[TOPIC 12] GROSS COMPENSATION INCOME | Income Derived from Employment - Inclusions and Exclusions
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- Опубликовано: 8 сен 2024
- This is the second part of our discussion on Gross Income. In this video, we discuss the different sources of compensation income, their taxability, and the requisites to be exempted from tax. Please watch the video for more discussions.
Please also watch my other videos on:
1. Classification of Taxpayers: • [TOPIC 11 ] CLASSIFICA...
2. Gross Compensation Income: • [TOPIC 12] GROSS COMPE...
3. Business Income: • [TOPIC 13] GROSS BUSIN...
4. Passive Income: • [TOPIC 14] PASSIVE INC...
5. Final and Creditable Withholding Taxes: • [TOPIC 16] WITHHOLDING...
6. Exclusions from Gross Income: • [TOPIC 15] EXCLUSIONS ...
7. De Minimis: • [TOPIC 21] DE MINIMIS ...
8. Top Withholding Agents: • [TOPIC 17] WITHHOLDING...
If you also want to learn how to:
1. File Withholding Taxes on Compensation: • BIR FORM 1601C | Step-...
2. File Expanded Withholding Tax: • BIR FORMS 0619E and 16...
3. File Withholding Tax on Fringe Benefits: • BIR FORM 1603Q | Quart...
If you haven't watched yet the comparison between Itemized Deductions and Optional Deduction, please click this link to redirect you to our video discussion: • [TOPIC 26] ALLOWABLE D...
Also, if you want to know about the components of gross income, and how to compute an income, please watch the following videos.
1. Sale of Real Properties Classified as Capital Assets: • [TOPIC 23] DEALINGS IN...
2. Sale of Shares of Stocks: • [TOPIC 24] DEALINGS IN...
3. Sale of Capital Assets not Subject to Capital Gains Tax: • [TOPIC 25] DEALINGS IN...
4. Ordinary Assets and Capital Assets: • [TOPIC 22] DEALINGS IN...
5. Computation of Gross Business and Professional Income: • [TOPIC 13] GROSS BUSIN...
6. How to Compute Compensation Income: • [TOPIC 12] GROSS COMPE...
7. Final Income Tax on Certain Passive Income: • [TOPIC 14] PASSIVE INC...
I will upload videos every Monday, Wednesday and Friday.
![[TOPIC 14] PASSIVE INCOMES | Final Withholding Taxes on Certain Passive Incomes (Philippines)](http://i.ytimg.com/vi/xaH52fgTxds/mqdefault.jpg)
![[TOPIC 14] PASSIVE INCOMES | Final Withholding Taxes on Certain Passive Incomes (Philippines)](/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
This is the best video I ever watched regarding Compensation Income. Very clear and complete. By the way, I'm the developer of HRTech HRIS System. I can use the knowledge I gained from this video in improving the Payroll Module of my program. I have business proposal for you. How can I contact you?
Hi po. You may contact me thru email jisrylraz@gmail.com or thru my messenger po it's Raz Jisryl.
By the way, speaking of payroll module. We actually have one project. I am also doing consultancy work from a friend who is currently developing an accounting and tax system (which includes the payroll module).
thank you po ang galing niyo mag explain. God bless po :)
Thank you po. 😍😍
Hello sir?
First of all i would like to thank you for this clear and useful videotutorial.
May i suggest po na pakilagyan ng number yumg title po para madali po maidentify yung pagkakasunodsunod ng topic.
Salamat po.
Thank you po. I will do po. 😊😊
@@JisrylRaz_ftt salamat po
Hello Mark. I have already labelled the videos per topic :) I hope it helps. Thanks for the suggestion. I really appreciate it. :)
Thanks po. In return po di ako nag skip ng ads.🙂 mas napapagaan yung online study ko dahil ganda ng explanation nyo sir.
Good morning Sir! how about if the retirement pay is not taxable, do we subtract it from the gross compensation income to arrive at the taxable compensation income? thank youu soo muchh
hi sir tanong lang po paano po mag compute nang progressive tax and fringe benefit tax sa rank and file employee and managerial employee ito po kasi yung problem sir
An employee with 10 dependent children received the following benefits during the year:
Regular Compensation P 1, 068, 000
Supplementary Compensation P 340, 000
13th month pay P 89, 000
Other fringe benefits P 13, 000
Required: Compute the taxable amount in each of the following taxation schemes:
Employee Type Progressive Tax Fringe Benefit Tax
1. Rank and File Employee
2. Managerial or supervisory employee
Hello po. Please send me message po for the screenshot
Hello Sir! Thank you so much for the discussion and a concrete explanation ❤️
Thank you po.
If the employee receives a salary and an ot pay then when added, it exceeds to 90,000, does it makes the income taxable? Thank you!
