S1 EP 8: Your First Paycheck: Mandatory Deductions, Voluntary Deductions and More...

07/26/21 • 12 min

Receiving your paycheck at the end of the month is probably the most anticipated event for most! If you're getting your very first paycheck it's even more exciting! All paychecks come with deductions and It's important to understand and be informed of all these deductions and the benefits they come with. In Today's Episode we'll discuss:

Statutory Deductions
Voluntary Deductions

For a list of all benefits the NIB provides
https://www.nibtt.net/benefits_09/benefits_09.html
Sample TD1 Form:
https://www.ird.gov.tt//Media/Default/IRDForms/F-TD1--.pdf
To view NIS Contribution Rates:
https://www.nibtt.net/Contribution_Rates/cont_Sept05_2016.htm
For more tips, info and useful resources follow me on social media:
https://www.instagram.com/infinityaccounting_tt/
https://www.facebook.com/infinityservices.st

Statutory Deductions
Voluntary Deductions

Previous Episode

S1 EP 7 More Tax Deductions: Deed of Covenants Explained

You can claim deductions for any donations made to your church or charity during the tax year by utilising a Deed of Covenants. In this episode I discuss how you can register and claim these contributions as tax deductions each year and some key things to consider when deciding to register.

To download print or view a Sample Deed of Covenant Form:
https://www.ird.gov.tt/Media/Default/IRDForms/F-Deed_Of_Covenant--.pdf
For more tips, info and useful resources follow me on social media:
https://www.instagram.com/infinityaccounting_tt/
https://www.facebook.com/infinityservices.st

Next Episode

S1 EP 9: E-Tax Guidelines: Filing Your Tax Returns

E-tax filing is still relatively new and many persons are still unsure or confused about what exactly e-tax filing is and how they can access the online portal and use it to file their taxes. In Today's Episode we discuss: