Payroll Accountant salary in Iceland

Average Yearly Salary of Payroll Accountant in Iceland is approximately 10,972,585 ISK (76,741 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Payroll Accountant do?

A payroll accountant is responsible for ensuring accurate and timely processing of employee wages and benefits within an organization. They compile and maintain payroll records, calculate salaries, deductions, and taxes, and prepare payroll reports. Additionally, they may handle issues related to overtime, leave, and employee benefits. Payroll accountants must stay up-to-date with tax laws and regulations to ensure compliance and accurate reporting. They may also assist in audits and provide support during the budgeting process.

Skills: payroll accountant, payroll processing, payroll records, salary calculations, tax compliance, employee benefits
Job industry: Accounting

How much does Payroll Accountant make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Payroll Accountant a well paid job?

Yes, our data shows that Payroll Accountant is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Payroll Accountant?

High salary for Payroll Accountant would be somewhere between 12,069,844 ISK and 15,910,248 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Payroll Accountant in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 10,972,585 ISK
Estimated Monthly Salary: 914,382 ISK
Estimated Weekly Salary: 211,011 ISK per week
Estimated Hourly Salary: 5,275 ISK per hour
By working as Payroll Accountant a person can save up to 3,666 USD per month or 43,995 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Payroll Accountant

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

Top 10 highest salaries in Iceland

Data as of 2025

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