Hi Kate. The regular salary (meaning the monthly compensation) plus the overtime pay are "generally" taxable despite the fact that it does not exceed P 90,000. When I say "generally taxable", this means that in the eyes of our law, talagang subject sya sa tax. Actually, it will not matter if it exceeds 90,000 or not. Kasi taxable talaga sya. Pero di kasi ibig sabihin na pag taxable sya is may tax agad. Meaning, taxable lang sya if aabot sya or lalagpas ng P 250,000. Yung 250,000 ito yung minimum bracket to be subject to tax.
Kahit pa umabot ng P 200,000 yung salary plus overtime pay, wala pa ring tax nyan kasi di naman lumagpas ng P 250,000. But then again, theoretically speaking "taxable sya. Let me put it this way, kapag may pagkain sa mesa ibig sabihin ba nun kakainin mo? Pagkain, sya edible sya, pero it does not mean na kakainin mo, dba? Kasi kakainin mo lang yun pag sinabihan kang kainin mo yun. Parang ganyan din yung salary and overtime pay, generally taxable sya kasi lahat naman ng incomes ay generally taxable unless specifically exempted from the tax. Pero yun lang, though taxable sya, magkakatax lang if lumagpas ng P 250,000 yung total amount.
Likewise, yang salary at ot, magiging exempted lang yan kung ang receiver naman is a minimum wage earner. Sino naman to? Eto yung mga employees na minimum wage lang ang sinasahod every day. Pag sila yung nakatanggap nung salary at overtime pay, lahat yan non-taxable, kasi exempted sila. Pero kung ang nakatanggap is yung mga fixed income earner na lagpas minimum wage ang sahod, talagang taxable yung salary at ot.
Paano naman yung P 90,000? Yung 90,000 ginagamit lang yan as 13th month pay and other benefits. Yung lang. Wala ng iba. Lahat ng 13th month pay and other benefits ay generally non-taxable provided na di sya lumagpas ng P 90,000. For example, employee ka tapos during the year nakatanggap ka ng P 30,000 bonus, at the same time may mga benefits ka pang natanggap amountin P 50,000. So, meaning total of P 80,000. Take note, these benefits and 13th month pay ay di bahagi sa monthly sahod mo. "EXTRA" benefits to. So, in that case, since di naman lumagpas ng 90,000, the entire amount is non-taxable. Halimbawa, yung total 13th month pay and other benefits umabot ng P 105,000. So in that case, non taxable yung P 90,000, tapos yung sobrang P 15,000 yun na yung taxable.
Again, as to your question, yung salary ba at overtime pay ay taxable. The answer is yes, and the amount will not matter kahit pa di umabot ng 250,000. Pero again, magkakatax lang pag lumagpas ng 250,000.
Jisryl Raz thank you thank you so much!!! That’s so helpful po!!! I am really struggling with that subject right now huhu. A big help po. Thank you again!
Perfect. My videos might help you. Pwede ka rin po magtanong kahit ano dito regarding the subject. :0
thank you so much po sir for this discussion
What is MWE is receiving service charge or commission, what are subject to tax or to compute their tax?
hi po! thank you for this video, nakatulong po talaga siya sakin huhu mat tanong lng din po, are de minimis benefits included po in computing for the total compensation income? thank you po! :)
Hi po. Thanks for the comment. Do you mean po "Taxable Compensation Income"?
I have another video discussion po about de minimis. You may watch it here: ruclips.net/video/OKC_q8tIdAU/видео.html
@@JisrylRaz_ftt hello po! thank you for replying po. yung compension income po na di pa po subject to tax po. total compensation income po like po sa video niyo po @ 28:34 mark po.
Ah okay. In computing total compensation (both taxable and non-taxable) kasama po lahat ng income pati de minimis. Ganun po yung format ng pag compute ng compensation income sa BIR Form po natin. Pero, since yung compensation income na yan includes the non-taxable portion, ededuct ulit yung mga non-taxable income (kasama na yung de minimis kasi non-taxable naman po yung mga de minimis).
For example,
Monthly salary P 25,000
Monthly Overtime Pay 2,000
13th Month Pay 25,000
De Minimis Benefits:
Rice Allowance per month 3,000
Uniform Allowance per year 8,900
Annual Mandatory Contributions 15,000
Bale to compute the taxable compensation income ganto po solution:
Annual salary (25,000 x12 months) P 300,000
Overtime Pay (2,000 x 12 months) 24,000
13th Month Pay 25,000
De Minimis Benefits:
Rice Allowance per month (3,000 - 2000) x12 12,000
Uniform Allowance per year (8,900 - 6,000) 2,900
TOTAL COMPENSATION 363,900
Less: Non-Taxable
13th Month Pay 25,000
Rice Allowance (3000 - 2000) x 12 12,000
Uniform Allowance (8,900-6,000 2,900
Total 39,900 (39,900)
Limit 90,000
COMPENSATION INCOME SUBJECT TO TAX 324,000
Less: Mandatory Contributions (15,000)
TAXABLE COMPENSATION INCOME 309,000
thank you. nakatulong po siya sa pag aaral ko ❣️
Welcome po.
