Are you a fresh graduate who wants to know how much you will earn in your first job? |
Know Your Worth: 7 Salary Calculators Tools to Compute Your Earnings
Or do you have years of experience and are interested to know how your salary increase will affect your net pay?
Knowing your estimated take-home pay has significant benefits..
from motivating you to perform well at work to having well-managed finances.
But all the computations can be overwhelming.
You can solve this problem using salary calculators in Malaysia that automatically apply the salary calculation formula to compute your net pay.
These are the amounts you can include when computing your net income:
• Gross or basic salary (monthly or annual)
• Monthly Tax Deduction or Potongan Cukai Bulanan (PCB)
• Employment Provident Fund (EPF is 11% share from employees and 13% from employers)
• Social Security Organisation (From SOCSO Rate of Contribution Table)
• Employment Insurance System (From Rate of Contribution Table)
• Overtime pay
• Fixed allowances
• Other expenses
You need to subtract all deductions and expenses to calculate your take-home pay.
If you have overtime, add your overtime pay first to your basic income before the deductions.
Also, consider bonuses and allowances that are subject to deductions and those that are not.
Salary calculators also offer features to calculate deductions such as income tax, EPF, SOCSO, and EIS.
7 Salary Calculators You Can Use
Here are salary computing tools available online or downloadable to your smartphone devices for quick and easy use.
1. Salarycal – Salary Calculator Malaysia
Salarycal is a useful Android device app that lets you compute your salary by also deducting your other monthly expenses such as loans and credit card bills.
Enter your basic monthly salary, monthly bonus, select EPF percentage contribution, and enable EIS and PBC.
Then, it will show you your net pay through a pie-chart report.
This website is an online calculator that computes your monthly income tax, EPF, SOCSO, and EIS.
You can also input specific information under the Salary Options such as Tax Category, Tax Residency, Calculation Preference between Salary and Bonus, and Zakat Muslim Fund.
3. MY Income Tax Calculator 2020
If you want to take a closer look at your annual income and tax, MY Income Tax Calculator is another free app for Android users.
Same with other apps, it also calculates your monthly deductions once you type in your monthly gross salary.
This app also provides a summary of your annual tax and taxable income.
This website will help you if you need a net pay calculation that includes tax relief for your children, medical expenses, school fees, and insurance premiums.
You may also enter your email address to have the result sent to you in an Excel file.
5. Simple PBC Calculator
This app is downloadable for iOS users who need an instant and easy computation of their income tax.
You can enter your monthly or yearly salary, allowance, and bonus, and it will provide you with a result with your deductions and annual tax and income report.
An income tax rate is available if you need a reference for tax percentage per income range.
6. iMoney Malaysia
This is another website you can use for your income tax computation.
The iMoney income tax calculator has 3 parts with specific fields you can fill in with available amounts.
The first part will include your annual gross income and essential family information, the second is for paid expenses, and the last is for other purchases, donations, and Zakat payment.
The result will have a comparison of your estimated income tax for the current and previous year, your tax deductions, taxable income, and the tax amount you should pay.
The website also provides essential information about income tax in Malaysia.
An online calculator you can use to know how much you are expected to receive for overtime work.
To use it, enter your basic pay, appropriate pay period, and the number of hours worked overtime.
Whether you are looking for a quick salary computation or a comprehensive income report, these salary calculators are great tools to estimate your expected net pay.
These applications you can use in just a few clicks also provide a more convenient way of knowing the value of your experience and skills in today’s job market and if you are getting the right amount you worked hard to earn.
Hope this article How much you will earn in first salary will guide you to get better offer in your career growth.
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