Sri Lanka Payroll Calculator 2024
Calculate payroll costs for up to 20 employees in Sri Lanka in 2024 for free (view alternate tax years available). You can find detailed information on how to calculate payroll in Sri Lanka in 2024 below the calculator and details about the features within the tool.
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How to calculate Payroll in Sri Lanka in 2024
Calculating payroll in Sri Lanka can seem a headache initially, you may have the language barrier to consider, getting to grips with the different social security deductions, income tax policies and withholding requirements in Sri Lanka just a few elements you need to consider. The good news is that in addition to the free payroll calculator for Sri Lanka, we also provide detailed salary examples for Sri Lanka which are linked directly from the payroll service so that you can see your total payroll and employment costs inclusive of all payroll deductions and click on individual salaries to see the specific detailed salary calculation. We feel this is a great payroll solution for forecasting employment costs and well as understanding how much your employees earn after tax. It also allows employees to understand how much tax is paid as part of their salary package in Sri Lanka (most employees do not see or understand the total employment costs incurred by employers in Sri Lanka).
Using the Free Payroll Calculator for Sri Lanka
The Sri Lanka Payroll Calculator is designed to be intuitive, but we feel it is always useful to have a step-by-step guide to using the calculator to ensure you, the user, get the most out of this tool and the best experience whilst using iCalculator™. We will start by covering a step by step process for using the Sri Lanka Payroll Calculator as most employers will already be familiar with the basics of payroll deductions. After reviewing the steps required to calculate payroll costs in Sri Lanka, we also provide some links to other employer calculators and tools which we feel you may also find useful when employing staff in Sri Lanka.
- Select the tax year you wish to calculate your payroll costs in Sri Lanka for.
- Choose the payment period for your employees. This allows you to use the calculator for annual salaries or monthly, weekly, hourly rates etc.
- Choose the number of employees that you wish to calculate the costs for. Note that the Sri Lanka Payroll Calculator will provide individual salary and employer payroll taxes in Sri Lanka for each employee and the total cost of payroll deductions for all employees in Sri Lanka. The calculator will also provide a link to a supporting salary example for each employee which provides details of how the payroll deductions were calculated and the associated salary costs and tax home pay information.
- [Optional] Enter the name of your employees. This is useful if you want to email the results for later reference.
- Enter the salary for each Employee. This should be the total salary per payment period as selected at step 2.
- Press calculate. The Sri Lanka Payroll Calculator will then produce your payroll cost calculation.
Understanding and getting familiar with payroll deductions and payroll costs in Sri Lanka in 2024 can be a real drain on your time and business resources. You may be an established company in Sri Lanka looking to quickly calculate the payroll costs in Sri Lanka for a new branch or team, or you may be looking to setup a business in Sri Lanka in 2024 or 2025 and need a free payroll calculator for Sri Lanka to understand how much your employment costs will be before you think about hiring someone in Sri Lanka and paying for a compliant payroll solution in Sri Lanka. Remember that employment costs are not limited to a salary, their are additional employment commitment costs in Sri Lanka in 2024, be sure to use the "Cost of Employment Calculator for Sri Lanka in 2024" for full visability of costs (you can access this calculator from the main menu).
The good news is that iCalculator™ provides a free payroll calculator for Sri Lanka and provides personal income tax tables and corporation income tax tables for 2024, our aim is to provide the bridge that allows you to answer the question of "How much will my payroll costs be in Sri Lanka?" before you look to answer "How can I employ someone in Sri Lanka?". Two key questions for a compliant employment solution but making informed decisions and putting a business strategy in place without the payroll cost information is very difficult. This is where the Sri Lanka Payroll Calculator can really help you. The Sri Lanka Payroll Calculator includes current and historical tax years, this is particularly useful for looking at payroll trends (is your initial payroll cost going to increase significantly for example).
Payroll Deductions and Thresholds: Tax Years available for Sri Lanka
We currently support the following tax years for payroll deductions calculation in Sri Lanka, if you require additional tax years, please get in touch and we can add them to the list of available tax years.