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  • Pita 2011

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    Zilmer1
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    This document outlines an employee's salary breakdown, deductions, and tax calculations. It shows the employee's annual gross earnings of 5,050,000 including basic salary, housing, transport, and other allowances. It then lists the non-taxable deductions including NHF contributions, NHIS contributions, pension contribution, gratuities, and consolidated relief. It calculates the total tax exempt amount as 1,795,000 and the taxable income as 3,255,000. Using the tax table provided, it determines the taxes payable as 573,200 and the employee's net pay as 2,681,800.

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    PITA 2011

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    This document outlines an employee's salary breakdown, deductions, and tax calculations. It shows the employee's annual gross earnings of 5,050,000 including basic salary, housing, transport, and other allowances. It then lists the non-taxable deductions including NHF contributions, NHIS contributions, pension contribution, gratuities, and consolidated relief. It calculates the total tax exempt amount as 1,795,000 and the taxable income as 3,255,000. Using the tax table provided, it determines the taxes payable as 573,200 and the employee's net pay as 2,681,800.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    6 views2 pages

    Pita 2011

    Uploaded by

    Zilmer1
    This document outlines an employee's salary breakdown, deductions, and tax calculations. It shows the employee's annual gross earnings of 5,050,000 including basic salary, housing, transport, and other allowances. It then lists the non-taxable deductions including NHF contributions, NHIS contributions, pension contribution, gratuities, and consolidated relief. It calculates the total tax exempt amount as 1,795,000 and the taxable income as 3,255,000. Using the tax table provided, it determines the taxes payable as 573,200 and the employee's net pay as 2,681,800.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    (a) Non-Taxable Deductions

    i NHF Contributions
    ii NHIS Contributions
    iii Life Assurance Premium
    iv Pension Contribution
    v Gratuities
    vi Consolidated Relief of: 20%
    the higher of 200,000 or 1% of Gross Earnings
    b) Tax Table
    First 300,000 @ 7%
    Next 300,000 @ 11%
    Next 500,000 @ 15%
    Next 500,000 @ 19%
    Next 1,600,000 @ 21%
    Above 3,200,000 @ 24%
    of Gross Earnings; plus
    Name: Olaide Ibidunni
    Grade Level:
    Step
    Item Annual Monthly
    Basic Salary 3,000,000.00 250,000.00
    Housing 1,200,000.00 100,000.00
    Transport 600,000.00 50,000.00
    other Allowances 250,000.00 20,833.33
    -
    -
    -
    Gross Earnings 5,050,000.00 420,833.33
    Less: Deductions:
    NHF Contributions 50,000.00 4,166.67
    NHIS Contributions 25,000.00 2,083.33
    Life Assurance Premium - -
    Pension Contribution 360,000.00 30,000.00
    Gratuities 150,000.00 12,500.00
    Consolidated Relief 1,210,000.00 100,833.33
    Total Tax Exempt 1,795,000.00 149,583.33
    Taxable Income 3,255,000.00 271,250.00
    Less: Taxes Payable 573,200.00 47,766.67
    Net Pay 2,681,800.00 223,483.33
    Schedule of Annual Earnings

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