Employment Cost Calculator for Micronesia
Calculate your complete hiring costs for Micronesia employees, including payroll taxes, social security contributions, employee benefits, and management fees. This salary calculator provides accurate employer cost estimates for informed hiring decisions.
Employer Tax Contributions
| Tax Type | Rate | Base |
|---|---|---|
| Social Security | 7.5% | Employee gross wages (up to $10,000 annual wage base limit) |
| Wages and Salaries Tax (Income Tax Withholding) | 6% (first $11,000); 10% (excess over $11,000) | Employee gross wages |
| Business Gross Revenue Tax | Varies by state | Gross receipts/revenue (excluding employee wages) |
Filing & Compliance
- Social Security contributions and income tax withholdings are typically due monthly by the 15th day of the following month.
- Quarterly wage and salary tax returns and payments are due on January 31, April 30, July 31, and October 31.
- Annual reports summarizing employee wages, withheld taxes, and Social Security contributions are due by February 28, and employees must receive wage and tax statements by January 31.
Income Tax Brackets
| Income Range | Tax Rate |
|---|---|
| Up to $11,000 | 6% |
| Over $11,000 | 10% |
Employee Contributions
| Deduction Type | Rate | Cap |
|---|---|---|
| Social Security | 7.5% | $10,000 annual wage base |
Personal Allowances
- Standard Deduction: $1,500 per individual.
- Personal Exemption: $1,000 per person.
- Employees earning less than $5,000 are entitled to a $1,000 deduction.
