Calculate your take home pay in Mexico (that's your salary after tax), with the Mexico Salary Calculator. A quick and efficient way to compare salaries in Mexico, review income tax deductions for income in Mexico and estimate your tax returns for your Salary in Mexico. The Mexico Tax Calculator is a diverse tool and we may refer to it as the wage calculator, salary calculator or after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (Mexico income tax calculator, there is another!) that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion.
How to calculate your salary after tax in Mexico
Follow these simple steps to calculate your salary after tax in Mexico using the Mexico Salary Calculator 2020 which is updated with the 2020/21 tax tables.
- Resident Status. The Resident status in Mexico here refers to your tax status, not necessarily your visa type or domicile. From a tax calculation perspective, your Tax Resident Status affects non-refundable tax credits and income tax allowances. As with most countries with an international workforce, Mexico has numerous tax/fiscal Memorandums of Understanding (MOU) and Tax Treaties in place though the following are valid for most taxpayers:
- Employment Income. This is the amount of salary you are paid. The Mexico tax calculator assumes this is your annual salary before tax. If you wish to enter you monthly salary, weekly or hourly wage, then select the 'Advanced' option on the Mexico tax calculator and change the 'Employment Income and Employment Expenses period'.
That's it! Just two simple steps to calculate your salary after tax in Mexico with detailed income tax calculations. Need more from the Mexico Tax Calculator? More detailed salary calculator or a wage calculator? Simply select 'advanced' to access more features of the tax calculator.
Advanced Features of the Mexico Income Tax Calculator
- Pension Contributions This is the pensions rate defined for 2020 in the 2020 income tax rates and thresholds. You can edit the rate as required.
- Fixed Pension or % of Salary The default pension contributions are set as a percentage of your gross salary, you can change this to a lump sum if you have a different salary package with your employer
- Employee Social Security Contributions Rate This is the Employee Social Security Contributions rate defined for 2020 in the 2020 income tax rates and thresholds. You can edit the rate as required.
- Employer Social Security Contributions Rate This is the Employer Social Security Contributions rate defined for 2020 in the 2020 income tax rates and thresholds. You can edit the rate as required.
- Education Expenses This is the amount of education expenses you have incurred during the tax year.
- Medical Expenses This is the amount of medical expenses you have incurred during the tax year, note that medical certificates will be required and medical expenses are subject to certain criteria
- Charity Donations This is the amount of charitable donations you have made during the tax year, note that these are capped at a percentage of your income in Mexico from the previous tax year
- Funeral Expenses This is the amount of funeral expenses you have incurred during the tax year.
- Tax Assessment Year The tax assessment year is defaulted to 2020, you can change the tax year as required to calculate your salary after tax for a specific year.
- Your Age You age is used to calculate specific age related tax credits and allowances
- Number of Children and Number of Children who qualify for Dependents Allowance The number of children you have and their status is used to calculate specific dependents related tax credits and allowances
- Number of Working Days in the year The number of working days in the year is used to calculate average daily / weekly etc. earning for the salary calculation and after tax illustrations
- Number of hours worked per week The number of hours worked in the year is used to calculate average daily / weekly / hourly earnings etc. for the salary calculation and after tax illustrations
- Number of weeks worked in the year The number of working weeks in the year is used to calculate average daily / weekly etc. earning for the salary calculation and after tax illustrations
- Employment Income and Employment Expenses period The default Employment Income and Expenses period is 'Annual' meaning the amount you entered as your Employment Income is your annual salary before tax. You can change this to monthly, weekly, four weekly, hourly salary etc. as required to calculate your net pay.
Additional features available with the Mexico Tax Calculator
In addition to the features and options described above, the Mexico Tax Calculator also has the following features:
- Select Simple or Advanced. The Simple option is mainly used for those who want to quickly calculate their salary after tax, perhaps to review an annual pay rise or incremental pay rise. The Simple tax calculator is also useful for comparing salaries in Mexico, great if you are looking at a new job in Mexico or comparing salaries in different industries in Mexico. the Advanced Tax Calculator is designed for those who wish to calculate their tax commitments with more detail, for example you may with you calculate your monthly/quarterly/annual tax withholdings to ensure you retain sufficient revenue to cover the cost of your annual self-assessment tax return.
- Normal or Full-Page View. The Normal view allows you to use the Mexico Salary Calculator within the normal content, this means you see the standard menus, text and information around the calculator. This view is better suited to those who are doing a quick salary comparison or quickly estimating their monthly tax withholdings. The Full Page view hides the menus and unnecessary text, providing a clear, uncluttered view of the Salary and Tax Calculator, this is the best view for competing more advanced tax calculations as there is less distraction whilst entering key income and expense information.
Mexico Income Tax Calculators