Withholding Tax 2021 PART 2

Описание: Income and Business Taxation

Withholding Tax is usually deducted by Employer to its employee a certain portion to pay to the BIR as part of their tax. Hrnce withholding tax is not bot just deducted to employee, it is also the kind of tax that is deducted to a sole proprietor and pattnership business .

This is an actual sample computation of employees withholding tax both from private and government offices.

Formula of Arriving at EE"s Progressive and Monthly Withholding Tax:
Gross Compensation Income Php xxxxxx
Add: Other Income xxx
Total Php xxxxx
Less: Government Contribution Php xxxx
Allowable Deduction xxx ( xxx)
Taxable Income Php xxxxx

Progressive / Annual Tax Tax (see Train Law Tax Table) Php xxxxx

Monthly Tax (Annual Tax/12 mos) Php xxxxx


Mam Ching


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