Thursday, November 7, 2013

What is my salary ?

If I have a salary of 100,000 a year, after taxes I would get 84,300 as my net total. It work out this way because in the Bahamas there is no income tax, capital gains, wealth, inheritance or succession taxes. The only taxes I would have to pay would be social security and national insurance tax. I would pay 5.9% of my money to social security. Then I would pay 9.8% of my salary to the national insurance. This is deposited monthly so it would come more out of a monthly salary. After deducting these two things it come out to my net pay of $84,300 a year. This math is shown below. 

100,000x5.9%=5900 (social security)
100,000/12=9800 (monthly salary) 
98000x9.8= 9604 (monthly fee for insurance)
9604x12= 9800 (yearly insurance fee) 
             Net Total: 84,300

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