Taxes for individuals question

[lokster]

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hey guys i just started working and im curious. although i havent gotten my pay yet id like to know how much % would the government take from my salary.

if im just an individual with no dependents and ive registered for SSS,TIN,Pag-ibig and Phil Health. (not sure about cocolife)

a rough estimate or % would be fine. maybe we can all compare how much the gov. takes from us?

[punkz]

there is no fixed percentages on individual tax on your compensation..... it is based on a tax table provided by the BIR..., and it all depends on your income

[zney25]

^^ your right...if dako ka og income dako sad imo tax...just like me...so sad lang kay wala kay makita sa tax na imo gbayad...hahahay...government government...

[necrotic freak]

dako diay ka ug income mam zney25?

bitaw mag depende sa bracket sa imong income. mag depende sad kung sige ka overtime mas modako pa imong tax.. busa pag minyo dayon mo ug panganak dayon aron kuhaan inyong tax..hehe

[marvz]

Hi lokster,

Just want to give you an overview(proforma computation) on your concern....
Should you have any clarifications. feel free to ask... =)


For your Monthly salary

Gross income ( basic salary, Overtime and others)
Less: Contributions
SSS (see SSS website for the corresponding table)
HDMF (pag-ibig) (see HDMF website for the corresponding table)
PHIC (prev. medicare) (see PHICwebsite for the corresponding table)
SSS/pag-ibig loans (if any)
labor union dues (for your Collective Bargaining Agreeements, if any)
Taxable income
Less: Withholding tax on compensation (see BIR website for the corresponding table)
Net pay


PS: Concept of withholding tax

A government strategy to collect taxes as they are incurred, that's why everytime you receivecd your salary pay, the government obtains their share of the pie immediately, an amount is withheld by your employer. It is their responsibility to withheld and remit it to BIR. Filing of your annual income tax return is their responsibility which is due every April 15th.

At the end of the year (in computing your salary pay for the last period in December), an annual tax due would now be computed ( see table below).
It is then compared to the total amount tax withheld for the year. Afterwhich, any variances would result to a tax refund or a tax deficiency.


Table 1.

If taxable income but not over tax due is plus of the excess is over over

- 10,000 5%
10,000 30,000 P 500 10% 10,000
30,000 70,000 2,500 15% 30,000
70,000 140,000 8.500 20% 70,000
140,000 250,000 22,500 25% 140,000
250,000 500,000 50,000 30% 250,000
500,000 125,000 32% 500,000