Payroll Variables

• Threshold = $1,700,088.00
• Tax Free = $1,700,088.00 / 12
• Insurable Wage Ceiling = $5,000,00.00
• NISCeiling - Weekly = $96,153.85
• NISCeiling - Fornightly = $192,307.70
• NISCeiling - Monthly = $416,666.67
• NISMinimum - Weekly = $2,884.62
• NISMinimum - Fornightly = $5,769.23
• NISMinimum - Monthly = $12,500.00
• Employee NIS Rate = 3%
• NHT Rate = 2%
• EDTAX Rate = 2.25%
• SixMilPAYE = $6,000,000.00
• SixMilPAYE Rate = 30%
• PAYE Rate = 25%

Income Tax (PAYE)

If GROSSSALARY * 12 < Threshold,
Then PAYE = 0.00
If GROSSSALARY * 12 >= SixMilPAYE,
Then PAYE = ((SixMilPAYE - Threshold) * PAYE Rate) + ((Taxable Gross - SixMilPAYE) * SixMilPAYE Rate)
else PAYE = (Taxable Income - Threshold - NIS) * PAYE Rate

National Insurance Scheme (NIS)

Effective April 2022, the Maximum insurable wage or insurable wage ceiling will be $5,000,000. With a contribution rate of 6%, the Maximum contribution per annum will be $270,000.00 . The Contribution Ceiling Breakdown is as follows:

If Annual Taxable Salary greater than 5 Million (effective April 1 2022), NIS = *weekly/ fortnightly/ monthly* Contribution
else NIS = Employee NIS Rate * GROSSSALARY

April 2022 - onward (6%)

	Maximum Salary	Employee Contribution	Employer Contribution	Total NIS Contribution
Weekly:	$96,153.85	$2,884.62	$2,884.62	$5,769.24
Fortnightly:	$192,307.70	$5,769.23	$5,769.23	$11,538.46
Monthly:	$416,666.67	$12,500.00	$12,500.00	$25,000.00

National Housing Trust (NHT)

NHT = NHT Rate * GROSSSALARY

Education Tax (ED Tax)

EDTAX = GROSSSALARY - NIS * EDTAX Rate

If PENSION > 0, EDTAX = (GROSSSALARY - NIS - PENSION) * EDTAX Rate