Information about Bermuda Minimum wage and taxes.

Bermuda is a British Overseas Territory located in the Caribbean and has its own tax regulations. There is no legal minimum wage in Bermuda. Instead, wages are usually determined through negotiation between employer and employee. The tax system in Bermuda includes various taxes such as income tax, social security tax and employer contributions. Income tax is levied on individual income and a deduction is made for a certain portion of annual income at a determined rate. Tax brackets and rates may differ depending on income level. Social security tax is levied as a percentage of employees' salaries, and these funds contribute to financing social services such as health insurance, retirement and unemployment benefits. Employers pay a certain percentage of the total salary as employer contributions in addition to employees' salaries. This is used to fund retirement plans, health insurance and other employee benefits. Tax rates and rules in Bermuda may change over time, so it is important to contact local tax authorities or an accountant to get up-to-date and accurate information.

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