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MY Tax 2024

60k Salary After Tax in Malaysia 2024

This Malaysia salary after tax example is based on a RM 60,000.00 annual salary for the 2024 tax year in Malaysia using the income tax rates published in the Malaysia tax tables. The 60k salary example provides a breakdown of the amounts earned and illustrates the typical amounts paid each month, week, day and hour. This is particularly useful if you need to set aside part of your income in Malaysia for overseas tax payments etc.

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Introduction

Welcome to iCalculator™ MY (Malaysia), this page provides a RM 60,000.00 Income Tax Calculation for a tax resident of Malaysia with example of income tax and payroll deductions. This 60k salary example uses a generic salary calculation example for an individual earning 60k per year based on the 2024 personal income tax rates and thresholds. The 60k salary example is great for employees who have standard payroll deductions and for a quick snapshot of the take home amount when browsing new job opportunities in Malaysia, for those who want to compare salaries, have non-standard payroll deductions of simply wish to produce a bespoke tax calculation, we suggest you use the 2024 Salary Calculator for Malaysia which includes payroll deductions for residents and non-residents, or access one of the income tax or payroll calculators from the menu or MY Tax main page.

60k Salary Snapshot

The graphic below illustrates common salary deductions in Malaysia for a 60k Salary and the actual percentages deducted when factoring in personal allowances and tax thresholds for 2024. You can find the full details on how these figures are calculated for a 60k annual salary in 2024 below.

  • 4.33%RM 2,600.00
    Income Tax
  • 11.16%RM 6,696.00
    Social Security
  • 84.51%RM 50,704.00
    Net Pay
  • 114.41%RM 68,646.00
    Salary Package

Periodic Payroll Deductions Overview

The Periodic Payroll Deductions Overview table for this 60k salary after tax example in 2024 highlights the payroll deduction results for Malaysia. This is a crucial resource for both employers and employees in Malaysia. It is designed to provide a comprehensive breakdown of all the deductions that are taken out of an employee's gross salary, in accordance with Malaysia tax laws and social contributions. This includes, but is not limited to, income tax, social security contributions, retirement fund contributions, and any other mandatory or voluntary payroll deductions in Malaysia. iCalculator™ MY's aim is to provide a transparent and informative snapshot, enabling individuals to understand exactly how their net salary on RM 60,000.00 is calculated in Malaysia and where their money is going. For employers, it offers a systematic way to calculate deductions and the true cost of employment for a RM 60,000.00 salary, ensuring compliance with employment, legal and obligations in Malaysia.

Malaysia RM 60,000.00 Income Tax Calculations for 2024
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Income60,000.005,000.004,615.382,307.691,153.85237.1532.97100.00%
Employees Provident Fund (EPF Tier 1)6,600.00550.00507.69253.85126.9226.093.6311.00%
Employment Insurance96.008.007.383.691.850.380.050.16%
Taxable Income60,000.005,000.004,615.382,307.691,153.85237.1532.97100.00%
Income Tax Due2,600.00216.67200.00100.0050.0010.281.434.33%
Total Deductions9,296.00774.67715.08357.54178.7736.745.1115.49%
Salary After Tax50,704.004,225.333,900.311,950.15975.08200.4127.8684.51%
Employer Payroll Costs
Employees Provident Fund (EPF Tier 1)7,200.00600.00553.85276.92138.4628.463.9612.00%
Social Security Organization (SOCSO)750.0062.5057.6928.8514.422.960.411.25%
Employment Insurance96.008.007.383.691.850.380.050.16%
Human Resources Development Fund (HRDF)600.0050.0046.1523.0811.542.370.331.00%
Cost of Employee68,646.005,720.505,280.462,640.231,320.12271.3337.72114.41%

Income Tax Calculation in 2024

The table below provides the calculations for Personal Income Tax (PI) deductions on a RM 60,000.00 in 2024. Note that this PIT calculation is based on the annual taxable income.

