The Taxberg
₦62,308
Net pay
₦6,923
Tax the employer pays
₦6,923
Tax you pay
Total tax paid
₦13,846
Did you know your employer also pays tax on your salary? It costs the employer ₦6,923 to pay you ₦69,231. In other words, every time you spend ₦10 of your hard-earned money, ₦2.00 goes to the government.
Real tax rate
18.2%
So, with you and the employer both paying tax, what used to be a 10% tax rate now rises to 18.2%, meaning your real tax rate is actually 8.2% higher than what it seemed at first.