For the purposes of calculating the amount of PAYE Income tax to be withheld from an employee's emolument income, it is important to remember to first round up or down the assessable earnings, to the nearest number of whole dollars. An amount of 50 cents must be rounded up to the next whole dollar.
The effect of this action means that it is easier to determine the amount of the withholding required, being a multiple of 25 cents or 30 cents for each TTD 1 earned, depending on whether the earnings exceed TTD 1m annually.
The calculation itself is based primarily on an assessment of expected emolument income within the tax year, which then determines the annual tax due on said income, and which is then pro-rated for the purposes of effecting a regular withholding
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Web page updated on 17 Mar 2025 15:51