Income tax calculator Hong Kong
Find out how much your salary is after tax
Salary rate
Annual
Month
Semimonthly
Weekly
Day
Hour
Withholding
Salary
$ 394,940
Income Tax
- $ 23,640
MPF
- $ 18,000
Total tax
- $ 41,640
Net pay
*
$ 353,300
Marginal tax rate
17.0%
Average tax rate
10.5%
89.5%
Net pay
10.5%
Total tax
Total tax
Net pay
The Taxberg
$ 353,300
Net pay
$ 18,000
Tax the employer pays
$ 41,640
Tax you pay
Total tax paid
$ 59,640
Did you know your employer also pays tax on your salary? It costs the employer $ 18,000 to pay you $ 394,940. In other words, every time you spend $ 10 of your hard-earned money, $ 1.51 goes to the government.
Real tax rate
14.4%
So, with you and the employer both paying tax, what used to be a 10.5% tax rate now rises to 14.4%, meaning your real tax rate is actually 3.9% higher than what it seemed at first.
Summary
If you make $ 394,940 a year living in Hong Kong, you will be taxed $ 41,640. That means that your net pay will be $ 353,300 per year, or $ 29,442 per month. Your average tax rate is 10.5% and your marginal tax rate is 17.0%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $ 100 in your salary will be taxed $ 17, hence, your net pay will only increase by $ 83.
Bonus Example
A $ 1,000 bonus will generate an extra $ 830 of net incomes. A $ 5,000 bonus will generate an extra $ 4,150 of net incomes.
NOTE* Withholding is calculated based on the tables of Hong Kong, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.