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Nigeria: ₦225,000.00 Income Tax Calculation

You are viewing an example Nigeria ₦225,000.00 Income Tax Calculation for 2018 / 2020 Tax Year

The below illustration provides a salary calculation for a Nigeria resident earning ₦225,000.00 per annum and assumes standard expenses, tax credits and provisions have been made where necessary. You can alter and edit this income tax calculator to work out your out salary and associated income tax return. You can view alternate salary examples for Nigeria here

225,000.00 Income Tax Calculations for 2018
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income225,000.0018,750.0017,307.698,653.854,326.92889.33inf100.00%
Housing Allowance2,250.00187.50173.0886.5443.278.89inf1.00%
Utility Allowances10,000.00833.33769.23384.62192.3139.53inf4.44%
Child deduction10,000.00833.33769.23384.62192.3139.53inf4.44%
Leave Allowance13,500.001,125.001,038.46519.23259.6253.36inf6.00%
Pension Contributions13,500.001,125.001,038.46519.23259.6253.36inf6.00%
Taxable income175,750.0014,645.8313,519.236,759.623,379.81694.66inf78.11%
PAYE12,302.501,025.21946.35473.17236.5948.63inf5.47%
Total Deductions61,552.505,129.384,734.812,367.401,183.70243.29inf27.36%
Net Pay163,447.5013,620.6312,572.886,286.443,143.22646.04inf72.64%
Salary Package [Cost of Employee]225,000.0018,750.0017,307.698,653.854,326.92889.33inf100.00%

1 Percentage expressed in relation to Gross Income [225,000.00].

The Tables below contains the breakdown of calculations that we used to calculate the tax and deductions on this ₦225,000.00 Salary example. Note that we used a flat 1% for Employer Contribution to Risk Benefits and 1.5% for Employer Contribution to Retirement Funds. You can alter these setting and more by using the advanced Nigeria Tax Calculator to work out and compare salaries.

 ₦175,750.00 Taxable Income in 2018 - ₦12,302.50 Taxable amount due in within ₦0.00 - ₦300,000.00 income tax threshold (7%) = ₦12,302.50 Income tax due in 2018
 ₦20,000.00 Maximum Transport Allowance in 2018 ₦0.00 Transport Allowance claimed in 2018 = ₦0.00 Transport Allowance Deduction in 2018
 ₦10,000.00 Maximum Utility Allowances in 2018 ₦11,250.00 Utility Allowances claimed in 2018 = ₦10,000.00 Utility Allowances Deduction in 2018