Infinity Talk Podcast

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

July 25, 2021 Season 1 Episode 8
S1 EP 8: Your First Paycheck: Mandatory Deductions, Voluntary Deductions and More...
Infinity Talk Podcast
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Infinity Talk Podcast
S1 EP 8: Your First Paycheck: Mandatory Deductions, Voluntary Deductions and More...
Jul 25, 2021 Season 1 Episode 8

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

Show Notes Chapter Markers

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

In Today's Episode
Intro Music
Gross Pay vs Net Pay
Types of Deductions
Statutory Deductions
NIS Deductions
Health Surcharge
PAYE (Income Taxes)
TD1 Declaration Form
Voluntary Deductions
Recap
Infinity Gems
Outro