Taxable employee compensation refers to any form of compensation that an employee receives from their employer that is subject to federal, state, and local income taxes. This can include regular wages, bonuses, commissions, and other forms of compensation. It’s important to understand what constitutes taxable compensation to ensure that you’re paying the correct amount of taxes on your income.
Understanding the Nigerian tax system is essential for the growth and success of your business. As a business owner, it is important to prioritize compliance with tax laws and seek professional advice when necessary.
By understanding the types of taxes, compliance requirements, and how to pay your taxes, you can avoid penalties and legal trouble while planning for the financial growth of your business.
People employed or who operate a small business under a partnership or business name are subject to tax. In Nigeria, a person’s tax liability can be evaluated through Pay-As-You-Earn or direct assessment.
People have different questions related to taxes. Therefore, it is pertinent to provide authoritative answers to their many questions. It is why we have compiled a list of the most asked questions and answered them accordingly.
Where to file Pay-As-You-Earn (PAYE) taxes with the Lagos state Internal Revenue Scheme (LIRS) in Yaba, Lagos (2022)
Pay-As-you-Earn tax is one of the taxes that must be withheld by employers each month and paid to the Internal Revenue Scheme on the taxpayer’s behalf.
As a Nigerian business owner, you may have a lot of questions about taxes, especially when it comes to the Federal Inland Revenue Service (FIRS). From understanding your tax obligations to submitting your returns, the process can be confusing
Whether you are a new employee, a retiree, or just curious about pensions, this article will provide you with the information you need.
The good news is that applying for a pension in Nigeria is not as difficult as you might think. You just need to make sure that you’re doing it right.
The Personal Income Tax (PIT), which consists of Pay-As-You-Earn (PAYE) for wage earners and direct assessment for self-employed businesses, has…
This article explains Pay-As-You-Earn Tax as it relates to employee taxation in Nigeria; the laws governing PAYE tax payment; and how to calculate PAYE taxes for employees in Lagos.
The idea behind the Pay-As-You-Earn (PAYE) tax, the deductions that can be made, the advantages of paying these taxes, and how to calculate Pay-As-You-Earn (PAYE) taxes for employees in Anambra were examined in this article.
In this article, you will learn about the history of PAYE tax, the benefits of paying your Pay-As-You-Earn tax, and the step-by-step process of applying for tax filing with the Rivers State Internal Revenue Service Scheme (RiversBIRS).