May Tax refund ba ako?
Yan ang bukambibig ng mga officemates ko.
O sya!!! Check nga natin…
First, we should know how to compute our monthly / semi monthly net pay.
Hinde yung kuha na lang tayo ng kuha ng payslip tapos susulyapan agad ang net pay at itatapon.
Hinde yung kuha na lang tayo ng kuha ng payslip tapos susulyapan agad ang net pay at itatapon.
How?
1. Know your status:
e.g. single/married = S/ME
e.g. single/married = S/ME
Married with 1 dependent = ME1
Married with 2 dependents = ME2
Married with 3 dependents = ME3
Married with 4 dependents = ME4
who are the qualified dependent?
Illustration:
- A legitimate child, illigitimate, legally adopted child of the employee
- not more than 21 years of age, unless physically or mentally incapacitated
Illustration:
Crazeemum’s monthly salary : Php 15,000.00
Payroll payout every 20th and 5th
of the month.
Status ? Married With 1 dependent
No SSS loans,HDMF or advances to be
deducted
***For the payroll period of January 1-15,
2012 (January 20 payout)
(semi-monthly payroll)
To compute crazeemum's semi monthly
witholding tax :
1. let's refer to Table B line 1 (ME1) of column 5 fix compensation
of Php7,500.00 semi monthly which shows a tax of
(exemption) on Php6,042.00 = Php354.17
plus 20% of the excess of
(Php7,500.00 - Php6,042.00)
Php1,458.00 multiply by 20% = Php291.60
____________
TOTAL WITHOLDING TAX
on January 20,2012 payroll = Php645.77
***For the payroll period of January 16-31, 2012 (February 5 payout)
(semi-monthly payroll)
2. Let's compute first the HDMF,SSS and Philhealth contribution
by using this table:
SSS Table:
Philhealth Table
Philhealth Table
We will based the contribution on crazeemum's monthly salary bracket of Php15,000.00
- SSS = Php500.00
- PHIC = 187.50
- HDMF = 100.00
TOTAL DEDUCTIONS = Php787.50
1. let's refer to Table B line 1 (ME1) of column 5
compensation of Php6,712.50 semi monthly
which shows a tax of (exemption) = Php354.17
on Php6,042.00 plus 20% of the excess of
(Php6,712.50 - Php6,042.00
Php670.50 multiply by 20% = Php134.10
_______________
TOTAL WITHOLDING TAX Php488.27
**** HDMF monthly deductions is fixed to Php100.00
1. Then deduct this from crazeemum's semi month salary of Php 7,500.00 to get the Taxable income of Php6,712.50
1. let's refer to Table B line 1 (ME1) of column 5
compensation of Php6,712.50 semi monthly
which shows a tax of (exemption) = Php354.17
on Php6,042.00 plus 20% of the excess of
(Php6,712.50 - Php6,042.00
Php670.50 multiply by 20% = Php134.10
_______________
TOTAL WITHOLDING TAX Php488.27
For January 2013, crazeemum’s witholding tax Is:
For January 20, 2013 payroll = Php 645.77
Plus: January 20,2013 payroll = 488.27
TOTAL WITHOLDING TAX = Php1,134.04
Let’ compute now for 2012 tax witheld by crazeemum's employer
Let’s assume
that crazeemum’s income for 2012 are as follows:
monthly salary from January to December s Php 15,000.00
13th month pay of Php 15,000.00(no lates and
absences)
MONTH Witholding
Tax SSS PHIC HDMF
1st 2nd
January 645.77
488.27 500.00 187.50 100.00
February 645.77
488.27 500.00 187.50 100.00
March 645.77
488.27 500.00 187.50 100.00
April 645.77
488.27 500.00 187.50 100.00
May 645.77
488.27 500.00 187.50 100.00
June 645.77
488.27 500.00 187.50 100.00
July 645.77
488.27 500.00 187.50 100.00
August
645.77
488.27 500.00 187.50 100.00
September 645.77
488.27 500.00 187.50 100.00
October 645.77
488.27 500.00 187.50 100.00
November 645.77
488.27 500.00 187.50 100.00
December 645.77
488.27 500.00 187.50 100.00
TOTAL
7,749.24 5,859.24
6,000.00 2,250.00 1,200.00
Tax Witheld 1st cut-off = Php645.77
plus Tax Witheld 2nd cut-off = 488.27
Monthly TAx Witheld = Php 1,134.04
multiply by 12 months
Annual Tax Witheld by employer = Php Php13,608.48
Now, Let's compute for Annual Witholding Tax of crazeemum's as per BIR:
To compute :
BasicSalary for year 2012
(15,000.00 multiply by 12) =
Php180,000.00
Less: SSS/HDMF/PHIC = 9,450.00
TOTAL TAXABLE
INCOME FOR 2012 = Php
170,550.00
(50,000+25,000.00) = 75,000.00
COMPENSATION INCOME = Php 95,500.00
by using the Annual Tax Table,
Annual Tax Table |
the witholding tax for 2012 is computed by
refering to Row 3 compensation of
Php95,500.00 which shows a tax of = Php 8,500.00
on Php70,000.00 plus 20% of the excess
of Php25,500.00
(Php95,500.00-Php70,000.00) = Php 5,100.00
_______________
Annual Tax is : = Php13,600.00
Then
we will deduct this Php13,600.00 from the tax witheld
by crazeemum's employer:
13,608.48-13600=8.48
Therefore,
A refund of Php 8.48 awaits crazeemum.
Note: 13th month pay of hp 30,000.00
and below is non-taxable… A 13th
month pay excess of Php 30,000.00 is taxable how:
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