BIR, taxation basics......please share info

[Duard]

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Ako i-explain as simple as I can.

1. How to compute the percentage tax (3%).
Kung sari-sari ka, all you have to do is, i-add lang ang imong halin kada buwan, ibutang nato nakahalin ka ug P12,500 this month.

To compute:

P12,500 x 3% = P375.00 - mao ni ang percentage tax nga imo bayran, exactly 3% percent.

2. How to compute the annual income tax?

Kani, kay medyo complicated labi na kung wala kay accounting background, kay basin maglisod ka ug grasp sa mga concepts ug terminilogies like taxable income, tax due, quarterly income tax, etc. ect.

Pero in simple terms, ang pag compute gyud sa income tax is based sa imong ginansya (profit less expenses) sa imong negosyo. Once ma determine na nimo, then you need to use the schedular table (Sec. 24A of the NIRC, mao ni ang bible sa mga taga BIR). Take note, pag compute nimo, i-exclude gyud ang mga personal expenses kadto ra gyud business-related expenses.

I hope naa kay nakat-unan.

ty for sharing the info, gross sales is total sales less cost of good sold, sakto ba ko?

[Lloyd Stephen Orlanes]

ty for sharing the info, gross sales is total sales less cost of good sold, sakto ba ko?

Gross sales is total sales as is. . .
Gross profit is net sales less cost of good sold. .

[Duard]

[QUOTE=Lloyd Stephen Orlanes;16061626]Gross sales is total sales as is. . .
Gross profit is net sales less cost of good sold. .[/QUOTE


ask ko nimo sir, amo business is sari-sari store, unsa may akong i isuwat sa journal ug ledger namo?

[Lloyd Stephen Orlanes]

[QUOTE=Duard;16067226]

Gross sales is total sales as is. . .
Gross profit is net sales less cost of good sold. .[/QUOTE


ask ko nimo sir, amo business is sari-sari store, unsa may akong i isuwat sa journal ug ledger namo?

boss if sari2 store. . . isuwat nlng sa journal tanan nin.u gpamalit as purchases unya ang sales kng m.monitor mas maau. . .kng dili m.monitor pwed tinamban. . .cash capital plus halin n total minus purchases. . kana income gyud na.

[Duard]

[QUOTE=Lloyd Stephen Orlanes;16067888]

boss if sari2 store. . . isuwat nlng sa journal tanan nin.u gpamalit as purchases unya ang sales kng m.monitor mas maau. . .kng dili m.monitor pwed tinamban. . .cash capital plus halin n total minus purchases. . kana income gyud na.

ah ok, dakoa diay mabayran nato ani sa percentage tax , hapit na raba deadline .....

[Duard]

[QUOTE=Lloyd Stephen Orlanes;16067888]

boss if sari2 store. . . isuwat nlng sa journal tanan nin.u gpamalit as purchases unya ang sales kng m.monitor mas maau. . .kng dili m.monitor pwed tinamban. . .cash capital plus halin n total minus purchases. . kana income gyud na.

paid 899.40, ako gi gross sales kay 29980, dili ba to overstated ra, considering nga 30k ra ako capital?

[The_Stoic]

[QUOTE=Duard;16074741]

paid 899.40, ako gi gross sales kay 29980, dili ba to overstated ra, considering nga 30k ra ako capital?

Hi,

Ang percentage tax (3%) and VAT (12%) are business taxes. So tax on our sales, on the other hand, these are also called passed-on tax. Passed on tax means that the tax is passed on to the end consumer (buyer). In reality the tax is not paid by the seller but the end user. Mao bitaw daghan mo reklamo kung naa napud bag ong VAT law kay momahal ang presyo sa mga produkto because of the passed on tax.

Sa imo computation, sakto ra nga 3% ang bayaran. I dont think you can say overstated, look at the bright side, in a month's sales nabawi na nimo imo capital nga 30k.

Have a great day

[Lloyd Stephen Orlanes]

[QUOTE=Duard;16074741]

paid 899.40, ako gi gross sales kay 29980, dili ba to overstated ra, considering nga 30k ra ako capital?

simple. . .
sa imo sales na 29,980 nga sales which u have paid 899.40. . then ur capital is 30k. . For sure ang cost sa imo gpamaligya is wa kaabot 29,980 ky if same. . wala ka ni.income..
for instance. . ang imo profit sa tinda ky 20% of cost meaning sa imo sales na 29,980. . puhunan nimo ana ky 24,983. . in which mka income ka ug 4,097 net sa tax. . .
sa 30k na puhunan m.kita ka ug 6,000 less1,080 tax. .net profit 4,920. . .

solved na?

[Duard]

[QUOTE=Lloyd Stephen Orlanes;16075427]

simple. . .
sa imo sales na 29,980 nga sales which u have paid 899.40. . then ur capital is 30k. . For sure ang cost sa imo gpamaligya is wa kaabot 29,980 ky if same. . wala ka ni.income..
for instance. . ang imo profit sa tinda ky 20% of cost meaning sa imo sales na 29,980. . puhunan nimo ana ky 24,983. . in which mka income ka ug 4,097 net sa tax. . .
sa 30k na puhunan m.kita ka ug 6,000 less1,080 tax. .net profit 4,920. . .

solved na?

salamat sa imo computation, but sadly maglisod mi ug mark up ug 20% sa kadaghan sa kompetensya

[Lloyd Stephen Orlanes]

[QUOTE=Duard;16075729]

salamat sa imo computation, but sadly maglisod mi ug mark up ug 20% sa kadaghan sa kompetensya

boss sample ra to cya. . .u can mark.up at any rate or amount basta mao to iya concept. . .