Bank withdrawal tax to impact epayments

[juiceheadband]

You sir are 100% correct, I did a quick pay advice for someone making 100K a month

Cheers..would've been great if employees got to keep the full $4160 though.

[owen]

Tax the poor so that they work harder for less money.

[topanaris]

This is how you systematically get rid of the middle class

[mykel]

which website i can go to do that calculation?

[juiceheadband]

which website i can go to do that calculation?

I'm not sure if there are any such websites for Jamaican taxes.

The image from topanaris above seems to be a screenshot of a spreadsheet he created.

[semitop]

Tax the poor so that they work harder for less money.

I thought this was a good way to avoid taxing the poor in a way that would hurt. Though from top to bottom the tax seems low. 20 million dollars and you pay $10,000. $1000 and you pay $1

[topanaris]

which website i can go to do that calculation?

Is easy to calculate yourself.

Step 1. Write Gross Salary
Step 2. Find Statutory Income - Minus NIS and any other pension from gross salary. NIS is 2.5% of gross salary capped at $3125 per month.
Step 3. Deduct Education tax of 2.25% from statutory Income
Step 4. Deduct NHT which is 3% of gross income
Step 5. Deduct Income Tax Threshold from total statutory income to find taxable income.
Step 6. Deduct 25% of taxable income
Step 7. Add back the income tax threshold figure earlier subtracted.
Step 8. Remaining figure is your take home pay.

I thought this was a good way to avoid taxing the poor in a way that would hurt. Though from top to bottom the tax seems low. 20 million dollars and you pay $10,000. $1000 and you pay $1

Yes while the poor will feel it, the businesses will feel as well. As it stands right now it costs me over $70,000 a year to pay staff in bank fees alone, this tax will add another $7200 a year.

[datdread]

As it stands right now it costs me over $70,000 a year to pay staff in bank fees alone, this tax will add another $7200 a year.

Any ideas what you get in return from the bank for that $70,000.00 annual fee?

[topanaris]

Any ideas what you get in return from the bank for that $70,000.00 annual fee?

A yearly thank you letter.....

[Djohne]

Is easy to calculate yourself.

Step 1. Write Gross Salary
Step 2. Find Statutory Income - Minus NIS and any other pension from gross salary. NIS is 2.5% of gross salary capped at $3125 per month.
Step 3. Deduct Education tax of 2.25% from statutory Income
Step 4. Deduct NHT which is 3% of gross income
Step 5. Deduct Income Tax Threshold from total statutory income to find taxable income.
Step 6. Deduct 25% of taxable income
Step 7. Add back the income tax threshold figure earlier subtracted.
Step 8. Remaining figure is your take home pay.


Yes while the poor will feel it, the businesses will feel as well. As it stands right now it costs me over $70,000 a year to pay staff in bank fees alone, this tax will add another $7200 a year.

You are close but NHT is actually 2% and there actually is (used to be) a form on the JA tax site that shows the calculation, I will find it and post link, Ed Tax is calculated minus at taxable income less NIS. The calculations posted are therefore off by $1000