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Research the calculation of payroll taxes in jamaica

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Reference no: EM133117034

Question: The following payroll data is provided for Rose Hall Plantation.

Employees Payment type Gross Pay Deductions
May Pebbles Monthly $150,000
Mortgage - $20,000
Rick Stone Monthly $120,000
Insurance- Sagicor $2000 Additional Information:
- Income tax rate is 25% gross pay after deducting NIS.
- Income tax threshold per year is 1,500,096.
- National Insurance (NIS) is 3% of gross pay up to a ceiling of $3,000,000 per year
- NHT is 2% of gross pay
- Education Tax is 2.25% gross pay less NIS

Required:

Research the calculation of payroll taxes in Jamaica.

Prepare the payroll register for Rose Hall Plantation.

Reference no: EM133117034

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