Payroll solutions

VIRTUS offers individuals and companies versatile payroll services and contractor accounting along with long awaited tips and tricks for contractors who prefer traditional salary payments.

Accounting service

VIRTUS' payment service includes everything with regards to salaries and, if requested, VIRTUS can also undertake payment of VAT, withholding tax etc. as well as general financial statements and other things considered appropriate to outsource.

Consultation

VIRTUS' employees give the customer consultation regarding anything in regards to salaries, and compensation of employees, collective agreements and much more. Also the specialists of VIRTUS are familiar with Iceland's contracting environment.

Payroll Calculator

Here employees and employers can calculate anything regarding salaries and compensations of employees. You can put the criteria into one of the three boxes below.

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Wage components Employed person Employer
Statutory pension fund ? 0 kr. 0 kr.
Employee’s premium
%
0 kr.
Employers matching grant
%
0 kr.
Rehabilitation fund
%
0 kr.
Private pension fund ? 0 kr. 0 kr.
Employee’s premium
%
0 kr.
Employers matching grant
%
0 kr.
Insurance fee ? 0 kr.
General insurance fee
%
0 kr.
Unemployment insurance fee
%
0 kr.
Fee to the guaranty fund for bankruptcy
%
0 kr.
Marketing fee
%
0 kr.
%
0 kr.
Accounting tax ? 0 kr.
%
0 kr.
Union ?
0 kr. 0 kr.
Sub union
Membership fee
0 kr.
Health fund
%
0 kr.
Holiday fund
%
0 kr.
Continuing education fund
%
0 kr.
Holiday ? 0 kr.
?
%
0 kr.
?
%
0 kr.
?
%
0 kr.
?
%
0 kr.
?
%
0 kr.
Income tax and municipal tax ? 0 kr.
Step 1 ?
%
0 kr.
Step 2 ?
%
0 kr.
%
0 kr.
Personal tax allowance ? 0 kr.
Your personal tax allowance
%
53.895 kr.
Spouses’ tax allowance
%
0 kr.
Untapped personal tax allowance
kr.
0 kr.
Untapped spouses’ tax allowance
kr.
0 kr.
Total: 0 kr 0 kr
Result
Total wages 0 kr.
Take-home pay 0 kr.
Employers total cost 0 kr.

Disclaimer: Results from the calculator may be subject to errors.

FAQ

 

VIRTUS Payroll Services

VIRTUS runs one of the largest payroll outsourcing services in Iceland, managing wages and salaries for over 1,000 employees.

Our payroll division is diverse and multi-faceted, as shown below. If your firm requires such services, please reserve a meeting with our payroll team using the form below.

 

Payroll Insurance Service

Most small and mid-sized businesses in Iceland currently employ few members of staff to administer payroll, and in some cases payroll is in the hands of just one employee. Holidays, sick days, resignation or dismissal can therefore be difficult and stress inducing for these firms.

VIRTUS clients can insure themselves from these uncertainties should they come up. If accounting or payroll employees are unavailable, VIRTUS can step in and ensure the business does not miss a beat. If a client is interested in this insurance service, VIRTUS specialists are immediately acquainted with the accounting and salary systems in place at the business, in order to appropriately prepare for any emergencies that may occur. VIRTUS payroll staff is prepared to step in for both short term and long term solutions.

 

Salary Calculation and Payment

Salary calculation is done in a timely manner. Upon client confirmation, VIRTUS then coordinates our payroll systems with employees‘ online banking system in order to administer digital pay slips.

VIRTUS understands that each and every business is unique. After client consultation, the VIRTUS payroll team can maximize the efficiency of your business‘ payroll whilst simultaneously ensuring the security and privacy of the sensitive information at hand.

 

Payroll related expenses

Each month, up to 30 different expenses are incurred in addition to employee salary payments, which can make managing payroll in-house a tedious process. These expenses include pension funds, union negotiation, federal and municipal taxation, customs payments etc., each with different due dates and deadlines.

VIRTUS payroll staff are specialists in payroll related expenses, and can help your business avoid this time consuming and costly process. VIRTUS utilizes electronic communication between payroll systems and banking systems when possible.

Clients will not incur any late fees or additional interest costs due to tardiness on the behalf of VIRTUS, as long as clients‘ account with VIRTUS is up to date and settled in a timely manner.

 

Yearly Reports to the Internal Revenue Service

At the turn of each year, businesses are required to submit various documents to the Internal Revenue Service.

These documents include reconciliation of payroll, so that the Internal Revenue Service receives accurate information in order to calculate employee tax returns.

Payroll reconciliation is also an important component of accounting reconciliation, preparation of annual accounts and company tax returns. VIRTUS ensures that these annual records are kept up to date and monitored before they are handed over to the Internal Revenue Service.

 

Monitoring changes in collective bargaining agreements, federal or municipal taxes and salary related expenses

VIRTUS payroll outsourcing clients receive updates and reminders about changes in collective bargaining agreements, federal or municipal taxes and salary related expenses as soon as they are announced in order to gauge the impact of these changes on the clients‘ finances and future plans.

Clients also receive reminders of due dates and salary related deadlines through email.

