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Mar 25, 2014

How to Compute Your Philippine BIR Withholding Tax Monthly Using the Latest BIR WITHHOLDING TAX TABLE?

To be able to compute your BIR Withholding Tax for the month, the following information are need. You may want to check out your payslips for the other information. Let's Start: Once you got all the information, start writing! List down everything below. For the purpose of our example, let's assume some values:
  • Basic Salary: P15,000.00
  • Status: Single (no dependents)
  • Overtime Pay: P 2,500.00
  • Late/Under time deduction: P 500.00
  • SSS Contribution: P 500.00
  • Philhealth Contribution: P 250.00
  • Pag-Ibig Contribution: P 100.00
To get your Taxable Income, Add the following: Basic Salary and Overtime Pay then deduct the Late/Undertime deduction, SSS, Philhealth and Pag Ibig Contributions

Your Taxable Income for the Month is P16,150

That would be the result of P15,000 + P2,500 - P500 - P500 - P250 - P100 Your tax will be computed based on your Taxable Income. The tax can be computed with the help of the BIR Withholding Tax Table Using the BIR Withholding Tax Table, look for the nearest amount to your Taxable Income which is P16,150. You should look at under the MONTHLY category. BIR Withholding Tax Table Partial In this case, the nearest value is the P15,833. Take note of the tax rates above and also the amount above it. Now we got three important factors in computing your BIR Withholding Tax Table, P15,833, P1,87 and lastly the +25% over. The tax computation would be: P 16,150 (Taxable Income) -P15,833.00 (Tax Base) = P317 P317 x 25% = 79.25 P79.25 + P1,875.00 = YOUR BIR WITHHOLDING TAX FOR THE MONTH

Your Computed BIR Withholding Tax for the Month is P,1954.25

Soooo, That's it!

Download the BIR Withholding Tax Table

Withholding Tax on Compensation is the tax withheld from income payments to individuals arising from an employer-employee relationship. Usually, the payments of the BIR tax is done through the deduction of the computed withholding tax to the Employee's Salary. Withholding Tax Table applies to Employment Income. A Government requirement for Employees to pay their Withholding Taxes through salary deduction made by their employers before the release of their respective salaries. Generally speaking, Withholding taxes are paid Semi Monthly or Monthly. Bureau of Internal Revenue facilitates the tax collection in the Philippines. Download the BIR Withholding Tax Table The amount of Withholding Tax varies depending on the employment income. Certain minimum amounts of Taxable Income are not subject to Withholding Tax. Withholding Tax are at graduated rates wherein the higher your paycheck the higher the withholding percentages

Download the Latest BIR Withholding Tax Table

Download BIR Withholding Tax Table

Sep 6, 2013

SSS Contribution Table

QUESTION: 

I also like to ask about SSS contributions Table for voluntary members. I would like to start making contributions again. How will I know how much to remit? I know the amounts range from 104 to 1,560, but how would I determine what amount I am supposed to contribute per month? How does voluntary contribution work?

ANSWER:

The outright answer would be: it depends on your current monthly income. You look at the SSS contributions table, and then pay the corresponding monthly contribution.

But since you are voluntary, and you can decide how much income to consider, you decide based on how much benefityou want in case of sickness, disability, maternity, retirement, or death.

The amounts of your BENEFITS depend on two factors:
1. your average monthly contributions and
2.  number of monthly contributions
during certain periods or throughout your membership period.

For example, the amount of your Maternity Benefit or Sickness Benefit will depend on the total of your 6 highest average monthly salary credits within the 12-month period before your semester of delivery or semester of sickness.

For Maternity Benefit, the total of these 6 credits will be divided by 180 and then multiplied by 60 days if normal delivery, and by 78 if by Cesarean Section (CS).

For your Retirement Benefit, the amount of your monthly pension would depend on:
1. the total number of your monthly contributions
2. the number of your credited years of membership
3. the average of your monthly salary credits for the last 5 years
4. the average of your monthly salary credits throughout all years of your membership 

Take note also that SSS has rules on changing the amount of your monthly contributions. It says that:
1. You can change only by 1 or 2 salary brackets at a time
2. You cannot go below the 5,000 bracket once you have paid beyond this bracket
3. At age 55 or older, you can increase only by 1 salary bracket at a time, if your current monthly salary bracket is already 10,000 pesos or higher.

