Post by MS INYOFU (@theconscience)

HINT – Payroll Example (With Rent Relief)

Example assumes no Pension (8%), NHF (2.5%), or NHIS (5%) deductions.

Monthly salary: N100,000
Annual income: N1,200,000

Annual rent: N600,000
Rent relief = 20% × 600,000 = N120,000

Taxable income
= 1,200,000 − 120,000 = N1,080,000

Tax:
First N800,000 - 0%
Next N280,000 × 15% = N42,000

Monthly PAYE = N3,500

Question: Does your payroll include rent relief?

HINT – Payroll Example (With Rent Relief) Example assumes no Pension (8%), NHF (2.5%), or NHIS (5%)...

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