The Inland Revenue is providing this calculator to help you determine and calculate Social Security Contributions (SSC).  The calculator will select the applicable contribution class based on the type of income you have earned during a specific period.

 

Class 1 Social Security Contributions are payable if you have earned employment income, whilst Class 2 Contributions are payable when you earn income from trade, business, profession, vocation, any economic activity or from other income such as rents, investments etc.

 

Three types of source of income are available to choose from: Employment, Trade and Business and Other Income. One or more sources of income has to be selected, otherwise access to the next page will not be granted. 

 

The relevant screen will then be displayed when you press ‘Begin’.

 

 

  -   Personal Details                       

 

Date of Birth

 

The date of birth can be filled in, however if not, it would be assumed that you were between 19 and 64 years old during the employed period specified.  If an employee has the eighteenth birthday between the ‘Period From’ and the ‘Period To’ dates, the SSC class 1 rate changes as indicated in the ‘Rates’ screen.

 

If you are entering the date of birth, you must enter it in a dd/mm/yyyy format (e.g. 20/01/1980)

 

  -   Employment Details                

 

Period from & to

                                                     

The period from and to fields enable you to specify the date range worked for which SSC Class 1 calculations are required. All dates should be in a dd/mm/yyyy format, and within the same year. Furthermore, a span of less than 1 week between the period range is not allowed.

 

Basic Wage

 

Basic wage earned should be entered in the field provided.

 

Payment Interval

 

The ‘Paid every’ field is a drop down list, where you are requested to specify whether the basic wage entered has been earned every week, fortnightly, every 4 weeks, or monthly.  SSC Class 1 calculation needs the Basic Weekly Wage, hence the calculation will determine the equivalent weekly wage when the basic wage indicated is paid on a fortnightly or monthly basis or every four weeks.

 

Student Indicator

 

If during the period specified, you were a full time student, then tick the box next to the ‘Full Time Student’ label, as different social security rates are applied to students.

 

  -   Calculation & Results              

 

         Click on the Calculate button when all necessary information has been entered.

 

Automatically, at the bottom of screen, the calculator will display the rate and category applied, the contributions to be paid by employee, contributions to be paid by employer, and the total amount.

 

Should you wish to return to the Social Security Contributions main menu, click on the Back button.

 

         A table displaying all  ‘SSC employed rates for years 1998 – 2002’ is available by choosing the ‘Show Rates’

 

Should you change any of the entered information, click the Re-calculate button in order to get the new contributions applicable to the new entered information

 

Upon choosing the ‘Print Preview’ button a separate window will be displayed, where a print preview of the social security window is displayed. This page can also be printed.

 

 

 

  -   Income Details                         

          

There are two similar screens for the calculation of Class 2 Social Security Contributions.  Persons earning income from trade, business, profession, vocation or any other economic activity have to enter the Net Profit, while those who receive income from investments, rents, capital gains and other unnamed income have to use the total Net Income for the calculation.

 

The year for which the contribution is to be paid is entered in the ‘Year’ field.

 

The Net Profit or Net Income is the income earned or received in the year preceding the contribution payment year.

 

The Marital status should be chosen from the ones in the drop down list box.  The marital status applies to the treshold for payment of SP rate (Single – Lm430, Married – Lm630) for persons receiving income from investments, rents, capital gains etc. Refer to the rates in the ‘Rates’ page for more information.

 

  -   Calculation & Results              

 

Click on the Calculate button when all necessary information has been entered. Automatically, at the bottom of screen, system will display the contribution that should be paid quarterly, and the number of weeks it covers. The total for the whole year is also displayed.

 

         Should you wish to return to the Social Security Contributions main menu, click the ‘Back’ button.

 

A table displaying all  ‘SSC Class 2 Rates for years 1998 – 2002’ is available by clicking the ‘Show Rates’ button

 

Should you change any of the entered information, click the Re-calculate button in order to get the new contributions applicable to the new entered information

 

Upon choosing the ‘Print Preview’ button a separate window will be displayed, where a print preview of the social security window is displayed. This page can also be printed.