Information about Costa Rica Minimum wage and taxes.

The minimum wage in Costa Rica is set at 12,070 Costa Rican colones per day as of 2021. Calculated monthly, this corresponds to approximately 362,100 Costa Rican colons. When it comes to tax rates, Costa Rica taxes based on income. Income tax rates vary depending on income level. As of 2021, the income tax brackets are as follows: - 0% tax applies to income from 0 Costa Rican colones to 817,000 Costa Rican colones. - A 10% tax applies to income from 817,001 Costa Rican colones to 1,222,000 Costa Rican colones. - A 15% tax is imposed on income from 1,222,001 Costa Rican colones to 2,447,000 Costa Rican colones. - A 20% tax applies to income from 2,447,001 Costa Rican colones to 4,893,000 Costa Rican colones. - A 25% tax applies to income exceeding 4,893,001 Costa Rican colones. These tax rates are applied according to certain brackets of annual income, and a portion of the income is subject to different rates in each bracket. Additionally, Costa Rica also has additional taxes such as social security premiums. These premiums are shared between the employee and the employer.

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