Bermuda Tax & Payroll • 0% Income Tax • 2024 Payroll Tax Reform
Bermuda Salary, Payroll Tax & Take-Home Calculator
Determine net take-home salary in Hamilton, Bermuda under the Payroll Tax Act progressive employee rates, Contributory Pension (CPF), mandatory occupational pensions, and SHB health insurance.
Bermuda Payroll Tax & Social Insurance Statutory Framework
Bermuda levies 0% personal income tax. In its place, the Payroll Tax Act 1995 imposes a progressive tax on all remuneration earned from employment in Bermuda, split into an employee deduction and an employer liability.
Employee Progressive Payroll Tax (2024/2025)
- BD$ 0 to BD$ 48,000: 0.50%
- BD$ 48,001 to BD$ 96,000: 4.75%
- BD$ 96,001 to BD$ 250,000: 9.50%
- BD$ 250,001 to BD$ 1,000,000: 10.00%
- Over BD$ 1,000,000: 0.00% (Exempt above annual statutory cap of BD$ 1,000,000).
Social Insurance, Pensions & Health
- CPF (Social Insurance): Flat statutory rate of BD$ 71.84 per week split 50/50 (BD$ 35.92 employee + BD$ 35.92 employer).
- National Pension Scheme: 5% employee + 5% employer mandatory on pensionable earnings up to BD$ 200,000 per year for Bermudian employees.
- Currency Parity: 1 BMD = 1 USD. United States Dollars circulate freely in Bermuda and are accepted at 1:1 parity everywhere.
📊 Bermuda Statutory Assessment & Contribution Matrix
| Statutory Component / Legal Deduction Item | Calculated Amount (BMD) |
|---|---|
| Primary Net / Statutory Payable Amount | $0.00 |
MS
Engr. Muhammad Shahzad
Principal Financial Systems Architect & Offshore Jurisdiction & Bermuda Financial Framework Architect
Lead software and systems architect specializing in high-performance browser computing, algorithmic validation, financial models, and zero-telemetry client-side privacy architecture.