Malaysia: Resident Income Tax Calculation 2024
RM 0.00 - RM 5,000.000%RM 0.00
+RM 5,000.01 - RM 20,000.001%RM 150.00
+RM 20,000.01 - RM 35,000.003%RM 450.00
+RM 35,000.01 - RM 50,000.006%RM 900.00
+RM 50,000.01 - RM 60,000.0011%RM 1,100.00

=Total Income Tax DueRM 2,600.00

Annual Taxable Income Considerations

Annual taxable income is a key term in personal finance and taxation that refers to the amount of money an individual earns in 2024 that is subject to taxation in Malaysia. This is not to be confused with gross income, which is the total money earned before any deductions. Annual taxable income is calculated by taking the gross income and subtracting allowable deductions in line with Malaysia tax law, such as certain expenses, allowances, and exemptions as defined by Malaysia tax regulations. Note that not all allowances are applied in the RM 60,000.00 salary example, please use the dedicated salary and tax calculators we provide for a tailored result.

Malaysia: Taxable Income Calculation 2024
RM 60,000.00Annual Income in 2024

=RM 60,000.00Your Taxable Income in 2024

Employee Social Security Calculation

The table below provides example of employee social security deductions applied to a RM 60,000.00 Salary in Malaysia in 2024.

Malaysia: Employee Social Security and Payroll Contributions Calculation 2024
RM 6,600.00Malaysia Employees Contributions for Employees Provident Fund (EPF Tier 1) in 2024
+RM 96.00Malaysia Employees Contributions for Employment Insurance in 2024

=RM 6,696.00Malaysia Employees Contributions on RM 60,000.00 in 2024
Malaysia: Employee Contributions Calculation for Employees Provident Fund (EPF Tier 1) 2024
RM 60,000.00Salary in 2024
x11%Malaysia Employee Contribution Rate for Employees Provident Fund (EPF Tier 1) in 2024

=RM 6,600.00Malaysia Employees Contributions for Employees Provident Fund (EPF Tier 1) on RM 60,000.00 in 2024
-RM 6,600.00Maximum Contributions for Employees Provident Fund (EPF Tier 1) in 2024
[RM 60,000.00 × 11%]

=RM 6,600.00Malaysia Employee for Employees Provident Fund (EPF Tier 1) in 2024
Malaysia: Employee Contributions Calculation for Employment Insurance 2024
RM 60,000.00Salary in 2024
x0.2%Malaysia Employee Contribution Rate for Employment Insurance in 2024

=RM 120.00Malaysia Employees Contributions for Employment Insurance on RM 60,000.00 in 2024
-RM 96.00Maximum Contributions for Employment Insurance in 2024
[RM 48,000.00 × 0.2%]

=RM 96.00Malaysia Employee for Employment Insurance in 2024

This completes the overview of employee deductions, we will now turn our focus to employer payroll deduction and employment cost calculations for this RM 60,000.00 Salary in Malaysia in 2024.

Total Cost of Employee Calculation

The total cost of an employee in Malaysia earning an annual salary of RM 60,000.00 in 2024 is an important figure for employers in Malaysia as it permits staff costing planning and analysis, this can be particularly useful when planning recruitment and setup costs for hiring a new employee in Malaysia in 2024.

Malaysia Cost of Employee Earning RM 60,000.00 Salary per Annum Calculation
RM 60,000.00Annual Salary in 2024
+RM 8,646.00Malaysia Employers Social Security Contributions on RM 60,000.00 in 2024

=RM 68,646.00Total Payroll cost of Employee in Malaysia in 2024

Employer Social Security Calculation

The information below illustrates the employer social security deductions applied to a RM 60,000.00 Salary in Malaysia in 2024.

