May Tax Refund ba ako?

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.

How?  

1.  Know your status:

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?

• 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 20^th and 5^th 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

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         

  **** 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

13^th 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

   Less : Total Exemptions

             (50,000+25,000.00)                  =                 75,000.00

                                                                  ___________________

 NET TAXABLE 

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:   13^th month pay of hp 30,000.00 and below is non-taxable…   A 13^th month pay excess of Php 30,000.00 is taxable how: