SME Payroll Vs QuickBooks Payroll Comparison
@smepayrollng Vs #QuickBooksPayroll
#1 While SME Payroll automates Nigerian personal income tax, QuickBooks Payroll does not.
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@adejimi_felix@abdullahayofel@lirsgovng While PAYE scheme is monthly, Direct Assessment is yearly.
In addition to eligible deductions, direct assessment gives room for allowable expenses.
@abdullahayofel That is the purpose of direct assessment of tax.
Different from PAYE scheme which is monthly based.
It applies to self-employed, partnerships, law firms and trusts. At year end, you calculate your tax based on your GAIN, then pay tax due to state IRS @lirsgovng
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@adejimi_felix It's not uncommon for an employer and a new employee to agree on a net pay.
To determine tax, pension & other statutory deduction payable can be an herculean task.
Imagine doing that for 100+ employees!
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@adejimi_felix It's not uncommon for an employer and a new employee to agree on a net pay.
To determine tax, pension & other statutory deduction payable can be an herculean task.
Imagine doing that for 100+ employees!
DatamassHR helps businesses to be thorough, accurate & to stay compliant
For a seamless and simplified semi-monthly payroll, Datamass HR and Payroll solutions remains the best fit.
Specially built for businesses operating in Nigeria, Ghana, Kenya, Ethiopia, Mauritius and South Africa.
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@adejimi_felix Due to the positive mood of staff on payday, staff are more engaged, motivated and committed on payday.
Imagine the productivity improvement when you begin to pay salaries twice a month!
Additionally semi-payroll schedule is more cost-effective.
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KENYA PAYROLL STATUTORY
DEDUCTIONS
🟡 PAYE Tax
🟡 SHIF 2.75% (min. 300 KES and no tax relief)
🟢 NSSF 6% & 6% - Tiers 1 & 2
🟢 Housing Levy - 1.5% & tax relief is 15%
🟡 Employee only
🟢 Both
🟣 Employer only
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Social Health Insurance Fund - Kenya
In a bid to provide health insurance to its citizens, Kenya has replaced NHIF with SHIF, effective October 1, 2024.
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✅ No max cap but minimum of 300 KES
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