I'd like to compute Belgian social security costs. I understand that social security goes up 1/2% annually, starting at 20.5% and a ceiling of 22%.
yr 1 20.5% of this years income (initially 20.5% of 11824€, adjusted after actuals are known)
yr 2 21.0% of this years income (initially 20.5% of 11824€, adjusted after actuals are known)
yr 3 21.5% of this years income
yr 4 22.0% of yr 1 income
yr 5 22.0% of yr 2 income
yr 6 22.0% of yr 3 income
yr 7 22.0% of yr 4 income
...etc.
And if year 7 is the last year worked in Belgium, income earned on years 5, 6, and 7 are never used as a basis for social security.
Is all this correct?
