If you have questions on the discussions in this video, please comment them down below. I would be glad to answer your queries. Also, to further broaden your knowledge on income taxation in the Philippines, please watch the videos from this playlist: ruclips.net/p/PLsSj3RaOc7ln_B_U_hpTQjUmiDJb-iDFE
1:41 items excluded from gross income/ The Proceeds of life insurance 4:20 Any Amount received by the insured as a return of premium 7:35 gifts, bequests, and devises 8:57 compensation for the Injuries or sickness 9:30 income exempt under treaty 10:02 retirement Benefits, pensions, gratuities, etc. 14:29 Prizes and awards 15:38 13th month pay and other benefits 17:51 Gsis, SSS and other contribution 18:24 Gains from Sale of bonds, debentures or other certificate of indebtedness 18:42 Gains from Redemption of shares in mutual funds. 18:57 Wages of a minimum wage earner. 19:49 Income derived by foreign government 20:25 Income Derived by the Government or its political subdivisions.
Hello po. Actually I have some materials on taxation, but I still need to refine them kasi may bago na namang tax sa CREATE. Hinihintay ko lang na mag issue ng RR si BIR.
Exclusions refer to those items specifically exempted by the law from taxation. These are the salaries of minimum wage earners (to some extent only), prizes from sports sanctioned by the national sports commission, proceeds of life insurance, etc. In essence, these items are "incomes" but are non-taxable, thus excluded from taxation. Deductions on the other hand refers to those items which are allowed by the law to be deducted from gross income. These are the expenses, interest, taxes, losses, etc. These items are actually credits, or charges, or deductions subject to rules prescribed by the tax code.
is it okay to merge different year of gross income for taxation? Example, yung 2021 gross income ko sa dati kong employer ay ininclude sa 2022 gross income ko.
hello po i just wanna know how to compute net income given that the problem consists of: sales, gross compensation income, personal exemption, administrative & selling exp, cost of sales and personal exp. thank you!
PCSO and Lotto winnings are now subject to 20% final tax, provided na yung amount exceeds P 10,000. Pag di naman lumagpas ng 10,000 exempted po yun in its entirety. So halimbawa nanalo ka sa swertes tapos 15,000 yung winnings. So yung tax po dun is 3000. Ibig sabihin, ang matatanggap nyo na lang is P 12,000 (15,000 - 3,000) kasi automatic po mag deduct si PCSO sa tax. Pero kung yung winnings naman is P 10,000 lang or below, exempted po yun lahat.
Di mo na sya eadd sa gross income pag may final tax na. Lahat ng passive income like PCSO lotto winnings di mo na yan eadd sa gross income kasi may final tax na. eto po yung discussion ruclips.net/video/xaH52fgTxds/видео.html
OSD is not an exclusion. "Exclusions" refers to the pertinent or "certain" items which are really exempted or excluded from the gross income. While OSD, is a deduction. Di po yun exclusion. Magkaiba po meaning ng "deduction" sa "exclusion". And, magpopost pa po ako about OSD on Thurday pa po.
![[TOPIC 16] WITHHOLDING TAX SYSTEM | Final and Creditable (Expanded) Withholding Taxes](http://i.ytimg.com/vi/afPgHThPH-E/mqdefault.jpg)
![[TOPIC 16] WITHHOLDING TAX SYSTEM | Final and Creditable (Expanded) Withholding Taxes](/img/tr.png)
If you have questions on the discussions in this video, please comment them down below. I would be glad to answer your queries. Also, to further broaden your knowledge on income taxation in the Philippines, please watch the videos from this playlist: ruclips.net/p/PLsSj3RaOc7ln_B_U_hpTQjUmiDJb-iDFE
1:41 items excluded from gross income/ The Proceeds of life insurance
4:20 Any Amount received by the insured as a return of premium
7:35 gifts, bequests, and devises
8:57 compensation for the Injuries or sickness
9:30 income exempt under treaty
10:02 retirement Benefits, pensions, gratuities, etc.
