Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? - Career (2)

Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? - Career (2) - Nairaland

Nairaland Forum › Nairaland General › Career › Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? (12199 Views)

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Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by AKWATGOLD1(m): 3:19pm On Feb 29, 2024

Take home is 138k+

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Faithy04: 3:21pm On Feb 29, 2024

If he can go to the coustomer care in the bank can also help to explain the tax, pension and other levy and income

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by fuck419: 3:24pm On Feb 29, 2024

Net take home/monthly = 130,857
PAYE = 11,860
PENSION (7533+9416) = 16,949
NSITF = 942

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by evuna: 3:25pm On Feb 29, 2024

iamoyindamola:
Madam pension is deductible you are not suppose to add the 113000 to payment
Anyway the total gross is 169000
His netpay is 122804
Paye is 10496

Find attached as nairaland no allow document attachment

Note:
If you add the pension of 113000 as payment
The netpay is actually 130857.07

Can I get this sheet?

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Faithy04: 3:28pm On Feb 29, 2024

He should collect 152 thousand naira on daily basis
If not up to that that means the remaining are deducted as tax

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by UyaiIncomparabl(f): 3:28pm On Feb 29, 2024*

raphemmanuel:
how will you be saying such.
=>How much do you earn monthly.
=>Since the economy is very bad, how many people have you empowered.
=>If you are a business owner and you have an employee, how much are you paying them.

How is 150k a small money. What about those surviving on 50k salary.
Some people will just be forming what I can't explain on social media.

LOL. You sabi. They are always wealthy and earn big salaries in their heads and on social media. grin

If you check that one now, e fit still be crumbie. Well, anyone can be whatever they want on SM. grin

6 Likes

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:28pm On Feb 29, 2024

evuna:
Can I get this sheet?

Quote me with your email

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by tobafy(m): 3:32pm On Feb 29, 2024

iamoyindamola:
Madam pension is deductible you are not suppose to add the 113000 to payment
Anyway the total gross is 169000
His netpay is 122804
Paye is 10496

Find attached as nairaland no allow document attachment

Note:
If you add the pension of 113000 as payment
The netpay is actually 130857.07

Please i dont mind if i can get a soft copy. I will so much appreciate. my email is: tosinoludimu01@gmail.com. Thanks in advance

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by OBTOREPA(m): 3:32pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

Payee tax %7.5
Employee pensions % 8
I.e %15.5 deductions to be made
Let's %10 of 150k =15k
%5=7.5k
15k+7.5+%.5(#750)=23,250
150k-23,250=#126,750.00

1 Like

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by DenreleDave(m): 3:33pm On Feb 29, 2024

iamoyindamola:
Madam pension is deductible you are not suppose to add the 113000 to payment
Anyway the total gross is 169000
His netpay is 122804
Paye is 10496

Find attached as nairaland no allow document attachment

Note:
If you add the pension of 113000 as payment
The netpay is actually 130857.07

Sent you an email.. Bros

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by t2luv1: 3:35pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

You lost me on Wardrobe. You mean like your clothing !!!! You will actually get paid for the clothes you wear or is it some sort of uniform?

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:37pm On Feb 29, 2024

tobafy:
Please i dont mind if i can get a soft copy. I will so much appreciate. my email is: tosinoludimu01@gmail.com. Thanks in advance

Done

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Buharidgeneral: 3:38pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

126,857.33 net pay
11,142.67 tax
12,000 pension
Thank me later

1 Like

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by evuna: 3:39pm On Feb 29, 2024

[quote author=iamoyindamola post=128708542]Quote me with your email[/quot

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Dyfynezz12(m): 3:41pm On Feb 29, 2024

AlexBells:
No collect the one you see, if the friend is single, 150k is a huge amount, I still prepare a nice meal with 2K here in Enugu

Did i hear u say nice meal?
Here in Umuahia 6milk cups if garri is 1k,I do eat that twice or highest thrice

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by julybaba(m): 3:41pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

PAYE tax is 7%

So , the calculation is correct.

He should collect 127,500 after deduction

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Opynion: 3:42pm On Feb 29, 2024

Breakdown of monthly pay:

Gross pay = 140,833.33

PAYE = 10,496.00
PENSION = 7,533.33 (Employee contribution)

Net pay is 122,804.00

The pension of 113,000 is a portion of Employer contribution annually .

If he got 127k then it could be due to other undisclosed factor or error on the part of the HR.

See screen shot below

2 Likes 1 Share

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Wande22(m): 3:42pm On Feb 29, 2024

iamoyindamola:
Madam pension is deductible you are not suppose to add the 113000 to payment
Anyway the total gross is 169000
His netpay is 122804
Paye is 10496

Find attached as nairaland no allow document attachment

Note:
If you add the pension of 113000 as payment
The netpay is actually 130857.07

Pls can you share the template for me huh

Via WhatsApp

I want to understudy the Tax Rate VERY WELL

2 Likes

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:42pm On Feb 29, 2024

evuna:
afiaproton@gmail.com

Done

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by fadaroking: 3:43pm On Feb 29, 2024

IT IS CALLED CONTRIBUTORY PENSION SCHEME, YOU CONTRIBUTE SOME AMOUNT TOGETHER WITH YOUR EMPLOYEER

Mercylike:
He already called the HR but she said they would discuss when he gets to office next week...

