Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 39 views

    How To Compute Basic Income Tax

    Uploaded by

    kate trisha
    This document contains a payroll report listing 5 employees - 3 factory workers, 1 factory worker manager, and their monthly and annual salaries. It also includes calculations for salary rates, deductions for SSS, PhilHealth, and HDMF contributions. The net compensation and tax withholding is provided for each employee.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    How To Compute Basic Income Tax

    Uploaded by

    kate trisha
    39 views11 pages
    This document contains a payroll report listing 5 employees - 3 factory workers, 1 factory worker manager, and their monthly and annual salaries. It also includes calculations for salary rates, deductions for SSS, PhilHealth, and HDMF contributions. The net compensation and tax withholding is provided for each employee.

    Original Description:

    Original Title

    HOW TO COMPUTE BASIC INCOME TAX

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains a payroll report listing 5 employees - 3 factory workers, 1 factory worker manager, and their monthly and annual salaries. It also includes calculations for salary rates, deductions for SSS, PhilHealth, and HDMF contributions. The net compensation and tax withholding is provided for each employee.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    39 views11 pages

    How To Compute Basic Income Tax

    Uploaded by

    kate trisha
    This document contains a payroll report listing 5 employees - 3 factory workers, 1 factory worker manager, and their monthly and annual salaries. It also includes calculations for salary rates, deductions for SSS, PhilHealth, and HDMF contributions. The net compensation and tax withholding is provided for each employee.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 11

    AC 301

    PAYROLL

    SEQ NO NAME POSITION SALARY RATE

    MONTHLY

    1 ANGELO FACTORY WORKER


    2 ANGELA FACTORY WORKER 2
    3 DEVELINA FACTORY WORKER 3 23000

    4 DEVELINO FW4 30000

    5 ENOKI MANAGER 65000

    ANNUAL

    1 ANGELO FACTORY WORKER


    2 ANGELA FACTORY WORKER 2
    3 DEVELINA FACTORY WORKER 3 23000

    4 DEVELINO FW4 30000

    5 ENOKI MANAGER 65000


    SALARY RATE DE MINIMIS EXCESS IN CEILING
    OF DE MINIMIS

    DAILY NO OF DAYS BASIC SALARY


    WORK
    373 26 9,698.00
    500 26 13,000.00
    20 23,000.00

    20 30,000.00

    20 65,000.00

    373 313 116,749.00


    500 313 156,500.00
    12 276,000.00 30,000.00 15,000.00

    12 360,000.00 35,000.00 15,000.00

    12 780,000.00
    13TH MO. AND TOTAL PAY DEDUCTION
    OTHER BENEFITS

    SSS PHIC

    9,698.00 380.00 150.00


    13,000.00 520.00 195.00
    23,000.00 800.00 345.00
    -
    30,000.00 800.00 450.00
    -
    65,000.00 800.00 900.00

    9,000.00 125,749.00 4,560.00 1,800.00


    156,500.00 6,240.00 2,340.00
    77,000.00 398,000.00 9,600.00 4,140.00
    - - -
    66,000.00 476,000.00 9,600.00 5,400.00
    - - -
    105,000.00 885,000.00 9,600.00 10,800.00
    CTION

    HDMF TOTAL DEDUCTION NON TAXABLE NET TAXABLE WITHHOLDING


    COMPENSATION COMPENSATION TAX
    100.00 630.00 9,068.00
    100.00 815.00 12,185.00
    100.00 1,245.00 21,755.00 184.40
    - -
    100.00 1,350.00 28,650.00 1,563.40
    - -
    100.00 1,800.00 63,200.00 9,966.75

    1,200.00 7,560.00 118,189.00


    1,200.00 9,780.00 146,720.00
    1,200.00 14,940.00 120,000.00 263,060.00 2,612.00
    - - -
    1,200.00 16,200.00 116,000.00 343,800.00 18,760.00
    - - -
    1,200.00 21,600.00 90,000.00 773,400.00 123,350.00
    NET
    COMPENSATION
    9,068.00
    12,185.00
    21,570.60
    -
    27,086.60
    -
    53,233.25

