dbrownconsulting - Personal Income Tax Calculator

Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)

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Employee Name John Doe

Company Name GD Corporation From our calculations, you should
save =N=136,590 in taxes this year.
Your Annual Gross Pay 4,300,000 naira You are also due for a refund of
=N=73,986 in excess tax paid last
(c

How Many Kids do you have? 4 kids year.

How many dependents do you have? 2 dependents
)
w

Annual Pay Structure Naira

w

Basic Salary 3,000,000.00

w.

Housing Allowance 150,000.00

Transport Allowance 20,000.00
d

Meal Allowance 5,000.00

br

Utility Allowance 10,000.00

o

Entertainment Allowance 6,000.00

Leave Allowance 450,000.00
w

13th Salary / Bonus 250,000.00

nc

Benefits in Kind 109,000.00

o

Other Allowances 300,000.00

ns

Gross Salary (a) 4,300,000.00

ul
ti

Old Tax Law New Tax Law

n

(PITA) (PITAM)
g.

Tax Payable 655,062.50 518,472.50

ne

Pension Deduction 237,750.00 237,750.00

Other Deductions - -
t

Net Salary 3,407,187.50 3,543,777.50

al

Effective Tax Rate 15.23% 12.06%

l
Your Potential Cash Savings in 2012 (naira) 136,590.00
ri
Approx. refund due on 2011 Tax deductions (naira) 73,986.25
g
We can assist your organisation in computing and processing the potential tax
h
refund for 2011 or you may wish to outsource your entire payroll management to
us and save millions. Click to Contact us today for a quote today.

copyright (c) dbrownconsulting All rights reserved www.dbrownconsulting.net

 dbrownconsulting - Personal Income Tax Calculator
Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)

Details of Tax Computation

Old Tax Law New Tax Law
(PITA) (PITAM)
Non Taxable Allowances
Housing tax free 150,000.00 -
Transport tax free 20,000.00 -
Meal tax free 5,000.00 -
(c

Utility tax free 10,000.00 -

Entertainment tax free 6,000.00 -
)

Leave tax free 300,000.00 -

w

Total tax free Allowances (b) 491,000.00 -

w
w.

Non Taxable Reliefs

Prior year Life Insurance Paid - -
d

Interest on Mortgage Payments - -

br

Gratuity Payments - -
o

Compensation for loss of employment - -

w

Personal Allowance Variable 860,000.00 -

nc

Personal Allowance Fixed 5,000.00 -

Children 10,000.00 -
o

Dependent Relative 4,000.00 -

ns

Pension relief 237,750.00 237,750.00

ul

Fixed Consolidated Relief Allowance (CRA - 200,000.00

Variable CRA (20% of Gross pay) - 860,000.00
ti

Total tax free Reliefs (c) 1,116,750.00 1,297,750.00

n
g.

Taxable Pay (a - b - c) 2,692,250.00 3,002,250.00

ne

Annual PAYE tax Deduction 655,062.50 518,472.50

t

Pension Contribution 237,750.00 237,750.00

al

Other Deductions - -
Total Deduction 892,812.50 756,222.50
l

Annual Net Salary 3,407,187.50 3,543,777.50

ri
g

Effective Tax Rate 15.23% 12.06%

ht

copyright (c) dbrownconsulting All rights reserved www.dbrownconsulting.net

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dbrownconsulting - Personal Income Tax Calculator
Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)

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Extra cash in your pocket in 2012 136,590.00
Approx. refund due on 2011 Tax deductions 73,986.25

copyright (c) dbrownconsulting All rights reserved www.dbrownconsulting.net

 dbrownconsulting - Personal Income Tax Calculator
Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)
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copyright (c) dbrownconsulting All rights reserved www.dbrownconsulting.net

 dbrownconsulting - Personal Income Tax Calculator
Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)
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dbrownconsulting - Personal Income Tax Calculator
Comparative Analysis of New/Old Tax Laws (PITA vs PITAM)

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copyright (c) dbrownconsulting All rights reserved www.dbrownconsulting.net