ow you can do the math on your net salary taking into account the withholding tax tables for 2024.
Coverflex's net salary calculator is easy to use and aims to help you calculate your net income for 2024 - and you can also include what you get in Coverflex benefits!
What is the impact of Coverflex benefits on net income?
The impact of Coverflex benefits on net income varies depending on the benefit(s) used. All Coverflex benefits are exempt from Social Security but only some are exempt from Social Security and personal income tax:
- Benefits exempt from Social Security only: Education Expenses, Health and Well-being, Gym & Fitness, Senior Expenses, and Savings and Retirement.
- Benefits exempt from Social Security and personal income tax: Coverflex Childcare, Public Transportation, Technology, Donations, Parking, Professional Training, and Health Insurance.
Although this calculator covers Coverflex benefits, it is not valid only for Coverflex users. Our goal is that this calculator is a reference tool and relevant to all workers in Portugal. The Coverflex benefits fields allow our users to understand the impact on their net salary of allocating their benefits balance to the different categories available through Coverflex. However, if you receive these benefits through another solution or directly through your company, you can also use this calculator to simulate their impact on your net salary.
How to use Coverflex's net salary calculator for 2024
To be able to work out your monthly net salary in 2024 using the Coverflex net salary calculator, simply enter the following details:
- Gross salary (that is, your base salary amount);
- How Christmas and holiday allowances are paid (no 12-month contributions; 50% of one allowance in 12-month contributions; 50% of both allowances or 1 full allowance in 12-month contributions; both allowances in 12-month contributions);
- Meal allowance - if you receive this allowance, you need to know the daily rate, the number of days per month and the method of payment (meal card or cash);
- Family situation (single/married and one/two holders);
- Number of dependants;
- Region (between Mainland Portugal, Madeira or Azores);
- Sector and activity scheme (private or public, pensioner, retired pensioner);
- Amount you receive in Coverflex benefits (if this is the case)
- Other income, subject or not to Social Security and personal income tax (this section is not yet available in the current version of our calculator, but will be added soon!)
We help you make your finances less complicated
There are several factors that will influence the final amount of your net salary, since it refers to the amount left over after adding some amounts together (gross salary, meal allowance, Coverflex benefits - where applicable - and other income) and then deducting Social Security and personal income tax. Use Coverflex's net salary calculator for 2024 and let it do the math for you!
