Bonus tax calculator Trinidad and Tobago
A bonus is taxed as part of your income for the year. What it costs you in tax depends on how much of the personal allowance your salary has already used.
Enter the bonus and your yearly salary to see the tax on the bonus alone.
How it's calculated
- Income tax is worked out on your salary for the year, with and without the bonus.
- Both include the personal allowance of TT$90,000 and 70% of your NIS with your pension contributions.
- The difference is the tax on the bonus. Most bonuses pay 25%; any part above TT$1,000,000 of chargeable income pays 30%.
An example
On a TT$180,000 salary, a TT$20,000 bonus pays TT$5,000 of income tax and you keep TT$15,000.
Frequently asked questions
Is my bonus taxed at a higher rate?
Not usually. It is added to your income for the year. Only chargeable income above TT$1,000,000 pays the higher rate of 30%.
Why did my employer deduct more PAYE in the bonus month?
PAYE in the month of the bonus can be higher than the final tax. Any difference is settled when you file your return for the year.
Is NIS charged on a bonus?
NIS follows the earnings class of the pay period. A bonus paid with a month's salary can move that month into a higher class.
Key terms
- Chargeable income
- Income after the personal allowance and deductions, which is what the tax rates apply to.
Up-to-date official data
Data checked against the official source on .
We check the official sources automatically, every day.
- Inland Revenue Division, Ministry of FinanceDeductions and Required Supporting Documents (Individual Income Tax)
- Inland Revenue Division, Ministry of FinanceGeneral Guidelines for Severance and Gratuity