T&T Net Salary Calculator 

One of the most disappointing realities of being employed is learning that the amount of money that they say they'll pay you, i.e. your gross salary, is not how much you actually receive at the end of the month, i.e. your net salary. This online calculator estimates what your net salary would be after your employer deducts income tax, NIS and other payments to financial institutions that you authorise them to make on your behalf. Knowing how much money you'll actually get in your bank account will help you compare salary offers and prepare your monthly budget and manage living expenses better.

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Who can use this calculator?

Citizens of Trinidad and Tobago who earn less than TT$1,000,000 in employment income annually.

 

What is the calculation based on?

The results displayed apply to a typical 4-week month (i.e. a month where there are 4 Mondays) within a year that has 52 weeks. This is relevant for calculating the National Insurance Scheme (N.I.S.) and Health Surcharge deductions which are weekly contributions.

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To estimate the annual income tax due, it is assumed that every month in the  calendar year is identical i.e. same gross salary, same recurring salary deductions etc. 

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Are the results 100% accurate?

The calculated results are estimated based on the figures provided as well as the assumptions mentioned above. In reality, there are several scenarios which will lead to a different result e.g. a calendar year with 53 weeks or any changes within the year like gross salary increases/decreases, unemployment, switching employers (new job), joining/leaving a pension/medical plan, starting/finishing a loan etc.

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Is the Income Tax calculation 100% accurate?

The calculated Income Tax figure is an estimate. The actual PAYE withheld by your employer may vary based on the actual pay period (i.e. the month and year), the formula used by the payroll department, as well as, other factors.

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Are all tax deductions automatically applied?

Some of the tax deductions (e.g. individual pension contributions, first-time homeownership) have to be approved by BIR via a TD-1 before your employer can take them into account when calculating the Income Tax due. If you do not seek and receive approval from BIR by including it on your TD-1 at the beginning of the year, then it would not affect your net salary. You would have to file an annual tax return if you want your income tax due to be re-calculated so you can get a tax refund.