Only for the accounts
HOW TO READ YOUR PAYROLL
Although I am very smart, why is my salary gross?
Gross and net, packed with contingencies and a list of things that are not money but can still be part of your salary. Sorry... if you already have a payroll, you have no choice: it is time to be an adult.
The four basic concepts of a payroll that you must know:
Base salary
Content Base salarySalary in kind
Content Salary in kindSalary supplements
Content Salary supplementsExtraordinary payments
Content Extraordinary payments
“As for me, as long as they pay me...”
Please reset now. Keep in mind that this document called payroll will be with you for over 40 years. She will be your best friend, your great ally, your everything... Understand these other concepts that are a little less basic, but also simple.
Income tax: It is the advance payment for the Income Tax Return. It is advisable to adjust the percentage you pay to your income. That is, withholding from you what you should be entitled to from your gross salary. If not, when you file your tax return, you may end up paying a lot at once, which will feel worse than a hug from your mother-in-law during a soap opera.
- Header: It identifies both the company and the worker. It includes the company's legal name, its Tax ID Number, its social security account code and the month to which the payroll corresponds. Regarding your data: DNI, Social Security number, your professional category, your seniority at the company and the contribution group you belong to.
- Accruals: This is the second part of the payroll and is where you will find your gross income:
Salary payments: In this section you will see a breakdown of your salary with the specifications for the month worked: Base salary, supplements and whether the payroll corresponds to an ordinary month or an extra payment.
Extra-salary earnings: Per diems, distance allowance, transportation allowance, etc. This type of remuneration is not subject to income tax deductions or social security contributions, which is why it is listed separately.
- Withholdings and deductions: It is the part of the payroll that details the deductions applied to the gross salary:
Social security contributions: The fund of everyone for everyone. Here you'll find two deductions: one for common contingencies and one for unemployment.
Income tax: It is the advance payment for the Income Tax Return. It is advisable to adjust the percentage you pay to your income. That is, withholding from you what you should be entitled to from your gross salary. If not, when you file your tax return, you may end up paying a lot at once, which will feel worse than a hug from your mother-in-law during a soap opera.
Are you doing an internship at a company? Keep an eye on withholdings and your tax return and, above all, keep your chin up!
If you are thinking about a loan, it is better to get a Young Person's Salary Account.
We can assure you, we are a bank and a guarantee such as having your payroll domiciled with us will make your loan approval and terms much easier for you. And what does the Young Person's Salary Account give you? Well, a lot: