withholding tax and net income computation | Pinoy Accountancy | PinoyExchange

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  1. #1

    withholding tax and net income computation

    tama po ba ito?

    Status: S
    PAY DAY SUMMARY (Semi-Monthly)
    Basic Pay : Php 12,500.00
    Allowance (Non- Taxable) Php 1,000.00
    SSS Contribution : (Php 250.00)
    Pag- ibig Contribution: (Php 250.00)
    Philhealth : (Php 156.25)
    Deductions : (Php 656.25)
    Withholding Tax : (Php 1,669.20)
    NET PAY : Php 11,174.55

  2. #2
    tama po ba computation ko, *** gross income - (deductions and allowance) = taxable income
    then taxable income - (withholding tax and deductions) + allowance = net income...
    tama po ba? patulong naman po nalilito po ako eh.
    sabi kasi ileless daw *** allowance sa gross income dahil non taxable to, pero di pa naman talaga kasama sa basic pay yung allowance e...
    pano po ba? please help po.

  3. #3
    Member
    Join Date
    Nov 2011
    Location
    Manila/Pangasinan
    Quote Originally Posted by Rainebear View Post
    tama po ba ito?

    Status: S
    PAY DAY SUMMARY (Semi-Monthly)
    Basic Pay : Php 12,500.00
    Allowance (Non- Taxable) Php 1,000.00
    SSS Contribution : (Php 250.00)
    Pag- ibig Contribution: (Php 250.00)
    Philhealth : (Php 156.25)
    Deductions : (Php 656.25)
    Withholding Tax : (Php 1,669.20)
    NET PAY : Php 11,174.55
    Hi, you haven't taken into account your personal exemptions. Here's my computation:



    Tax Computation
    Basic Pay 12,500.00
    Allowance 1,000.00
    Gross Compensation 13,500.00

    Less: Deductions & Exemptions and non-taxable income
    SSS 250.00
    PHIC 250.00
    HDMF 156.25
    Allowance 1,000.00
    Personal exemptions (semi-monthly 2,083.33
    Total Deductions 3,739.58
    Taxable income 9,760.42

    Withholding Tax
    1st 5,833.33 937.50
    Excess @ 25% 981.77
    Total Withholding Tax 1,919.27

  4. #4
    Member
    Join Date
    Nov 2011
    Location
    Manila/Pangasinan
    For net pay:



    Net Pay Computation
    Basic Pay 12,500.00
    Allowance 1,000.00
    Gross Compensation 13,500.00

    Less: Deductions & Exemptions and non-taxable income
    SSS 250.00
    PHIC 250.00
    HDMF 156.25
    Withholding Tax 1,919.27
    Total deductions 2,575.52
    Net pay 10,924.48

  5. #5
    panu po nakuha yung personal exception na 2, 083.33? and san po makikita yung tax table ng withholding tax?

  6. #6
    Quote Originally Posted by angry_bird_01 View Post
    panu po nakuha yung personal exception na 2, 083.33? and san po makikita yung tax table ng withholding tax?
    Try mo tong website
    http://www.sweldista.com/tables/WTAX200901Generic.aspx

  7. #7

  8. #8
    Quote Originally Posted by angry_bird_01 View Post
    so fixed na talaga yun?
    Alin ang fixed, yung Personal Excemption? Sa ngayon P50,000 annually ang Personal Excemption for individuals, pero magbabago din yan pag inamend. So...
    P50,000 divided by 12 mos = P4,166.67
    P4,166.67 divided by 2 semi-monthly compensation = P2,083.33

  9. #9

  10. #10
    ang di ko na lang magets ay yung paggamit nung tax table.. haha

  11. #11
    [QUOTE=angry_bird_01;60255625]ang di ko na lang magets ay yung paggamit nung tax table.. haha[/QUOTE

    Use Mr. Valencia income tax textbook, in the withholding tax chapter(last chapter of the book) you can see there the guidelines on how to use the tax table.

  12. #12
    Member
    Join Date
    Nov 2011
    Location
    Manila/Pangasinan
    Quote Originally Posted by angry_bird_01 View Post
    ang di ko na lang magets ay yung paggamit nung tax table.. haha
    Using the tax table is the easy part. Computing for the taxable income is the tricky part. And be aware kung annual, monthly, semi-monthly or daily *** salary mo. Accounting is always pro-rating things.

  13. #13

  14. #14
    Clarification pa po regarding this,

    For net pay:



    Net Pay Computation
    Basic Pay 12,500.00
    Allowance 1,000.00
    Gross Compensation 13,500.00

    Less: Deductions & Exemptions and non-taxable income
    SSS 250.00
    PHIC 250.00
    HDMF 156.25
    Withholding Tax 1,919.27
    Total deductions 2,575.52
    Net pay 10,924.48

  15. #15
    yun pong net pay = gross compensation - (Deductions & Exemptions and non-taxable income )?