14:29 Prizes and awards
15:38 13th month pay and other benefits
17:51 Gsis, SSS and other contribution
18:24 Gains from Sale of bonds, debentures or other certificate of indebtedness
18:42 Gains from Redemption of shares in mutual funds.
18:57 Wages of a minimum wage earner.
19:49 Income derived by foreign government
20:25 Income Derived by the Government or its political subdivisions.
Sir baka pedeng makahingi materials sa tax hahahaha pang review. Thanks sir. Napakahusay nyo po! ❤️
Hello po. Actually I have some materials on taxation, but I still need to refine them kasi may bago na namang tax sa CREATE. Hinihintay ko lang na mag issue ng RR si BIR.
Hello po, ask ko lang if yung 35k na referral bonus eh subject to tax ba?
Hi sir I just wanna ask what is the difference between exclusions from gross income and deductions from gross income?
Exclusions refer to those items specifically exempted by the law from taxation. These are the salaries of minimum wage earners (to some extent only), prizes from sports sanctioned by the national sports commission, proceeds of life insurance, etc. In essence, these items are "incomes" but are non-taxable, thus excluded from taxation.
Deductions on the other hand refers to those items which are allowed by the law to be deducted from gross income. These are the expenses, interest, taxes, losses, etc. These items are actually credits, or charges, or deductions subject to rules prescribed by the tax code.
is it okay to merge different year of gross income for taxation? Example, yung 2021 gross income ko sa dati kong employer ay ininclude sa 2022 gross income ko.
hello po i just wanna know how to compute net income given that the problem consists of: sales, gross compensation income, personal exemption, administrative & selling exp, cost of sales and personal exp. thank you!
sir goodeve po ☺️ can I ask lng po if when taxable and exempt si security deposit under rent income? thankk youuu po ☺️
Yung Mid-year Bonus po, not subject to tax po ba yun?
Subject 90k limit po.
hiii sir meron po ba kayong vid for inclusion in gross income po?hehehe
Hello po. You may watch it here:
ruclips.net/video/y9iVHlzR8nk/видео.html
ruclips.net/video/xn1YKz62v74/видео.html
@@JisrylRaz_ftt thankk youuu po sir ☺️☺️
Hello po ako po ulit. What about the prizes from PCSO and Lotto po is it also excluded or subject to tax?
PCSO and Lotto winnings are now subject to 20% final tax, provided na yung amount exceeds P 10,000. Pag di naman lumagpas ng 10,000 exempted po yun in its entirety. So halimbawa nanalo ka sa swertes tapos 15,000 yung winnings. So yung tax po dun is 3000. Ibig sabihin, ang matatanggap nyo na lang is P 12,000 (15,000 - 3,000) kasi automatic po mag deduct si PCSO sa tax. Pero kung yung winnings naman is P 10,000 lang or below, exempted po yun lahat.
@@JisrylRaz_ftt so add ko na lang po yung 12,000 na may deduct na tax sa gross income if nag exceeds nga po siya sa 10,000
Di mo na sya eadd sa gross income pag may final tax na. Lahat ng passive income like PCSO lotto winnings di mo na yan eadd sa gross income kasi may final tax na. eto po yung discussion ruclips.net/video/xaH52fgTxds/видео.html
@@JisrylRaz_ftt oh okay po. panuodin ko po yung discussion ng final tax. thank you po ulit :)
Welcome po ulit. :)
Hi po. How about the Optional Standard Deduction (OSD) po?
Hello po. Optional Standard Deduction is under Allowable Deductions po. I have yet to post a video for that po.
OSD is not an exclusion. "Exclusions" refers to the pertinent or "certain" items which are really exempted or excluded from the gross income. While OSD, is a deduction. Di po yun exclusion. Magkaiba po meaning ng "deduction" sa "exclusion". And, magpopost pa po ako about OSD on Thurday pa po.
@@JisrylRaz_ftt okay po wait ko na lang po thank youuu.
Ano po Facebook account niyo?
May itatanong lang po ako
Raz Jisryl po