Payroll and Social Security
Payroll and social security are two closely related issues in the labor field. Payrolls are the documents that detail the salaries and social security contributions of workers, while social security is the system in charge of guaranteeing the social protection of workers in case of illness, accident, unemployment, retirement, among others.
In Spain, companies are required to keep a record of their employees’ payrolls and to make the corresponding social security contributions. Pay slips must include detailed information on salary, income tax withholdings, social security contributions, and other items such as overtime, extra pay, severance payments, etc.
As for social security, the system is made up of different regimes depending on the employment activity of each worker. Employees pay contributions to the general regime, while self-employed workers pay contributions to the special regime for self-employed workers (RETA).
Social security contributions are obligatory and are made through a contribution that is calculated based on the employee’s contribution base and the rate corresponding to each system. The payment of the contribution corresponds to both the employee and the company in the case of employees.
It is important for companies and workers to comply with payroll and social security obligations to avoid possible penalties and to ensure the social protection of workers. For this purpose, it is advisable to have the advice of a qualified professional, such as a tax advisor or a labor lawyer, who can guide companies and workers in complying with their obligations.
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