Bahamas Income Tax Calculator

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Calculator published on: 2023-05-04 12:08:02

Calculator last reviewed: 2023-05-04 12:10:29

Rating: ★★★★★ [ No Votes yet, be the first ]

Reference(s) Department of Inland Revenue

Income Tax Rates last updated: 2023-05-04 12:17:30 [Update Rates]

Currency Bahamian Dollar [ BSD ] [ B$ ]

Introduction

On this page, discover:

1. Calculating Income Tax in Bahamas
2. Instructions: How to use the Bahamas Income Tax Calculator
3. Detailed Income Tax Calculations
4. Latest Bahamas Income Tax Rates and Thresholds

Calculating Income Tax in Bahamas

Income tax in Bahamas is applied against taxable earning. Taxable earnings are defined based on the following factors:

1. Annual Income: The amount you earned in the 2023 tax year.

The Bahamas Income Tax Calculator produces an annual take home pay after deductions calculation by using the information you entered to produce an annualised income, tax credits, payroll deductions and allowances are then computed and the amount of take home pay you receive in 2023 provided along with detailed calculations for each element of the payroll calculation.

Instructions: How to use the Bahamas Income Tax Calculator

There are two parts to these instructions, we explain the general features of our tax calculators in these instructions, below we discuss the instructions for using the Bahamas Income Tax Calculator.

Bahamas Income Tax Calculator - Quick Calculation Instructions

The quick Income Tax calculation provides the results below the calculator and requires the minimum input to calculate the Income Tax due on a specific salary.

1. Enter your Annual Income
2. Click on the Calculate button.

Bahamas Income Tax Calculator - Detailed Calculation Instructions

The detailed Income Tax calculation allows you view detailed income tax calculations that include all payroll deductions in Bahamas .

1. To use the detailed Income Tax Calculator and tools, click on the Detailed Calculation icon in the tax calculator ribbon bar
2. Click on your Residency Status for tax purposes, by default we use resident tax payer status
3. Select the Tax Year you wish to calculate income tax and your take home pay for, by default the tax calculator uses the 2023 tax year.
4. Enter your Income
5. Enter your Bonus. Note the bonus periodicity should be the same as your income in the step above.
6. Select the Income period, this is the frequency that you are paid the income and bonus entered in the previous steps. By default, the tax calculator uses your annual income.
7. [Optional] Alter the Hours worked per week, this influences the calculations to define hourly pay calculations
8. [Optional] Alter the Working days in the year, this affects the calculation of annual salary when selecting and Income period other than "Annual".
9. Click on the Calculate button.

The basic Income Tax calculations will then be displayed under the calculator, in addition, the detailed breackdown of income tax and payroll deductions will be displayed on this page for more detailed analysis.

Bahamas Income Tax Rates for 2023

The income tax rates for Bahamas were last updated on 2023-05-04 12:17:30. You can review the full tax tables for Bahamas here where you can also report any tax rate or tax threshold changes which require attention or alteration.

Social Security Contributions for Employees

Social Security Contributions for Employers