Tuesday, March 28, 2017

Opportunities, Events & Notices

Posted under: Notices

NIS & PAYE RATES JANUARY 2017 + Pay Calculation

Last Modified: 2017-01-03 12:37:16

Increase in NIS ceiling to $4.650 monthly – rates remain unchanged
See: http://www.nis.gov.bb/news/?page=blogdisplay&ID=52

PAYE remains unchanged (for the time being)

 

NIS Insurable Earnings Limit Effective January 2017 

Monthly:  $4,650 effective 1 January (was $4,360)
Weekly :  $1,073 effective 6 January (was $1,006)

 

NIS RATES (no change)

Private Sector Employees 10.1% and Employers 11.25%

For other rates go to http://www.nis.gov.bb/contributionrates/

 

PAYE RATES (no change):
Basic allowance remains at $25,000 ($2,083.33 monthly or $480.77 weekly)

Taxable income up to $35,000 ($2,916.67 Monthly or $673.08 weekly) at 16%
Taxable income above $35,000 at 33.5%

(Tax remains payable on Travel and Entertainment allowances)

 

SAMPLE SALARY CALCULATION   $75,000 per annum ($6,250 per month)

 

PAYE:

First $25,000 – Nil

Next $35,000 @ 16%  = $5,600

Next $15,000 @ 33.5%     = $5,025

Total PAYE = $10,625/ 12 = $885.42 monthly

 

NIS:

$4,650 (Max) @ 10.1% =  $469.65 (was 440.36)

 

TOTAL DEDUCTIONS: $1,355.07

 

MONTHLY NET PAY: 

Gross $6,250 less total deductions in green above of $1,355.07 = $4,894.93

(Employer’s NIS $4,650 @ 11.25%=  $523.13 a total cost to Employer of $6,773.10)

 

Consildation Tax no longer applicable

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