You can however do No. 1 and 2 by declaring your income on RS5 form, and be prepared to submit supporting income documents if ordered by SSS contribution table.

Merong mga nag-co-comment sa mga blogs namin na puede namang mag-increase by more than 2 brackets at a time kahit hindi na i-fill-up yong income declaration portion of the RS5 form. Ang sagot ko ay oo, puede, at tatanggapin na ng mga tellers or cashiers, at mapo-post pa, kasi walang manpower ang SSS to check every voluntary contribution, at hindi pa siguro nila na-incorporate itong factor na ito sa automated systems nila. Hindi ko rin alam kung nag-ra-random checking sila, or kung meron silang system or manpower to do random checking.

Pero merong isang mother na nag-comment sa isang blog namin na 5 years na siyang nagbabayad ng SSS premiums niya, at noong mag-file na siya ng maternity benefit, hindi na-approve ang benefit application niya, kasi hindi siya nag-register as Self-Employed properly. Wala siyang Date of Coverage, kasi hindi siya nagpa-approve ng Self-Employed Form bago siya nagbayad ng nagbayad.

The case of this mother is not about increasing contributions, pero this shows that sometimes puede tayong makalusot, but there are also times na hindi puede. 

download sss contribution table

May 23, 2013

How to get NBI Clearance

Did you know how to get NBI Clearance?

Well, getting an NBI Clearance is not rocket science. It's really simple and easily. As long as you have the right requirements and the proper knowledge about the process.

To start off our discussion, NBI Clearance requires two valid identification Cards before you can process your application. And when I say "requires", they really mean it. If you don't have any valid ID to present, they will not let you through and give you their nbi clearance application form.

The next thing to remember is for What purpose do you need your NBI Clearance? Do you need this for your local employment requirements? or maybe you're travelling abroad?

Why am I asking this?

Because every purpose of NBI Clearance have a corresponding fees for application. The NBI clearance ranges from P115-P415.

Next in line is to make sure to properly fill up the application form. You should also take note that you will have to fall in line to process the NBI Clearance. This is due to large volume of applicants (just like you!).

Some other things that you need to do after filling out the NBI Clearance Application Form:

  • Payment to the Cashier
  • Biometrics Thumbmark
  • Photocapture
  • and lastly, the release of your NBI Clearance.

I think that's it.

You can refer to other helpful articles about NBI Clearance here:

How to Apply for NBI Clearance
Where to apply NBI Clearance? Complete List of NBI Clearance Outlets in the Philippines - NBI Clearance Locations
Ask Someone To Claim Your NBI Clearance Using the Authorization Letter
Valid IDs accepted in applying for NBI Clearance
NBI Clearance Application Form

Jan 23, 2013

You think water moves fast?

Now that we know who you are, I know who I am. I'm not a mistake! It all makes sense! In a comic, you know how you can tell who the arch-villain's going to be? He's the exact opposite of the hero. And most times they're friends, like you and me! I should've known way back when... You know why, David? Because of the kids. They called me Mr Glass. You think water moves fast? You should see ice. It moves like it has a mind. Like it knows it killed the world once and got a taste for murder. After the avalanche, it took us a week to climb out. Now, I don't know exactly when we turned on each other, but I know that seven of us survived the slide... and only five made it out. Now we took an oath, that I'm breaking now. We said we'd say it was the snow that killed the other two, but it wasn't. Nature is lethal but it doesn't hold a candle to man. Normally, both your asses would be dead as fucking fried chicken, but you happen to pull this shit while I'm in a transitional period so I don't wanna kill you, I wanna help you. But I can't give you this case, it don't belong to me. Besides, I've already been through too much shit this morning over this case to hand it over to your dumb ass. Do you see any Teletubbies in here? Do you see a slender plastic tag clipped to my shirt with my name printed on it? Do you see a little Asian child with a blank expression on his face sitting outside on a mechanical helicopter that shakes when you put quarters in it? No? Well, that's what you see at a toy store. And you must think you're in a toy store, because you're here shopping for an infant named Jeb. The path of the righteous man is beset on all sides by the iniquities of the selfish and the tyranny of evil men. Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who would attempt to poison and destroy My brothers. And you will know My name is the Lord when I lay My vengeance upon thee.

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