Bahamas Payroll Tax Calculator 2023

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Published on: 2023-05-04 12:08:02

Last modified: 2023-05-04 12:10:29

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Introduction

The Bahamas Payroll Tax Calculator for the 2023 tax year allows you to calculate the annual employment costs of up to 30 staff including employer payroll costs in Bahamas . The calculator is designed for those who wish to forecast the salary associated overheads when creating/updating their annual business plans and forecasts in 2023. The tool is also useful for gauging the cost of employing new staff for a project in 2023 or as part of their 2023 business growth strategy in Bahamas .

Supported Tax Years

1. 2023
2. 2022
3. 2021
4. 2020
5. 2019

Discover:

1. How to calculate payroll costs in Bahamas
2. Latest Tax Tables

Instructions: How to calculate payroll costs in Bahamas

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 Payroll Tax Calculator.

Bahamas Payroll Tax Calculator - Quick Calculation Instructions

The quick Payroll Tax calculation provides the results below the calculator and requires the minimum input to calculate the Payroll Tax due on a range of employees.

1. Select the Number of Employees you have in Bahamas
2. Enter the Annual Income for each of your employees
3. Click on the Calculate button.

Bahamas Payroll Tax Calculator - Detailed Calculation Instructions

The detailed Payroll Tax calculation allows you view detailed payroll deductions for each employee in Bahamas .

1. To use the detailed Payroll Tax Calculator and tools, click on the Detailed Calculation icon in the tax calculator ribbon bar
2. Click on the Residency Status of your employees for tax purposes, by default we use resident tax payer status
3. Select the Tax Year you wish to calculate payroll costs for, by default the payroll tax calculator uses the 2023 tax year.
4. Select the Number of Employees you have in Bahamas
5. Enter the Annual Income for each of your employees
6. Select the Income period, this is the frequency that you pay your employees the amount you entered in the previous step. By default, the payroll tax calculator uses 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