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Nigeria: ₦500,000.00 Income Tax Calculation

You are viewing an example Nigeria ₦500,000.00 Income Tax Calculation for 2018 / 2019 Tax Year

The below illustration provides a salary calculation for a Nigeria resident earning ₦500,000.00 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

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500,000.00 Income Tax Calculations for 2018
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income500,000.0041,666.6738,461.5419,230.779,615.381,976.28inf100.00%
Housing Allowance10,000.00833.33769.23384.62192.3139.53inf2.00%
Utility Allowances10,000.00833.33769.23384.62192.3139.53inf2.00%
Meal & Ents. Allowance6,000.00500.00461.54230.77115.3823.72inf1.20%
Child deduction2,500.00208.33192.3196.1548.089.88inf0.50%
Leave Allowance50,000.004,166.673,846.151,923.08961.54197.63inf10.00%
Pension Contributions20,000.001,666.671,538.46769.23384.6279.05inf4.00%
Taxable income401,500.0033,458.3330,884.6215,442.317,721.151,586.96inf80.30%
PAYE32,165.002,680.422,474.231,237.12618.56127.13inf6.43%
Total Deductions130,665.0010,888.7510,051.155,025.582,512.79516.46inf26.13%
Net Pay369,335.0030,777.9228,410.3814,205.197,102.601,459.82inf73.87%
Salary Package [Cost of Employee]500,000.0041,666.6738,461.5419,230.779,615.381,976.28inf100.00%

1 Percentage expressed in relation to Gross Income [500,000.00].

The Tables below contains the breakdown of calculations that we used to calculate the tax and deductions on this ₦500,000.00 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.

Nigeria PAYE Calculation 2018/19
401,500.00 Taxable Income in 2018
-21,000.00 Taxable amount due in within 0.00 - 300,000.00 income tax threshold (7%)
-11,165.00 Taxable amount due in within 300,000.00 - 600,000.00 income tax threshold (11%)

=32,165.00 Income tax due in 2018
Transport Allowance Calculation 2018/19
20,000.00 Maximum Transport Allowance in 2018
0.00 Transport Allowance claimed in 2018

=0.00 Transport Allowance Deduction in 2018
Utility Allowances Calculation 2018/19
10,000.00 Maximum Utility Allowances in 2018
20,000.00 Utility Allowances claimed in 2018

=10,000.00 Utility Allowances Deduction in 2018

Spotted an error? Please contact us, the Nigeria salary calculator is run to support our users and community, your feedback, feature requests and advice ensures greater accuracy and continued support. If you believe there is an error in the ₦500,000.00 income tax calculation, please let us know.

Note: This Nigeria income tax return example for ₦500,000.00 is provided for information only, whilst every effort is taken to ensure their accuracy and we do actively maintain and update the Nigeria salary calculator, the figures are for illustration only, always take professional advice before filing your tax return.

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iCalculator Nigeria Income Tax Salary Calculator is updated 2018 / 2019 tax year. Income Tax calculations and expense factoring for 2018 / 2019 with historical pay figures on average earnings in Nigeria for each market sector and location. Nigeria Salary calculations include gross annual income, tax deductible elements including Income Tax Rebate, Approved Donations, Employment Expenses and other tax deductible allowances.

iCalculator also provides historical Nigeria earning figures so individual employees and employers can review how much tax has been paid in previous tax years or you can use the Nigeria salary calculator 2018 / 2019 to see home much your take home salary will be in 2018.

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