Information about Spain Minimum wage and taxes.

In Spain, the minimum wage amount is updated annually. In 2021, the gross minimum wage in Spain was determined as 31.66 euros/day or 950 euros/month. However, since taxes and social security deductions are above this amount, the net minimum wage amount is lower. The tax system in Spain is progressive and different tax rates apply depending on the amount of income. As of 2021, income tax rates in Spain are as follows: - 19% tax applies to persons whose annual income does not exceed 12,450 euros. - 24% tax applies to people with annual income between 12,450 euros and 20,200 euros. - 30% tax applies to people with annual income between 20,200 euros and 35,200 euros. - 37% tax applies to people with annual income between 35,200 euros and 60,000 euros. - 45% tax applies to people with annual income of more than 60,000 euros. There are also social security deductions in Spain. These deductions, shared between the employer and the employee, constitute a certain percentage of the gross amount of the salary. These deductions are made to contribute to social security services such as health services, retirement and unemployment insurance. The above information provides a general overview and it is recommended that you seek support from competent authorities or tax advisors for more detailed information about minimum wages and taxes in Spain.