This is what you will pay in Personal Income Tax in the 2024 Income Tax return according to your salary

2024-01-18 07:40:14

The campaign for the 2024 Income Tax return will begin on April 3, marking the beginning of the period in which taxpayers must calculate and pay the taxes corresponding to the Personal Income Tax (IRPF), in collaboration with the Tax agency.

Throughout the fiscal year, workers make contributions through the interim payment system. This method involves an advance payment of taxes, deducted directly from income, subject to adjustments in the annual return. Commonly known as “sale to pay or return.”

The structure of payments on account is established through personal income tax brackets, predetermined in the General State Budgets (PGE). These determine the minimum amount of personal income tax taxes that are withheld directly from the salary, classified by salary range.

Both self-employed workers and employees can evaluate their tax obligation according to their salary, following a progressive scale based on income level. The current bases present the following retention percentages in different income brackets, as reported in 20minutos:

• From 0 to 12,450 euros: 9.5% (State rate), 9.5% (Regional rate), Total 19%.
• From 12,450 to 20,200 euros: 12% (State rate), 12% (Regional rate), Total 24%.
• From 20,200 to 35,200 euros: 15% (State rate), 15% (Regional rate), Total 30%.
• From 35,200 to 60,000 euros: 18.5% (State rate), 18.5% (Regional rate), Total 37%.
• From 60,000 to 300,000 euros: 22.5% (State rate), 22.5% (Regional rate), Total 45%.
• More than 300,000 euros: 24.5% (State rate), 22.5% (Regional rate), Total 47%.

Now, these figures are based on the 2023 PGE and could vary, depending on the decisions made by the Congress of Deputies when approving this year’s public accounts. Among the possible adjustments, the Government’s intention to raise the exempt minimum for filing the declaration, currently set at 15,000 euros for two payers, stands out. With the increase in the new interprofessional minimum wage, the Treasury confirmed to LA RAZÓN that “there will be an increase in the exempt minimum in personal income tax in 2024” in parallel, so that the impact on their withholdings is not “excessive.”

In a scenario where a political consensus is not reached for new budgets, those for 2023 would be extended, also extending the current withholding table.