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Makkosky's Posts

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Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 11:30am On Mar 13

What's now the new method please?

You will remove Tax relief from gross income to arrive at Taxable gross.
Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 11:28am On Mar 13

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%...

1 Like

Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 6:15pm On Mar 12

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.
Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 5:10pm On Mar 12

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 �

1 Like

Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 4:58pm On Mar 12

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.
Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 4:39pm On Mar 12
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


3 Likes 1 Share

Career / Re: How Is Paye Calculated For Someone Working Overtime by makkosky(m): 4:31pm On Mar 12

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

Business / Re: Funke Opeke & Judith Gardiner Confirm Mainone's Takeover By Equinix by makkosky(m): 2:17pm On Dec 08, 2021
The acquisition, a good move?
Celebrities / Re: Wizkid’s Grand Entrance At The London 02 Concert by makkosky(m): 11:08am On Nov 30, 2021

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

29 Likes 2 Shares

Celebrities / Re: Video Of Chiwetalu Agu After His Release From Army Detention by makkosky(m): 2:43pm On Oct 08, 2021
Crime / Re: Usifo Ataga: Court Orders Chidinma, Accomplice Trial At High Court by makkosky(m): 8:08am On Sep 07, 2021
Family / Re: House Clearance Sales.. Come In Here!!!! by makkosky(m): 8:44pm On May 17, 2021
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
Family / Re: House Clearance Sales.. Come In Here!!!! by makkosky(m): 10:44pm On May 01, 2021

I have 55k. Is it still available. ?
Jobs/Vacancies / Re: What Its Mean To Acquire Higher Degree Time Wasting Or What? by makkosky(m): 1:05pm On Apr 29, 2021

1 Like

Sports / Re: 6 Footballers Perish In Ghana As Car Crashes Into Offinso River by makkosky(m): 10:13am On Sep 20, 2020
RIP. So painful

cry cry cry
TV/Movies / Re: BBNaija: Laycon Becomes The First Housemate To Get 1M Instagram Followers by makkosky(m): 5:00am On Sep 20, 2020
Smart, diplomatic and intelligent. Good guy


Politics / Re: You Are Nigeria’s ‘Divider-In-Chief’, Presidency Replies Obasanjo by makkosky(m): 6:22am On Sep 14, 2020
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 cheesy grin


Celebrities / Re: Trikkytee Is Head Of Bbnaija House. Laycon Is His Deputy by makkosky(m): 7:46pm On Sep 07, 2020
[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
Celebrities / Re: Chadwick Boseman's Final Tweet Becomes Most Liked Post In Twitter History (Pix) by makkosky(m): 12:22pm On Aug 30, 2020
Education / Re: University Of Ibadan Auditor ‘Went Blind' by makkosky(m): 6:54pm On Aug 21, 2020
You don't mean it....

1 Like

Jobs/Vacancies / Re: Manager In A Hotel Or State Internal Revenue Job? by makkosky(m): 10:47am On Aug 17, 2020
State internal revenue job vs hotel manager.

Please go for the state internal revenue job because
1. Career progression.
2. Job security
3. Opportunity to become great.
4. Possibility to become a consultant
5. You can never be broke.

I have experience in tax audit with state internal revenue and federal revenue.

I can help you company in registering with NSITf, PENCom and securing NHF housing loan. I also process compliance certificate with all this bodies. CAC registration is a +
Education / Re: Student Calls On Govt. To Reopen Schools After Seeing Fully Packed Viewingcenter by makkosky(m): 6:08am On Jul 29, 2020
It is well

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