  16. #16



    Hi, tanong ko lang po kung considered na sa table na ito ang personal & additional exemptions. Napansin ko lang, considered na.

    Code:
    Taxable Income=[Gross (Basic)Monthly Income+ Overtime Pay+Holiday Pay+Night Differential] - (minus) [Tardiness Deduction+Allowances+SSS Contribution+Philhealth Contribution,HDMF Contribution]
    Hindi na ibabawas iyong Basic Personal & Additional Exemption.

    Code:
    Withholding Tax = ( ([Taxable Income] - [Bracket or Exemption] ) x [%over] ) + [Bracket Tax or Base Tax]
    if we apply this in the problem below:
    Quote Originally Posted by Rainebear View Post
    tama po ba ito?

    Status: S
    PAY DAY SUMMARY (Semi-Monthly)
    Basic Pay : Php 12,500.00
    Allowance (Non- Taxable) Php 1,000.00
    SSS Contribution : (Php 250.00)
    Pag- ibig Contribution: (Php 250.00)
    Philhealth : (Php 156.25)
    Deductions : (Php 656.25)
    Withholding Tax : (Php 1,669.20)
    NET PAY : Php 11,174.55
    WITHOLDING TAX on COMPENSATION
    Basic Pay................ 12,500.00
    Allowance..................1,000.00
    Gross Compensation 13,500.00
    Less:
    _SSS...........250.00
    _PHIC..........250.00
    _HDMF.........156.25
    _Allowance.1,000.00..1,656.25
    TX. Income...............11,843.75

    Withholding Tax = [(P11,843.75 - 7,917)*.25] + 937.50
    Withholding Tax = P1,919.1875

    Proof: -->BIR tax calculator<--

    Ang NAPANSIN kong kakaiba sa allowances portion doon sa -->BIR tax calculator<--, taxable ang meal, COLA, Transportation, & other allowances. Kaya iyong amount of allowance sa Tax shielded portion ilalagay para deducted.

    Sweldo nyo po ba ito sir/ma'am Rainebear, taas ah.

    P.S. Ngayon hapon ko lang po pinag-aralan ang withholding tax on compensation ng masinsinan. nag-recalculation po kasi ako ng salary ko, di ko alam kanina kung paano iyong sa SSS, Philhealth, Pag-Ibig, at Withholding tax, now I know na!haha
    I'm an Internal Auditor, btw, had my first month last Dec. 21, 2011.

    New learning, magpapakain ako ng sarili ko.haha

  17. #17
    Quote Originally Posted by Rainebear View Post
    yun pong net pay = gross compensation - (Deductions & Exemptions and non-taxable income )?
    Quote Originally Posted by Rainebear View Post
    Clarification pa po regarding this,

    For net pay:



    Net Pay Computation
    Basic Pay 12,500.00
    Allowance 1,000.00
    Gross Compensation 13,500.00

    Less: Deductions & Exemptions and non-taxable income
    SSS 250.00
    PHIC 250.00
    HDMF 156.25
    Withholding Tax 1,919.27
    Total deductions 2,575.52
    Net pay 10,924.48
    ^
    Code:
    NET PAY = Gross compensation - (deductions + withholding tax)

  18. #18
    Member
    Join Date
    Nov 2011
    Location
    Manila/Pangasinan
    Quote Originally Posted by emptybutfull View Post
    http://businesstips.ph/wp-content/uploads/2011/02/revised-withholding-tax-tables.jpg

    P.S. Ngayon hapon ko lang po pinag-aralan ang withholding tax on compensation ng masinsinan. nag-recalculation po kasi ako ng salary ko, di ko alam kanina kung paano iyong sa SSS, Philhealth, Pag-Ibig, at Withholding tax, now I know na!haha
    I'm an Internal Auditor, btw, had my first month last Dec. 21, 2011.

    New learning, magpapakain ako ng sarili ko.haha
    Mga auditors are not really into tax computations, mas mgaling mga accountants. It's into financial reporting that they have the edge and MS. Malaking bentahe un for higher positions.

    Sa tax table ng BIR considered na *** personal exemptions. Manu-mano ko kc ginawa in excel *** computation.

  19. #19
    Quote Originally Posted by riannu30 View Post
    Mga auditors are not really into tax computations, mas mgaling mga accountants. It's into financial reporting that they have the edge and MS. Malaking bentahe un for higher positions.

    Sa tax table ng BIR considered na *** personal exemptions. Manu-mano ko kc ginawa in excel *** computation.
    Actually po, wala po sa audit objective ko ito as to the demand of my work.

    Pinag-aralan ko lang po kasi, nag-breach of contract ang employer ko with regards to compensation. Naghihintay na lang ako ng update at saka nag-aaply na din.

  20. #20
    ***** ko lang din natutunan / pinag-aralan tax ko. Madali lang gamitin yung Withholding tax table.

    May explanation sa page na to...hope this would help too.
    http://philippinestaxcomputation.blogspot.com/

    thanks sa author

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