2011 Social Security Updates

In his 2011 Budget Address, presented to the National Assembly on Tuesday December 14, Prime Minister Hon. Dr. Denzil Douglas announced that there would be an increase in three of the four income brackets as it relates to the Housing and Social Development Levy, which is paid in addition to 5% Social Security employee contribution.

The Social Services Levy paid by employees will increase from 3.0% to 3.5%. Employees earning between $78000 and $96000; and those earning above $96000 annually will pay an additional 2%.

Employers using WagesPlus for their payrolls will need to change their levy constants. Please follow the instructions below:

STEP 1:

Open the Social Security Constants form by going to the File menu and then selecting Setup and Social Security Constants as displayed below.

STEP 2:

Click on the New button.

Enter the date of the first Monday on which the new taxes are effective. At this time, that Monday is January 3, 2011.

STEP 3:

Change the Employee's Levy Percent to 3.5% as highlighted in the image below.

STEP 4:

Change the ADDITIONAL percent paid by employees earning more than 6,500 per month to 6.5% as highlighted in the image below.

STEP 5:

Change the ADDITIONAL percent paid by employees earning more than 7,999 per month to 8.5% as highlighted in the image below.

STEP 6:

Click on the Save button to save your changes.

Select a link below for more information: