Don't forget that in order to pay 60.000 gross wage to an employer, employe has paid another tax of 25% (15k, it's called patronale bijdrage or werkgeversbijdrage) to the government, so he paid 75.000 euro in totaal. As for income tax we have progressive tax system. So you get a bit more net income. About 31.000 net income BUT we have another tax "city tax" depending on where you live it's around 7%. So you get about 29.000. So tax burden is about 61% in totaal. Don't forget that after that you pay vat on product and huge gas taxes and we have even ridiculous sugar tax, property taxes and more. Now imagine opening business in Belgium. Need to pay 75k so your employer can get 29k net...
thanks for the video. however, you made a mistake in calculations. Your income tax will be less because you should multiply the prescribed amount of money in brackets by its percentage %. see 1:37 time. 15762 is for income up to 42370. and you should pay additional 50% of (52158-42370)=4894. As a sum you will get 20656 but not 26k
Being an IT professional these tax part is always confusing for me- not able to understand indian taxes properly and now I am struggling for belgium. Have to join an IT company in january plz help… Can you explain with an example on the basis of below inputs? 1. Monthly salary 5000 Euro 2. Married and have 5 yrs old kid 3. Wife will be on dependent visa (no job)
Firstly congratulations for the offer :) I cannot say exactly how much you will get in hand after tax deductions but I can suggest to refer the website I mentioned in the description and/or you can also check online for Belgium tax calculator but they will provide you with approximate calculations.
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Thanks for the like :)
Don't forget that in order to pay 60.000 gross wage to an employer, employe has paid another tax of 25% (15k, it's called patronale bijdrage or werkgeversbijdrage) to the government, so he paid 75.000 euro in totaal. As for income tax we have progressive tax system. So you get a bit more net income. About 31.000 net income BUT we have another tax "city tax" depending on where you live it's around 7%. So you get about 29.000. So tax burden is about 61% in totaal. Don't forget that after that you pay vat on product and huge gas taxes and we have even ridiculous sugar tax, property taxes and more. Now imagine opening business in Belgium. Need to pay 75k so your employer can get 29k net...
I was not aware about the employer contribution but thank you for mentioning :)
thanks for the video. however, you made a mistake in calculations. Your income tax will be less because you should multiply the prescribed amount of money in brackets by its percentage %. see 1:37 time. 15762 is for income up to 42370. and you should pay additional 50% of (52158-42370)=4894. As a sum you will get 20656 but not 26k
What I have realized is, it's a bit more complicated to calculate the exact amount but thanks for the calculations :)
Being an IT professional these tax part is always confusing for me- not able to understand indian taxes properly and now I am struggling for belgium. Have to join an IT company in january plz help…
Can you explain with an example on the basis of below inputs?
1. Monthly salary 5000 Euro
2. Married and have 5 yrs old kid
3. Wife will be on dependent visa (no job)
Firstly congratulations for the offer :)
I cannot say exactly how much you will get in hand after tax deductions but I can suggest to refer the website I mentioned in the description and/or you can also check online for Belgium tax calculator but they will provide you with approximate calculations.