1. What is the Wealth Simple Salary Calculator?

The Wealth Simple Salary Calculator helps estimate your net salary in Malaysia after accounting for taxes and EPF (Employee Provident Fund) contributions.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Gross Salary — Your annual salary before deductions
• Taxes — Estimated income tax based on simplified brackets
• EPF — Employee Provident Fund contribution (11%)

3. Importance of Salary Calculation

Details: Understanding your net salary helps with financial planning, budgeting, and ensuring proper tax and EPF contributions.

4. Using the Calculator

Tips: Enter your gross annual salary in MYR. The calculator will estimate your taxes, EPF contributions, and net take-home pay.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is the tax calculation?
A: This uses simplified tax brackets for estimation. For precise calculations, consult Malaysia's official tax tables.

Q2: Is the EPF rate always 11%?
A: The employee contribution rate is typically 11%, but there may be variations based on age or special circumstances.

Q3: What other deductions might affect my net salary?
A: Other deductions may include SOCSO, EIS, or other statutory contributions not included in this calculator.

Q4: Does this account for tax reliefs or rebates?
A: No, this is a basic calculator that doesn't account for personal tax reliefs or rebates.

Q5: How often should I recalculate my net salary?
A: Recalculate whenever your gross salary changes or at least annually when tax brackets are updated.