Assuming you earn a Basic/Gross salary of GHS 2,000 a month, your Net Salary will be GHS 29.16 higher if you factor in this tax relief.
Calculations from SuperCalc Mobile App.
Source : Income Tax (Amendment) Act 2019 Act 1007
For individuals undertaking any professional studies (E.g.ICAG), you are entitled to a tax relief of GHS 2,000 a year. This amount will be deducted when computing your income tax (PAYE).
The deduction reduces the taxes on your employment income.
If you're interested in accessing this calculator and many other business calculators, download Supercalc App from Google Play Store with this link๐https://t.co/0EklOksXTm
Do away with uncertainties when performing calculations in your studies.
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For those preparing to write:
Financial Accounting
Financial Reporting &
Financial Management
In next week's ICAG exams, you can check out our short notes on SuperCalc for your revision.
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A happy new week and a happy new month!! Welcome to week 45 and month 11 of the year 2020, approximately 7 weeks to end the year.
Continuing Stay Safe.
A new update of Spend is live on Google Play store.
This update comes with :
1.A redesigned budgeting experience
2.A notification page
3.Bug fixes from previous version
4.Minor UI redesign
5.Improved recommendation on your budget and actual spending
A legal way of reducing your tax liabilities is with "Personal Tax Reliefs" .
If any of these reliefs apply to you, then you can apply to GRA to claim these allowances to reduce your tax liabilities.
Download SuperCalc app to read more๐https://t.co/3uSZGU1jD3
Read more notes on PAYE from the Tax Notes section on SuperCalc.
Also, this cumbersome process of calculating PAYE has been simplified with the Income Tax Calculator on SuperCalc.
Download now, read more, and try out some calculations.
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(5/5)
Pay as you Earn.(PAYE)
Most people engaged in formal employment will know about this, but weโll like to throw more light on it today.
PAYE is simple the tax you pay from your income/salary.(1/5)
(Since our remainder is less than 120, we multiply 10% by 81)
Tax > 81ร10% = GHS 8.1
Total Tax(PAYE) > 0+5+8.1 = GHS13.1
This applies when the person is not a SSNIT contributor. (4/5)