in the job advertisements, so it is useful to calculate the net wage before declaring the interest in the job position.
Payment of taxes and levies is part of the existence of the state and provides resources for the functioning of the state apparatus and services. Every employee must pay a certain part of his salary to the state in the form of a tax. In order to know how much one gets "on hand", one needs to calculate the net wage .
What Is The of Net Wages Calculator?
Gross wages are stated in job advertisements and subsequently also in employment contracts. It pays contributions to the social insurance company, contributions to the health insurance company and personal income tax. After deducting them, the net salary is issued. The calculation of net wages consists of the deduction of the following items:
- health insurance,
- old age insurance,
- disability insurance,
- Unemployment insurance,
- guarantee fund,
- reserve fund,
- accident insurance,
- income tax.
Sickness insurance
Sickness insurance is insurance against loss or reduction of income from gainful employment and to secure income due to temporary incapacity for work, pregnancy and maternity. From the sickness insurance scheme are granted sickness benefits :
- sick leave ,
- maternal ,
- nursing ,
- compensatory allowance .
Old age insurance
Old-age insurance is a pension insurance subsystem in Slovakia. It is an insurance to secure income in old age and in the event of death. The old-age insurance system provides:
- old-age pension ,
- early retirement ,
- widow's pension ,
- widow's pension ,
- orphan's pension .
Disability insurance
Disability insurance is a pension insurance subsystem in Slovakia. It is insurance in the event of a decline in the ability to perform a gainful activity due to the long-term unfavorable health condition of the insured and in the event of death. The disability insurance system provides:
- disability pension ,
- widow's pension,
- widow's pension,
- orphan's pension.
Unemployment insurance
Unemployment insurance is insurance against the loss of income from an employee's activities due to unemployment and to secure income due to unemployment.
The insured is entitled to unemployment benefit. Entitlement to the benefit, after fulfilling all the conditions for recognition, arises from the date of inclusion in the register of job seekers and expires after six months, respectively. four months. This period is referred to as the unemployment benefit period .
Guarantee fund
The guarantee fund is intended to satisfy claims from employment in the form of monetary compensation, if the employer cannot satisfy these claims because he has become insolvent. It is considered as such if a petition for bankruptcy has been filed or the court has rejected the petition for bankruptcy due to lack of assets.
Reserve fund
The Solidarity Reserve Fund is created by the social insurance company and is an essential element of consumer protection in the old-age pension insurance system. It is intended (among other things) to cover damages caused by a pension management company or its depositary to assets in pension funds.
Accident insurance
Accident insurance is included in social insurance as compulsory insurance of the employer, which is to protect him from the risk of economic burden in the event of his liability for damage caused to his employee as a result of an accident at work or an occupational disease resulting from employment law.
Income tax
Income tax, together with VAT and excise duties, is one of the most important and profitable taxes. Natural and legal persons are payers of income tax. Income tax is regulated by the Income Tax Act .
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reference:
https://www.profesia.sk/kariera-v-kocke/mzdy/vypocet-cistej-mzdy/