ItisWell22:


Company dey wey pay over #1M per month as salary, dey give people #30M as vehicle allowance every three years, as well as vacation allowance every year, because them deserve am; for this Naija.

And NO, them no get connection; but excellent grades and knowledge of how to navigate the corporate world.

And they work less than 8 hours per day. 😁

Just pray for the right knowledge… 🙏✌️

ItisWell22:


Company dey wey pay over #1M per month as salary, dey give people #30M as vehicle allowance every three years, as well as vacation allowance every year, because them deserve am; for this Naija.

And NO, them no get connection; but excellent grades and knowledge of how to navigate the corporate world.

And they work less than 8 hours per day. 😁

Just pray for the right knowledge… 🙏✌️

chatinent:
Company wey go pay you ₦200k in Nigeria without connection will using you like your personal lord and saviour.

Justbeingreal:
I HATE LONG MATHEMATICS PROCESS EHN. WETIN PERSON GO DO NA MONEY CALCULATIONS WE GOT NO CHOICE..

Longevo:
Excellent.
In a scenario where you have NHF and NHIS deductions, do you make the deductions before computing your PAYE?

JonCina:


How do you handle Leave Allowance and 13th Month in this calculation?
Do you add them to the Gross Pay or you remove them?

ntebong:
Inbox me for a formatted excel sheet that solve the lengthy calculation of your net pay and other deductions in one click.
The excel is designed without limit to number of staff you can use to compute their net pay and other deduction, very useful to HR managers, Accountants and MDs with little or no excel knowledge-0902 645 8065

mrphysics:

Everything she wrote is very clear and correct. The computation of PAYE was right.

braine:


You actually have to do the calculations yourself, else you may get incorrect net pay.

potland:
what do you think about working in a supamarket

AntiWailer #TAX EDUCATION SERIES

Pay As You Earn (PAYE) Compliance Management in Nigeria.

PAYE compliance management in Nigeria is crucial for employers to ensure that they are correctly deducting and remitting the appropriate taxes from their employees' salaries.

Here are some key points to consider for #PAYE compliance:

#Deduction and Remittance: Employers must accurately calculate and deduct PAYE tax from the salaries and wages of their employees based on the applicable tax rates. The deducted tax must be remitted to the relevant tax authority on or before the 10th day of the month following the payment of employees' salaries.

#Consolidated Relief Allowance (CRA): Employers should calculate the Consolidated Relief Allowance (CRA) for each employee to determine the tax payable. CRA is the higher of N200,000 or 1% of gross income plus 20% of gross income (In accordance with FA20, Gross income is income after deducting Pension and National Housing Fund contributions).

#PAYE Tax Rate: The PAYE tax rate is applied based on the employee's annual income. The tax rates are progressive, meaning the tax percentage increases with higher income levels.

#Compliance Check: Employers should conduct regular compliance checks to ensure that they are adhering to all PAYE tax regulations. This includes timely remittance of taxes, accurate calculations, and proper documentation.

#Exemption for Low-Income Earners: Employees earning a monthly income of N30,000 or below are exempted from PAYE tax. However, employers still need to keep proper records to substantiate the exemption for these employees.

#Record Keeping: Accurate record-keeping is essential for PAYE compliance. Employers should maintain records of employee salaries, deductions, and remittances to the tax authorities.

#Filing of Tax Returns: Employers are required to file annual tax returns with the relevant tax authorities, summarizing the PAYE deductions made throughout the year.

#Non-compliance with PAYE regulations can result in penalties and other legal consequences for employers. Therefore, it's essential for HR practitioners and businesses to stay updated with tax laws and regulations in Nigeria and ensure that they are fully compliant with PAYE requirements.

As tax regulations and requirements may change over time, it's advisable to seek advice from qualified tax professionals or consultants to ensure accurate and up-to-date compliance.

Have I missed anything? Do well to add yours in the comment section.post=124649486:
Just ask for your NET.


Dont do any crappy calculations.

Some people put some of ur pay in non taxable benefits , some are not wise to do that.

Two people can collect Gross of 500K and the Net will be very different.

potland:
what do you think about working in a supamarket

chatinent:

Tell me about it, chief.

potland:
floor attendant. Is it okay? My friend applied

chatinent:
Not bad. What's the pay?

potland:
around 50 for bsc holder

potland:
around 50 for bsc holder

potland:
olodo, wetin you score for waec

chatinent:


It’s mostly based on connections. People will right knowledge yapa for Nigeria

Rubyjade:
Remove them

Mountbatten:
1st class but can't break down simple concept smh.

Just do 20% of your gross.

For example
Gross: ₦3,500,000
Tax: 20%

Therefore, multiply Gross x Tax to know what government takes from your gross as tax.
₦3,500,000×20% = ₦700,000

To get your net pay, subtract your gross from how much government takes
₦3,500,000 – ₦700,000
Net Pay= ₦2,800,000

To get your monthly pay, divide your net pay by 12
₦2,800,000/12
Monthly pay = ₦233,333.33

In summary, if your gross is ₦3,500,000 with tax at 20%, your net pay is ₦2,800,000 and your salary is ₦233,333.33 or just ask for your payslip.

ItisWell22:


I used to think like you, until it happened to someone very close to me. 😁

And sir, no connections whatsoever.
Just a double first class, the right knowledge and information; and of course plenty prayers! 😊✌️

oluplus:


This Is not explicit enough.
His aim is to determine the net (take home, not.


You did not factor other deductions like pension, medicals etc
N2.8M can not be the NET in your scenario