Too bad

12

11

10

9

8

7

6

5

4

3

2

1

Please see below

TheDemola:


What's now the new method please?

You will remove Tax relief from gross income to arrive at Taxable gross.

TheDemola:


This PAYE computation to me, needs to be reworked and to me, I feel one can be overtaxed. With this table and knowing your gross pay, you can easily know how much is your monthly tax, but overtime pay monthly differ and then there are other payments, like leave bonus, child allowance and all (which are paid once/year), it is difficult to actually know how you are being taxed. Except this graduated tax pay has a way of it being done monthly too

To calculate the graduated tax table monthly, divide the GTT stages amount by 12....
That's 1st 300k/12 * 7%...

TheDemola:


This is done on the gross and per year, but in the case of you working overtime and it's monthly thing and the overtime rate/payment differ, how is the tax arrived at?

It can be calculated monthly. On your second line, it can be 1% if it's not more than minimum wage, it can be 5% on amount earned ( WHT scenario) or be added back to staff monthly gross pay and be subjected to PAYE computation.

Osyxcel:


Well, according to 2011 PITA (as amendmend), all salaries, bonuses and BIKs are treated as gross emolument.

You're right that the SBIRs don't focus much on some things. It just because our tax systems are not fully effective.

If state tax audit should go by your first paragraph, a higher percentage of companies might not survive the tax liability. Esp banks.

Good one �

Osyxcel:


Well, when is time for review by tax authorities, all income will be added as gross income and the tax table will be applied after considering reliefs.

After arriving at the tax payable, all payment will be taken into account and the balance will be paid (with interest and penalty where applicable).

The company can decide to separate payroll schedule for other bonus schedules ( performance bonus, over time bonus, Ex gratia bonus, compassionate allowance, out of station allowance etc)... Their is no section of the 2011 PIT act (As amended) that stipulate that all income of employee with be added back to payroll and tax will be calculated on it.

What if the payroll circle is different from the over time circle....

Moreover, on tax Audit, either LIRS or other SBIRS, these people focus more on

1. Directors Paye or DA
2. Paye payment Date
3. Paye computation
4. Business premises
5. Withholding tax schedules (invoices or petty cash)


Most don't even ask if there are OVT or related. Allowances.

PAYE Cal for Layman

Gross income - tax relief (Employee pension, NHF, personal life insurance etc) = taxable gross... Then

Taxable gross - CRA (Consolidated Relief Allowance)...= Taxable income.... Then

Taxable income calculation on tax Table (7, 11, 15, 19, 21 & 24% on First 300k, next 300k, next 500k, next 500k, next 1,600m and 3,200m; base on taxable income) = PAYE


Hit me up if you need knowledge about Total compensation and benefits for HR and Accountants, Tax experts etc

08062569822

Hi,

Two things,

1. If the overtime is added to your monthly gross salary, it will be tax via Paye tax computation.

2. If the overtime is separately treated as a separate payment, it can pass through

a. A withholding tax calculation of 5% based on contract of service (employee or business name) and

b. Minimum tax of 1% if the over time is not higher than the current minimum wage...

The acquisition, a good move?

Okay,

Great but he should pick others up. Still a good guy though

Ok

Ok

TheN1:
Sumec generator 7.2kva at 220k (about a year and can carry 3 inverter A/c)

Ignis automatic washing machine 80k

Thermocool Deep freezer 70k

All in good condition. Seller wants to relocate. Mention me on this thread.

Location is Festac, Lagos and you will pick up.

Picture of the freezer and how much last

C505:
SCANFROST DEEP FREEZER 100L
80'000
NEVER USED

I have 55k. Is it still available. ?

Hi,
wait

RIP. So painful

Smart, diplomatic and intelligent. Good guy

OBJ is right.

Its over 13years since he left the presidency. Those years is enough to change or restructure a system. Buhari is a disaster.... Yes I said it

[color=#006600][/color]Okay oo


For registration with National housing fund, NSITF, processing of compliance certificate from NSITF, pencom and ITF.... Reach me on onaaramichael@gmail.com or 08062569822