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Nairaland Forum / Nairaland / General / Career / How Is Paye Calculated For Someone Working Overtime (12747 Views)
Understanding Personal Income Tax (Direct Assessment, PAYE) / How is minimum wage calculated? / Know your PAYE/ Personal Income Tax (2) (3) (4)
How Is Paye Calculated For Someone Working Overtime by engrzico(m): 8:55pm On Mar 10, 2022 |
Please accountants, help me out with the current method of taxation for salary earners who work overtime. 2 Likes 1 Share |
Re: How Is Paye Calculated For Someone Working Overtime by shawnfamous(m): 4:27pm On Mar 12, 2022 |
What job is it exactly? If u have a job that is defined with hourly payment. It may be easy calculating 6 Likes |
Re: How Is Paye Calculated For Someone Working Overtime by Demzyl(m): 4:27pm On Mar 12, 2022 |
Here to learn also Waiting ooo |
Re: How Is Paye Calculated For Someone Working Overtime by spydera: 4:27pm On Mar 12, 2022 |
There are factors that could affect the variables involved in taxation such as this: Your place of work; Is it a private or government institution? If it is government, is it state or federal? Snd in what state? Salaries are earned according to levels (ranks)... Each of these levels have a percentage of fixed income to be deducted as tax from the total gross income. 1 Like |
Re: How Is Paye Calculated For Someone Working Overtime by EdgarBounce(m): 4:27pm On Mar 12, 2022 |
I helped a HR with PAYE computation. However there's been a little change from 2020 financial act. |
Re: How Is Paye Calculated For Someone Working Overtime by Amotolongbo(f): 4:28pm On Mar 12, 2022 |
EdgarBounce: |
Re: How Is Paye Calculated For Someone Working Overtime by laughitall(m): 4:28pm On Mar 12, 2022 |
What’s paye? 4 Likes |
Re: How Is Paye Calculated For Someone Working Overtime by ada9ja(f): 4:28pm On Mar 12, 2022 |
Hmmmm ok ooo Check my siggy |
Re: How Is Paye Calculated For Someone Working Overtime by Osyxcel(m): 4:29pm On Mar 12, 2022 |
Overtime is part of your gross income. PAYE is then calculated on your gross income. Where you don't know the amount you'll earn on overtime and your tax rate is based on your salary alone, adjustments will be made before the end of the year, probably the last month in the year before submitting returns the following year. 4 Likes |
Re: How Is Paye Calculated For Someone Working Overtime by phemmyfour: 4:29pm On Mar 12, 2022 |
Zihatu:lol Pay As You Earn |
Re: How Is Paye Calculated For Someone Working Overtime by Holumhidey(m): 4:29pm On Mar 12, 2022 |
I think the mods have been promised a large bonus for who'll push the most topics to front page Cos wtf |
Re: How Is Paye Calculated For Someone Working Overtime by Emperor100(m): 4:29pm On Mar 12, 2022 |
Zihatu:Pay As You Earn for employed workers |
Re: How Is Paye Calculated For Someone Working Overtime by airsaylongcome: 4:30pm On Mar 12, 2022 |
PAYE not Paye 1 Like |
Re: How Is Paye Calculated For Someone Working Overtime by phemmyfour: 4:30pm On Mar 12, 2022 |
PAYE = (Total tax payable – total rebates) / 12 |
Re: How Is Paye Calculated For Someone Working Overtime by hohafrank(m): 4:30pm On Mar 12, 2022 |
spydera:pay as you earn. 1 Like |
Re: How Is Paye Calculated For Someone Working Overtime by sholatech(m): 4:30pm On Mar 12, 2022 |
There is no seperate overtime tax in Nigeria. Your overtime payment ia added to your other salary/income and the tax table applied. 6 Likes 1 Share |
Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 4:31pm On Mar 12, 2022 |
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... 4 Likes 1 Share |
Re: How Is Paye Calculated For Someone Working Overtime by Rubyjade: 4:32pm On Mar 12, 2022 |
Personal Income Tax a type of tax that is paid by individuals to the government. It is classified into two: Pay-As-You-Earn (PAYE) - deducted at source for those in paid employment - and Direct Assessment -for self-employed individuals. 23 Likes 4 Shares |
Re: How Is Paye Calculated For Someone Working Overtime by tijikav337: 4:32pm On Mar 12, 2022 |
Mr know nothing about it o 1 Like
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Re: How Is Paye Calculated For Someone Working Overtime by rafom27023: 4:33pm On Mar 12, 2022 |
Pay as you earn na |
Re: How Is Paye Calculated For Someone Working Overtime by BOOKWORMLUX(m): 4:37pm On Mar 12, 2022 |
I don't know |
Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 4:39pm On Mar 12, 2022 |
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 4 Likes 1 Share |
Re: How Is Paye Calculated For Someone Working Overtime by kingcalipha(m): 4:39pm On Mar 12, 2022 |
Your overtime would probably be added to your gross pay for the month. PAYE is not calculated on overtime alone, your company can either let the overtime slide (paying it separately and not taxing it) or adding it to your gross pay and apply PAYE on total earnings. You can email me for a PAYE calculation template if you feel you are being cheated. 2 Likes 1 Share |
Re: How Is Paye Calculated For Someone Working Overtime by Ekakamba: 4:39pm On Mar 12, 2022 |
I'm interested in this. 2 Likes |
Re: How Is Paye Calculated For Someone Working Overtime by Osyxcel(m): 4:40pm On Mar 12, 2022 |
Rubyjade: My post a few years ago. In light of the recent amendment, an adjustment needs to be made. Let me quickly do that. 1 Like |
Re: How Is Paye Calculated For Someone Working Overtime by Rubyjade: 4:41pm On Mar 12, 2022 |
Osyxcel: |
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