Puerto Rico Tax Tables 2024 - Tax Rates and Thresholds in Puerto Rico
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This page contains the tax table information used for the calculation of tax and payroll deductions in Puerto Rico in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ PR, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Puerto Rico or would like to add to or suggest amendments to the information herein then please contact us.
2024 Tax Tables [Quick Links]
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Puerto Rico Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Puerto Rico are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Puerto Rico Tax Calculator 2024.
Puerto Rico Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 9,000.00 |
| 7% | Income from $ 9,000.01 | to | $ 25,000.00 |
| 14% | Income from $ 25,000.01 | to | $ 41,500.00 |
| 25% | Income from $ 41,500.01 | to | $ 61,500.00 |
| 33% | Income from $ 61,500.01 | | and above |
Puerto Rico Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 9,000.00 |
| 7% | Income from $ 9,000.01 | to | $ 25,000.00 |
| 14% | Income from $ 25,000.01 | to | $ 41,500.00 |
| 25% | Income from $ 41,500.01 | to | $ 61,500.00 |
| 33% | Income from $ 61,500.01 | | and above |
Puerto Rico Social Security and Payroll Deduction Rates in 2024
In Puerto Rico, both employers and employees are subject to several types of social security and payroll deductions. These contributions fund a range of benefits and services, including retirement pensions, health insurance, and unemployment benefits. Understanding these deductions is crucial for both parties to ensure compliance and to appreciate the benefits provided by these programs.
Puerto Rico Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| FICA Social Security | 6.2% | 6.2% | 12.4% |
| FICA Medicare | 1.45% | 1.45% | 2.9% |
| FICA Medicare (Additional Rate) | 0.9% | 0.9% | 1.8% |
| FUTA (Federal Unemployment Tax) | 6% | 6% | 12% |
Puerto Rico Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| FICA Social Security | n/a | $ 160,200.00 | n/a | $ 160,200.00 |
| FICA Medicare | n/a | n/a | n/a | n/a |
| FICA Medicare (Additional Rate) | $ 250,000.00 | n/a | $ 250,000.00 | n/a |
| FUTA (Federal Unemployment Tax) | n/a | n/a | n/a | n/a |
Federal Social Security and Medicare
Like in the mainland United States, employees and employers in Puerto Rico contribute to Federal Social Security and Medicare. These contributions provide workers with retirement benefits, disability income, and healthcare coverage through Medicare. Social Security aims to support individuals in their retirement years, while Medicare ensures access to healthcare for retirees and those with certain disabilities.
Puerto Rico State Insurance Fund (Fondo del Seguro del Estado)
Employers contribute to the Puerto Rico State Insurance Fund, which is not deducted from employees' wages. This fund provides compensation and medical benefits to workers who suffer work-related injuries or illnesses. It ensures that employees receive the necessary care and support without the burden of medical expenses, promoting a safer and more secure work environment.
Unemployment Insurance
Both employers and employees in Puerto Rico contribute to unemployment insurance. This program provides temporary financial assistance to workers who have lost their jobs through no fault of their own, helping them to cover living expenses while they search for new employment. It is a critical safety net that supports the workforce in times of economic downturn or unexpected job loss.
Disability Insurance
Disability insurance contributions are made by both employers and employees. This insurance offers income support to workers who are unable to work due to a non-work-related illness or injury. It provides financial stability during periods when earning a regular income is not possible, ensuring that individuals can still meet their basic needs.
Christmas Bonus
Employers in Puerto Rico are required to provide a Christmas bonus to employees who have worked a minimum number of hours during the year. This bonus, funded entirely by the employer, is intended to share the company's profits with employees during the holiday season, contributing to the overall well-being and morale of the workforce.
Health Insurance Contributions
Employers may also offer health insurance plans to their employees, with contributions typically shared between the employer and employee. These health insurance plans cover a range of medical services and treatments, providing employees with access to healthcare beyond what is offered by Medicare. The specific benefits and coverage depend on the plan chosen by the employer.
In conclusion, social security and payroll deductions in Puerto Rico play a vital role in providing a safety net and ensuring the welfare of the workforce. These deductions fund essential programs that support employees during retirement, in the event of illness or injury, and during periods of unemployment. Both employees and employers contribute to these programs, highlighting the shared responsibility for social welfare in the territory.
Puerto Rico VAT Rates in 2024
VAT rates for Puerto Rico are reviewed annually, you can use the VAT Calculator to calculate VAT due in Puerto Rico or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Puerto Rico VAT Rates| VAT Rate | VAT Description |
|---|
| 4% | Reduced Rate |
| 11.5% | Standard Rate |
Historic Tax Tables supported for Puerto Rico
The following tax tables are supported by iCalculator™ PR as part of the suite of free tax tools we provide for Puerto Rico.