Are you one of those people who receives their paycheck at the end of the month and simply checks to see if it matches what you earn, but you have no idea what the rest of the data includes? Then you need to read this article, because it never hurts to know your paycheck in depth. Just in case.
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What is a payroll?
Let's start at the beginning, just in case. The pay slip is a receipt for your salary payment that also serves as proof of what you pay in both personal income tax and social security contributions .
Like all receipts, you should always keep them for a reasonable amount of time in case you have to make a claim for something or if you are the one who is being claimed for some reason. You never know.
But then, what are all those concepts that appear on your payroll? Let's take a look at them below...
The header is the section of your payroll where you will find two equally relevant types of data: yours and the company's .
As we said, on the one hand, the details of the company you work for will be included: company name, address, CIF and Social Security contribution account code.
On the other hand, your south korea number data own details as a company employee will be included: name, surname, ID, Social Security affiliation number, professional category, type of agreement and seniority in the company. It is also important that the header reflects the settlement period, that is, the time that you are being paid.
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Accruals are all the income you receive as a worker . There are basically two types of accruals: salary and non-salary . Let's look at them separately.
Salaries
Salaries are the amounts of money that are given to you in return for your work. The sum of all these amounts is what is known as gross salary, and it is usually made up of two amounts:
Base salary : the total remuneration for work performed.
Salary supplements : extraordinary amounts such as seniority supplements, night work, danger work, overtime, extraordinary payments, etc.
Non-salary
Non-salary income, on the other hand, is income that is not taxed as a salary : it is goods or services that do not have a deduction for personal income tax and do not pay into Social Security. Some examples would be supplies (transport, meals, material expenses, etc.), compensation and benefits .
Deductions
Unlike what happens with accruals, deductions for personal income tax and social security do not add to our pay, but rather subtract from it.
You already know: a certain part of every salary has to go to pay Social Security: pension, unemployment insurance, sick leave, vocational training... The percentage of deductions to be paid is variable, and the same worker can decide to pay more or less (within certain limits, of course).
The most common deductions you will find on your payroll are the following:
Common contingency contribution (4.7%) : Contribution paid by the worker to Social Security for various concepts, not including overtime.
Training contribution (10%) : Contribution paid by the worker to Social Security for training.
Unemployment contribution (1.6%) : Contribution paid by the worker to Social Security for unemployment benefits.
Amount on Personal Income Tax (IRPF) . This is the advance payment corresponding to the Income Tax Return. The percentage will vary depending on the circumstances of each worker, although the minimum to be retained is 2% and the average is usually 15%.
Advances . If you request an advance, the deduction of the requested money will be reflected in this section of your payroll.