Update: 2024 Pay As You Earn (PAYE) formula
Controller and Accountant-General's Department (CAGD)
Update: 2024 Pay As You Earn (PAYE) formula
The 2024 Pay As You Earn (PAYE) formula has been detailed here for your perusal.
GoG employees are to note that their 23% salary increment will be taxed by 25%.
2024 Pay As You Earn (PAYE) formula
Below is the year 2024 Pay As You Earn (PAYE) formula
- First 490, rate is 0%
- Next 110, rate is 5%
- Next 130, rate is 10%
- Next 3,166.67, rate is 17.5%
- Next 16,000, rate is 25%
- Next 30,520, rate is 30%
- Next 50,000, rate is 35%
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When you add the taxable amounts for 0%, 5%, 10%, and 17.5%, you will get GH¢3,896.67 (GH¢490+ GH¢110+ GH¢130ghc + GH¢3,166.67)
This means:
1. When your last year’s salary was GH¢3,896.67 or more, any new salary increment will fall within the 25% tax bracket
2. Even when your last salary is below the GH¢3,896.67, if the salary increment made your new salary more than the GH¢3,896.67, that extra amount will be taxed 25%.
SOURCE: Coverghana.com.gh
