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Payroll Accounting in Slovakia

The group of companies SlovakiaInvest offers you its services related to and payroll calculation.

It is well-known that the process of payroll calculation is rather complicated in any country especially in respect that the Slovak Republic is a foreign country, it is better to rely on professionals working in this field for many years. This will allow you to save your money due to the fact that you will not need to keep a specialist to monitor changes in laws, to spend money on buying and upgrading the software, so that you can fully focus on your business without worrying about the correctness of the payroll. We calculate salaries for tens of our customers’ employees each month. We constantly monitor changes in legislation and trends in the labor market.

The first step while signing the employment contract or similar document based on which the employee begins to receive a salary is the registration of employer and employee in all relevant institutions that we can do for you in accordance with legal requirements.

The cost of services for payroll calculation includes:

  • monthly payroll calculation, taking into account the salary of the employee, the possible bonuses, penalties, vacation benefits, spouse and children benefits, as well as all lawful deductions, charges, and, of course, taxes and other,
  • making the spreadsheet - the bank payment order with amounts of payments and all necessary data,
  • monthly / quarterly / annual reports to the social insurance company, the health insurance company, as well as to the tax authorities and other institutions, if applicable.

We are also ready to assist in hiring employees, selecting the proper type of labor contract, determining the amount of employees’ wages, signing or termination of labor contract.

To know better the Slovak labor laws we remind you that in contrast to legal persons net income of individuals besides other taxes is affected mainly by obligations for deductions that in many cases exceeds the amount of income tax. There are two types of deductions in Slovakia: helth and social. Social Insurance Company is a public organization responsible for the implementation of insurance in case of temporary disability and pensions. There are currently three health insurance companies, (previously about ten): Všeobecná zdravotná poisťovňa, a. s., DÔVERA zdravotná poisťovňa, a.s. and Union zdravotná poisťovňa, a. s., two of which (DÔVERA and Union) are private-owned.

In analogy with other EU countries deductions in Slovakia related to the salary are split between employee and employer: a part of deductions are included in the salary of the employee, while the other part is added above his/her salary. When it comes to wages in Slovakia we always talk about base salary (hrubá mzda), which includes employee deductions and taxes, but not about the net salary (čistá mzda), which an employee receives on his/her bank account. There is another term used in legislation: labor cost (cena práce), which includes employee’s base salary (net salary + taxes + employee deductions), as well as social security and health transfers paid by the employer above the base salary. The cost of labor reflects the full cost of employee’s salary.

The size of employee health deductions in Slovakia in case of an employment contract is 4%, and 10% for employer’s health transfers. Social security deductions are paid at a rate of 9.40% by an employee and 25.20% by an employer.

Here is a rough calculation of wages in Slovakia in case of an employment contract:

Labor costs  430.00 € 500.00 € 1,000.00 €
Base salary  318.07 € 369.86 € 739.68 €
Employee’s health deductions  12.72 €  14.79 € 29.58 €
Employer’s health transfers 31.80 € 36.98 € 73.96 €
Employee’s social security deductions 29.89 € 34.74 € 69.51 €
Employer’s social security transfers 80.12 € 93.16 € 186.36 €
Tax base 0 € 23.73 € 343.99 €
Tax 0 € 4.50 € 65.35 €
Net salary 275.46 € 315.83 € 575.24 €
Net salary in % 64.06% 63.17% 57.52%

There are types of non-labor contracts without any employee’s deductions and with employer’s transfers only at 1.05% which can be used with some restrictions.

The minimum wage in Slovakia is 380 euro in 2015. We also take into account the fact that the tax base of individuals is reduced by non-taxable part of the tax base. A taxpayer whose income during the calendar year did not exceed 19,809 euro uses non-taxable part in the amount of 3,803.33 euro, meaning that he/she does not pay tax from first 3,803.33 euro per year.

In our payroll services we take into consideration all actual data, as well as, for example, state awards, benefits, sickness and vacation allowance, thus, you don’t have to think about it.

Below we show net salary calculator.

Hrubá mesačná mzda – enter gross salary, amount from employment contract.
Počet detí – Number of children.
Polrok – Select first or second half-year of the year.
And press Vypočítať čistú mesačnú mzdu.

 

 

Result:

Zdravotné poistenie – Health insurance contribution.
Sociálne poistenie – Social insurance contribution.
Mesačný základ dane – Monthly tax base.
Mesačná nezdaniteľná časť – Non taxable part of salary.
Mesačný základ dane pred danením – Monthly tax base before taxation.
Daň z príjmu (19%) – Income tax.
Daňový bonus na dieťa – Child tax benefit.
Čistá mesačná mzda – Monthly net salary.

Consequently, into the employment contract we write the amount from field “Hrubá mesačná mzda (Gross salary), employee receives at his account amount indicated in field “Čistá mesačná mzda (Monthly net salary)”. Additionally, the employer pays contributions in the amount of 35,20%, this amount is not listed in the calculation.

 

 


 



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