Post by MS INYOFU (@theconscience)

PAYROLL HINT

Mistake: Taxing full salary

Correct: Deduct pension before PAYE

Why?
Pension (8%) reduces taxable income

Example:
Salary: N1,200,000
Pension: N96,000
Tax is applied on N1,104,000

Reality: Many accountants overpay tax by ignoring this

Question: Do you deduct pension before PAYE?

PAYROLL HINT Mistake: Taxing full salary Correct: Deduct pension before PAYE Why? Pension (8%) re...

0 likes · 0 comments · 0 shares