Information about Taiwan Minimum wage and taxes.

In Taiwan, the minimum wage is at a level determined to enable employees to meet their basic needs. As of 2021, the minimum wage in Taiwan is calculated on an hourly basis and an amount that must be reached per hour has been determined. The minimum wage in Taiwan has been set at 180 Taiwan Dollars (TWD) per hour in 2021. When this is calculated according to daily working hours, it is 1,440 TWD daily and approximately 23,100 TWD monthly. Taiwan also has a tax system and taxes are applied at different rates depending on income. While up to a certain amount of income is taxed at low rates, higher incomes are taxed at higher rates. Income tax rates in Taiwan are classified as follows: - 5%: Income up to TWD 540,000 - 12%: Revenues between 540,001 - 1,210,000 TWD - 20%: Revenues between 1,210,001 - 2,420,000 TWD - 30%: revenues between 2,420,001 - 4,530,000 TWD - 40%: revenues between 4,530,001 - 10,310,000 TWD - 45%: Income of TWD 10,310,001 and above Employees in Taiwan pay taxes based on their income and pay a higher rate of tax on amounts above their income within the tax bracket. In Taiwan, all employees must pay social security contributions. Social security premium is calculated as an amount equal to a certain percentage of the salary and is paid equally by the employer and the employee. Minimum wage and tax rates in Taiwan may be updated every year, so it is important to get the most up-to-date information from official sources.