    118,189.00
    146,720.00
    380,448.00
    -
    441,040.00
    -
    740,050.00
    NAME: LEX DANIEL QUEQUEGAN
    SOURCES OF INCOME BUSINESS INCOME 650,000.00
    INCOME FROM PROFESSION 560,000.00
    TOTAL 1,210,000.00

    BIR REGISTRATION NON VAT

    TWO OPTION 8% IN LIEU OF ALL TAXES NO 1


    PAY BUSINESS TAX AND BE SUBJECTED
    TO GRADUATED INCOME TAX NO 2
    ITEMIZED 2.A
    OSD 2.B

    EXPENSES
    ITEMIZED REPRESENTATION 15,000.00
    RENT (NET OF WTHTAX) 95,000.00
    PURCHASES 775,000.00
    WITH ENDING INVTY 355,000.00

    OSD OSD 484,000.00

    COMPUTATION

    OPTION 1 BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    TOTAL 1,210,000.00

    EXEMPTED INCOME 250,000.00

    TAXABLE INCOME 960,000.00

    TAX DUE 76,800.00

    OPTION 2.A BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    TOTAL 1,210,000.00

    COGS
    PURCHASES 775,000.00
    ENDING INVTY (355,000.00)
    420,000.00

    RENT EXPENSE 100,000.00


    REPRESENTATION 8,850.00

    NET TAXABLE INCOME 681,150.00

    TAX DUE
    OVER 400K BUT LESS THAN 800K 100,287.50

    OPTION 2.B BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    TOTAL 1,210,000.00

    OSD 484,000.00

    NET TAXABLE INCOME 726,000.00

    TAX DUE
    OVER 400K BUT LESS THAN 800K 111,500.00
    3,250.00
    5,600.00

    8,850.00 CEILING
    100,000.00 GROSS UP
    NAME: LEX DANIEL QUEQUEGAN
    SOURCES OF INCOME BUSINESS INCOME 650,000.00
    INCOME FROM PROFESSION 560,000.00
    COMPENSATION INCOME 500,000.00
    TOTAL 1,710,000.00

    BIR REGISTRATION NON VAT

    TWO OPTION 8% IN LIEU OF ALL TAXES NO 1


    PAY BUSINESS TAX AND BE SUBJECTED TO
    GRADUATED INCOME TAX NO 2
    ITEMIZED 2.A
    OSD 2.B

    EXPENSES
    ITEMIZED REPRESENTATION 15,000.00
    RENT (NET OF WTHTAX) 95,000.00
    PURCHASES 775,000.00
    WITH ENDING INVTY 355,000.00

    OSD OSD 684,000.00

    COMPUTATION

    OPTION 1 BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    TOTAL 1,210,000.00

    TAXABLE INCOME 1,210,000.00

    TAX DUE - FROM PROFESSION/BUSINESS 96,800.00

    COMPENSATION INCOME 500,000.00


    TAX DUE 55,000.00

    TOTAL TAX DUE 151,800.00

    OPTION 2.A BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    COMPENSATION INCOME 500,000.00
    TOTAL 1,710,000.00

    COGS
    PURCHASES 775,000.00
    ENDING INVTY (355,000.00)
    420,000.00

    RENT EXPENSE 100,000.00


    REPRESENTATION 8,850.00

    NET TAXABLE INCOME 1,181,150.00

    TAX DUE
    OVER 800K BUT LESS THAN 2M 244,345.00

    OPTION 2.B BUSINESS INCOME 650,000.00


    INCOME FROM PROFESSION 560,000.00
    COMPENSATION INCOME 500,000.00
    TOTAL 1,710,000.00

    OSD 684,000.00

    NET TAXABLE INCOME 1,026,000.00

    TAX DUE
    OVER 800K BUT LESS THAN 2M 197,800.00
    8,850.00 CEILING
    100,000.00 GROSS UP

    You might also like