Understanding how to calculate your Personal Income Tax

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On this episode of Tax Matters: We will be sharing with you the step-by-step guide on how to calculate your personal Income Tax. • 00:00-Intro • 00:24- Income Tax explained • 00:41 - Step 1 - Understand Your Taxable Income • 01:-04 - Step 2 - Calculate Your Gross Taxable Income • 01:17 - Step 3 - Apply the Correct Tax Rates • 01:53 - Step 4 - Subtract Tax Credits and Withholdings • 02:11- Step 5 - Calculate Your Net Tax Payable • 02:26 -Closing • • Tax Matters on Facebook: www.facebook.com/taxmatters • Tax Matters on Twitter: @TaxMattersNG • • © AMYMAT Studios, Lagos/Abuja, Nigeria

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