Information about Iceland Minimum wage and taxes.

Iceland is known as a country with a high cost of living and therefore its minimum wage is also higher than other countries. As of 2021, the gross minimum wage in Iceland is determined as 355,000 Icelandic Krona (ISK). This amount is the total gross wage before taxes and social security deductions. However, tax rates are quite high in Iceland and the net wage amount decreases significantly after taxes, social security deductions and other expenses are deducted. Tax rates in Iceland vary depending on income level. As of 2021, a 36.94% tax rate applies to income up to ISK 787,041. For earnings exceeding ISK 787,041, a tax rate of 46.24% applies. Additionally, Iceland has many social security programs. Employees contribute to programs such as unemployment insurance, retirement insurance, and health insurance. These deductions are also deducted from the minimum wage. Minimum wage and tax rates in Iceland may change from time to time, so it is important to consult up-to-date information and official sources.

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