 

Administration of contractor accounting

The employees of Payroll have many years’ experience in the administration of contractor accounting for companies. Among other, extensive projects for foreign film producers in Iceland such as Paramount, Universal, 20th Century Fox and others. These projects have the common factor that they are short term and include hundreds of contractors that issue thousands of invoices that have to go through approval process and the payment system of Payroll. Included in the service is negotiations and writing of contracts, receiving and checking of time reports, post creditors accounting, payments, reports to buyers and sending of contractor payment slips annually.

This service is suitable for those who supervise big events for example conferences, seminars, exhibitions, concerts and other.

 

 

Outsourcing of salaries and calculations

Each month, VIRTUS payroll staff administer calculations of salaries for a number of customers. In administration of salaries everything is included as for calculation of salaries and associated fees as well as submission of monthly and annual reports to the authorities, pension funds and unions. There is much focus on digital communication when submitting and publishing information f.ex.  payment slips in the employees’ online banks.

When it comes to calculations of salaries it is important that the latest laws and regulations are applied regarding taxes, fees and wage agreements.  Payroll has invested in expertise and software so it is always possible to provide the best service in the field of payroll administration at any given time. With outsourcing of salaries to Payroll, security is ensured in management of sensitive information.

 

Better Accounting

Good accounting is a source of relief. Better accounting can take your business to the next level. VIRTUS accounting service can supervise anything and everything including, from invoice payments and balance sheet reconciliation to VAT payments with the goal of turning good into better.

VIRTUS accounting service includes account setup advising. This includes guidance as to the appropriate accounting system for your business as well as accounting staff training.

VIRTUS would prefer to act as a fully outsourced accounting department, but is also prepared to step in whenever needed into an already established acccounting department as a form of insurance for any holidays, sicknesses or unexpected departures.

 

Financial Statements and Tax Returns

Each year, individuals and companies are required to prepare financial statements and pay taxes. A variety of factors are at play when preparing these documents, which can make life difficult for businesses during this busy time of year. VIRTUS has years of experience assisting individuals and companies on all tax related matters.

Efficient tax payments are simply a part of better finances. That‘s why we‘re here.

 

Payment service

VIRTUS payment service handles everything payroll related. If requested, VIRTUS can also oversee clients‘ VAT payments, income taxation, general bill payments and other payment services appropriate to outsource. VIRTUS accounting services‘ motto is „better wages“ and we consider it of the utmost importance to adhere to this.

 

Payroll Solutions

VIRTUS offers individuals and companies a diverse payroll and contracting service as well as specialist expertise for contractors who prefer traditional salary payment systems to avoid the inconvenience of contracting.

 

Invoicing

Invoicing is a crucial aspect of business operations; without it no income would be generated. To appropriately structure your businesses finances, the first step is to organize your invoicing system. Accuracy, legality and efficiency are key.

Nóta is a part of VIRTUS, take a look at your invoicing options at nóta.is

Consulting

VIRTUS provides comprehensive consulting in areas of operations management, firm establishment, salary and benefit decisions, employment contracts and capital restructuring among others.

 

Acquisition and sale of companies

VIRTUS assists individuals, companies and various organizations with the acquisition, sale or merging of small and mid-size businesses.

In addition to supervision and consultation, VIRTUS can also take a more hands on approach. This includes, for example, gathering of data and information, completing and filing paperwork with accuracy and due diligence and supervision of equity contracts and merger agreements.

 

Capital restructuring

VIRTUS assists with our client‘s capital restructuring. VIRTUS works with company executives and management to gauge the company‘s current financial status, determine future operational budgets, create new goals and ensure that the client follows through on agreed upon provisions.

VIRTUS assesses our clients debt obligations through an operational lens and suggests improved methods of capital structuring. If requested, VIRTUS specialists oversee correspondence and contracts with credit institutions and other creditors.

About VIRTUS

VIRTUS administers financially related projects for individuals, companies and organizations. This includes accounting services, payroll outsourcing, consultation services and more. VIRTUS was founded in 2001 and our client base is 300 strong with both domestic and foreign partners.

At VIRTUS we strive to identify and understand our client‘s needs, and understand the importance of fulfilling our obligations in a timely, efficient and thorough manner. At VIRTUS, you can rely on quality, discretion and personal service.

 

Þorkell Guðjónsson

CEO / Consultation
thorkell@virtus.is

Rósa Kristín Stefánsdóttir

Accounting
rosa@virtus.is

Elísabet Ósk Guðjónsd. Sivertsen

Ingibjörg Óskarsdóttir

Accounting
ingibjorg@virtus.is

Ingvar Jóhannesson

Accounting
ingvar@virtus.is

Jóhannes Ingvarsson

Accounting
johannes@virtus.is

Jónína Kristjánsdóttir

Accounting
jonina@virtus.is

Oddný Hinriksdóttir

Accounting
oddny@virtus.is

Agla Úlfarsdóttir

Accounting
agla@virtus.is

Björn Sigurðsson

Accounting
bjorn@virtus.is

Bergur Gunnarsson

Accounting
bergurd@virtus.is

Unnur Karlsdóttir

Accounting
unnur@virtus.is

Íris Áskels Jónsdóttir

Accounting
iris@virtus.is

Eva Sif Heimisdóttir

Payroll
eva@virtus.is

Steinunn Ingvarsdóttir

Oddný Einarsdóttir

Guðríður Stella Bogadóttir

Accounting
stella@virtus.is

Dagný Sverrisdóttir

Consultation
dagny@virtus.is

Contact

Open 9-12 and 13-16 weekdays
Skipholt 50d, 105 Reykjavík