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Self-employed get tool to calculate new Social Security contributions

Self-employed get tool to calculate new Social Security contributions

Workers will be able to estimate their monthly payments under next year's income-based contribution system


Tuesday, 6 December 2022, 11:14

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The decree to bring in a new contribution system based on real income for the self-employed was approved in July by the Cabinet and validated by parliament in September. It is estimated that, with this new system, half of self-employed workers in Spain will pay less next year, while a quarter will maintain their contribution and the remaining 25 per cent will see their contribution increase by up to almost 300 euros per month.

The department for Social Security has made a simulator available to self-employed workers to help them find out how much they will have to pay from January 2023 under the new system. As indicated on its website, this "simulation is informative" and the contribution to be paid is shown without applying deductions.

The amount to be paid is calculated on the basis of the estimated income for the year. For this purpose, a table of income and contribution bases is provided. Bear in mind that, if at the end of the year, your annual income has been less than you had expected, you will be able to request a refund of contributions. If they are higher, you will have to pay the difference.

Users of the online tool must indicate the net monthly income that they expect to obtain in 2023 and the simulator will estimate the monthly social security contribution.

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