On April 1, 2017, the income tax threshold for Jamaican workers was increased to $1,500,096 per...
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On April 1, 2017, the income tax threshold for Jamaican workers was increased to $1,500,096 per annum. Karen James is employed as an assistant accountant at a local distribution company. She is paid an annual basic salary of $2,400,000. She also receives monthly non-taxable uniform and laundry allowance of $12,000 and taxable meal allowance of $8,000 monthly. Notes: (0) Statutory Rates Employee's Rate Employer's Rate Deductions Income tax 25% of taxable income NIS 2.5% of gross income 2.5% of gross income 2.25% of statutory income 3.5% of statutory income Education Tax 2% of gross income 3% of gross income NHT (ii) NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate" applies. On April 1, 2017, the income tax threshold for Jamaican workers was increased to $1,500,096 per annum. Karen James is employed as an assistant accountant at a local distribution company. She is paid an annual basic salary of $2,400,000. She also receives monthly non-taxable uniform and laundry allowance of $12,000 and taxable meal allowance of $8,000 monthly. Notes: (0) Statutory Rates Employee's Rate Employer's Rate Deductions Income tax 25% of taxable income NIS 2.5% of gross income 2.5% of gross income 2.25% of statutory income 3.5% of statutory income Education Tax 2% of gross income 3% of gross income NHT (ii) NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate" applies.
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Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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