In June, workers in a dependency relationship receive the first Complementary Annual Salary (SAC)generally known as bonus that offers a extra pay for workers which is divided into two parts: the first in the middle of the year and the second in December.
The bonus is usually a sum equivalent to a percentage of the semester salary of the employee, which is delivered in the liquidation of June and December.
Christmas bonus 2023: when is it paid?
By law, employers have time until the June 30 to pay the bonus. But you can exceed four business days after that date. Therefore, until this Friday, July 7, they have time to pay it.
How much do you charge for a bonus?
To know the additional charge, you must take into account the highest monthly remuneration received in the semester. This, 50% is calculated.
Those who were recently hired, the situation presented to them is different, since companies grant a proportional to the months worked.
He SAC It is calculated according to the months worked, using either of these two formulas:
- Divide the best salary in halfdivide again that I ride for six and Multiply the result by the months worked.
- Multiply the months worked by half of the best monthly salary and, to that result, divide it by six.
Income Tax: how it impacts on the Christmas bonus
The Government provided that the half Christmas bonus will be exempt from Income Tax for gross wages of up to $880,000.
As reported by the Palacio de Hacienda in a statement, the measure will benefit more than half a million workers throughout the country.
The draft decree that increases the exemption of subparagraph z of article 26 of the Income Tax Law implies that the complementary annual salaries will be exempt from Earnings if the worker’s monthly remuneration does not exceed $880,000 gross, which is equivalent to 10 times the Minimum Vital and Mobile Wage.
This is a one-time extraordinary benefit for workers who pay income tax, with the aim of rebuilding their purchasing power and projecting that this improvement in pocket wages translates into greater consumption and economic activity.
Bonus: How many workers will not pay Income Tax?
The measure benefits 513,000 workers throughout the country who are subject to Earnings withholding and register monthly gross wages of between $506,230 and $880,000.
In this sense, more than 50% of the workers who today pay the tax are reached by the benefit.
The measure ordered by Massa implies an average pocket improvement per employee that exceeds $110,000 ($112,600), and an increase over the average monthly pocket salary of 26%.
In the case of the bonus, the tax withholding is calculated month by month.
For this reason, the measure proposes to return what was withheld for these salaries in two equal and consecutive monthly installments, along with the collection of monthly salaries earned in June and July.
For this, employers must display the return in a separate line of the salary receipt, clearly identifying the benefit of the measure.
Source: Ambito