So he wants to know now before he approaches the HR to get explanation

Note: he got his first pay of 127k...and he thinks it is wrong as he expected 130k upward ..

Besides, employers pension contribution; is it supposed to be taken from the staff salary or the company pays that separate?

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:45pm On Feb 29, 2024

DenreleDave:
Sent you an email.. Bros

I don't use the email again, just quote me with your own email address

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:47pm On Feb 29, 2024

Mercylike:
He already called the HR but she said they would discuss when he gets to office next week...

So he wants to know now before he approaches the HR to get explanation

Note: he got his first pay of 127k...and he thinks it is wrong as he expected 130k upward ..

Besides, employers pension contribution; is it supposed to be taken from the staff salary or the company pays that separate?

Employer pension of 10% is from the company which will be added to the employee deduction as the monthly pension

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by SirVemmy: 3:47pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

Your Gross Salary per month is N150,000.00
Your Pension (Employee contribution) is 8% of your Basic, Housing & Transport which is N7,533.33
Your PAYE (Pay as you earn) is N11,821.60
Your Net Salary which is your disposable income is N130,645.07.

Tell your HR to balance you up.

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by absrifun: 3:47pm On Feb 29, 2024

Mercylike:
Nairalanders, my friend got a job in a depot although he didn't get the position he wanted as a logistics person.

He was paid as this is his first month..

Offer letter shows below per annum:

Basic - 650000
Transport - 240000
Housing - 240000
Telecommunications - 120000
Lunch - 125000
Medical allowance - 125000
Wardrobe - 125000
Pension - 113000
Annual leave allowance - 65000

Total is 1,803,000 million.

Monthly salary is 150000k.

Note:
1. Out of this 150k, 8% employee pension fee will be deducted

2. Employer is also expected to contribute 10%

3. Paye (i don't know the amount of paye tax on this salary)

My question is; with the information above, how much is the employee supposed to collect at the end of the month .i.e Net monthly salary

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Opynion: 3:49pm On Feb 29, 2024

evuna:
Can I get this sheet?

Yea this computation is correct

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by evuna: 3:51pm On Feb 29, 2024

iamoyindamola:
Done

Thanks

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:51pm On Feb 29, 2024

Opynion:
Breakdown of monthly pay:

Gross pay = 140,833.33

PAYE = 10,496.00
PENSION = 7,533.33 (Employee contribution)

Net pay is 122,804.00

The pension of 113,000 is a portion of Employer contribution annually .

If he got 127k then it could be due to other undisclosed factor or error on the part of the HR.

See screen shot below

Correct i reckon the employer don't remit employer pension which they added a fixed figure to his salary
They are cheating his future and he doesn't know it
Naija companies sha

2 Likes

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by iamoyindamola(m): 3:53pm On Feb 29, 2024

[quote author=absrifun post=128708872][/quote]You are using old paye law bros
Law they have changed since 2 years ago if them catch you ehn

1 Like

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by AlexBells(m): 3:56pm On Feb 29, 2024

Dyfynezz12:
Did i hear u say nice meal?
Here in Umuahia 6milk cups if garri is 1k,I do eat that twice or highest thrice

I buy derica of garri 1200, it will serve me 6 meal. Now let’s look at this way, sometimes I prefer to eat akpu two hundred Naira own in the morning, two hundred Naira own in the afternoon, then in the night I can take tea and bread or akamu and plantain or akara now if I bought four Akpu that’s #400 I’m still left with 1600 then I buy one cup of melon, 350 then 600 fish, I don’t eat meat for some reasons. Then 100 bitterleaf I have the rest ingredients like oil, onions, etc. So you see 2K can cook decent meal for a bachelor who is okay with a decent life

1 Like

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by EconomistXplain: 3:56pm On Feb 29, 2024

Abegi!!!!...POS huzle better pass this one....so so big grammer

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Preator: 3:57pm On Feb 29, 2024

See below based on the Finance Act modification to PITA

Assumptions
1. Medical is actually paid to you and not used in purcahsing medical insurance for you
2. You get your wardrobe allowance monthly
3. your employer pays NHF (it is elective now)

The pension line is actually the 10% contribution from your employer. it's calculated as 10% of Basic, Housing and Transport.

1 Like

Re: Tax Experts, How Much Is He Supposed To Receive At The End Of The Month? by Quebec91(m): 4:09pm On Feb 29, 2024

No mind the guy up there spitting nonsense say 150k na nothing. E think say na everyone get luck for labour market. I can categorically say 60% of the employed goup earn less than that in Nigeria

arinzos:
How many Nigerian de collect reach 150k.

150k is nothing but majority earn way less than this and they are still surviving.
Who go survive go survive.

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