Malaysia: Employer Social Security and Payroll Contributions Calculation 2024
RM 7,200.00Malaysia Employers Contributions for Employees Provident Fund (EPF Tier 1) in 2024
+RM 750.00Malaysia Employers Contributions for Social Security Organization (SOCSO) in 2024
+RM 96.00Malaysia Employers Contributions for Employment Insurance in 2024
+RM 600.00Malaysia Employers Contributions for Human Resources Development Fund (HRDF) in 2024

=RM 8,646.00Malaysia Employers Contributions on RM 60,000.00 in 2024
Malaysia: Employer Contributions Calculation for Employees Provident Fund (EPF Tier 1) 2024
RM 60,000.00Salary in 2024
x12%Malaysia Employer Contribution Rate for Employees Provident Fund (EPF Tier 1) in 2024

=RM 7,200.00Malaysia Employers Contributions for Employees Provident Fund (EPF Tier 1) on RM 60,000.00 in 2024
-RM 7,200.00Maximum Contributions for Employees Provident Fund (EPF Tier 1) in 2024
[RM 60,000.00 × 12%]

=RM 7,200.00Malaysia Employers Contributions for Employees Provident Fund (EPF Tier 1) in 2024
Malaysia: Employer Contributions Calculation for Social Security Organization (SOCSO) 2024
RM 60,000.00Salary in 2024
x1.25%Malaysia Employer Contribution Rate for Social Security Organization (SOCSO) in 2024

=RM 750.00Malaysia Employers Contributions for Social Security Organization (SOCSO) on RM 60,000.00 in 2024
Malaysia: Employer Contributions Calculation for Employment Insurance 2024
RM 60,000.00Salary in 2024
x0.2%Malaysia Employer Contribution Rate for Employment Insurance in 2024

=RM 120.00Malaysia Employers Contributions for Employment Insurance on RM 60,000.00 in 2024
-RM 96.00Maximum Contributions for Employment Insurance in 2024
[RM 48,000.00 × 0.2%]

=RM 96.00Malaysia Employers Contributions for Employment Insurance in 2024
Malaysia: Employer Contributions Calculation for Human Resources Development Fund (HRDF) 2024
RM 60,000.00Salary in 2024
x1%Malaysia Employer Contribution Rate for Human Resources Development Fund (HRDF) in 2024

=RM 600.00Malaysia Employers Contributions for Human Resources Development Fund (HRDF) on RM 60,000.00 in 2024

How to calculate income tax in Malaysia on a RM 60,000.00 Salary

Income tax in Malaysia is calculated using 2024 income tax rates and thresholds, these are different for resident taxpayers and non-resident taxpayers. In this Salary Example we use the resident tax tables to produce the Malaysia salary example, you can calculate non-resident salary examples on the Malaysia Tax Calculator.

About this tax calculation

We used the following information from the Malaysia Tax Calculator for the 2024 tax years to work out your salary after tax on this RM 60,000.00 salary example. We made estimates for the amount of expenses incurred for education and medical expenses and also the amount you give to charity. These assumptions are for the salary illustration only, you can edit these and produce your own specific salary example using the Malaysia Salary After Tax Calculator

Note: The 2024 Malaysia Tax Calculator tool is provided for your use, if you spot a bug, a mistake in the tax rates, thresholds or calculations OR you would like additional tax considerations added to the Malaysia Salary Calculator, please contact us. We will make alterations as a priority to ensure this salary example supports our users who live and work in Malaysia or are relocating to Malaysia in 2024 (whether you have resident tax status in Malaysia or an expat in Malaysia).

If you are an expat living and working in a different country, you can choose an alternate salary calculator to calculate your salary after tax, iCalculator™ MY provides salary calculators for most countries around the globe and has world tax calculators that allow you to run tax comparisons by country.

Similar Salary Examples in the 60k earning range

You may also find the following salary examples for Malaysia useful as they were viewed by others who viewed the RM 60,000.00 salary example.:

Note: This salary example is for a resident of Malaysia, if you are a non-resident, you can produce a salary example using the 2024 Malaysia Salary Calculator

Explore the Evolution of Income Tax on a RM 60,000.00 Salary in Malaysia

Curious about how your current salary stacks up against the past? Dive into the journey of your income's purchasing power over time. Discover how inflation in Malaysia has impacted your take-home pay by exploring tax calculations on a RM 60,000.00 salary in Malaysia from previous years. It's not just about numbers; it's a fascinating glimpse into your financial history and an opportunity to better understand the dynamics of your earnings. See for yourself how salary taxation has evolved and make informed decisions about your financial future!

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