Information about Hungary Minimum wage and taxes.

In Hungary, the minimum wage represents the lowest salary of employees. As of 2021, the minimum wage amount in Hungary is 167,400 forints gross. The net amount paid to the employee after taxes and other deductions is around 111,000 forints. Tax rates in Hungary vary depending on income level. Income tax is collected at a rate of 15% for the first tranche of income, 32% for the second tranche and 40% for the third tranche. Additionally, social security premiums can reach up to 18% of the employee's gross salary. However, some employers cover a portion of this premium. In Hungary, income tax is paid according to tax brackets. For example, the first

1.5 million forints of income are taxed at 15%,

1.5 million to

5.5 million forints are taxed at 32%, and income above

5.5 million forints is taxed at 40%. Minimum wage and tax policies in Hungary may change over time depending on the government's economic policies and social security system. It is therefore important to seek support from the official tax and labor authorities in Hungary or from advisors to obtain up-to-date information.

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