Hello regarding your second example. Abby is a minimum wage earner. Why isn't the Holiday and overtime pay not deducted?
Hi po. No need to deduct po. The entire amount is non-taxable kasi minimum wage earner naman sya.
What I have shown in the video is the computation of Abby's total compensation income, which means the entire income even if the entire amount is non-taxable kasi nga Minimum Wage Earner si Abby.
Owww thank you po 💛💛
Always remember this po, if the receiver of the compensation income is a minimum wage earner, all compensation incomes related to his/her employment received by him/her are non-taxable including HONSHa (which stands for Holiday, Overtime, Night Shift Differential, and Hazard Pay), UNLESS if such taxpayer receives benefits which are not part of his regular remuneration like fringe benefits, in which case, the receiver-taxpayer shall be subject to income tax for such incomes not part of his regular remuneration.
Thank you po. I'll ask more question if I'm confused pa.
Ma’am may video na po ba kayo re capital gains tax? Thank you.
Yup meron po. Pero to be uploaded pa po either tomorrow afternoon or on Saturday po. I hope ma watch nyo po yun. :)
Hi po! Here's the link for the video about Capital Gains Tax on the Sale of Real Properties Classified as Capital Assets: ruclips.net/video/COh20GWwoPo/видео.html
Also, here's the video about ordinary and capital assets: ruclips.net/video/PAtahKYTKeI/видео.html
@@JisrylRaz_ftt thank you po Maam
Denise Karla Baduria welcome po☺️
Thanks sir .made me understand better.
Welcome po. 😊
what if the MWE exceeds the 90k threshold will the excess be taxable?
thank you so much po!!!
Thank you for the well-explained lecture po. Inquire ko lang po sana, yung mga Union Dues, absences/tardines/undertime saan sila idededuct? For Net income lang ba or pati sa taxable income hindi sila kasali? For submission ba ng 2316 pwede din ba silang ideduct para hindi masama sa taxable? Thank you.
Deducted na po dapat yung absences, undertime at tardiness sa gross income pa lang po. Dapat di na sila kasama. Yung union dues, isama nyo po yan sa mandatory contributions. Non taxable item po yan
@@JisrylRaz_ftt Thsnk you so much for your reply.
Welcome po.
Hello po sir maytanong lang po ako, sana maliwanagan ako,
1. ang mandatory contribution like sss, pagibig at Philhealth kasama ba sa 90k limit sa other benefits?
2. paghindi nakaabot ng isang taon ang employee ganon rin ba ang computation ng kanyang tax?, halimbawa 10months lang.
1. Hindi po.
2. Ganun pa din po. Eadd lang lahat ng income nya for ten months tapos titignan kung lalagpas ng 250k
Why is the holiday and overtime pay not included on the nontaxable compensation?
Because they are taxable, as a rule. They are only non-taxable if they are received by a Minimum Wage Earner.
Holiday Pay, Overtime Pay, Night Shift Differential, and Hazard Pay (HONsHa) are generally taxable. But these items are non-taxable if, and only if, they are received by a Minimum Wage Earner (MWE).
Good morning sir! Can I ask for this problem po? I don't know what to do with the retirement pay and the benefits from SSS .
A 50-year old employee retired during the year after 30 years of continuous service and received the following remunerations:
Basic Salary P 350,000
Employee Share to SSS,PHIC, P 24,000
HDMF, and union dues
Overtime Pay P 16,000
Retirement pay P 2, 300, 000
Benefits from SSS P 400, 000
Pro-rated 13th month Pay P 21, 000
Hope you can help me po. Thank youuuu so much
Exempted po yung retirement pay and sss benefits. Di na po sya kasama sa pagcompute ng income
@@JisrylRaz_ftt Thank yoouuuuu so mucchh poo! Akala ko po i aadd pa po yung retirement pay to solve the gross compensation. God bless po.
Di na po
Hi sir! How about these
Basic Salary (monthly) 30,000
Overtime Payment (annual) 66,000
13 month pay 33,000
SSS,Phic,& Hmdf... (Monthly) 1,800
Whats the difference po between gross compensation income & gross annual income?
Hi po. How about the GSIS loan payment withheld by the employer po? Is it to be deducted from the salary po?
For income taxation purposes, any amount withheld by the employer for the loan repayment of the employees (such as loan from SSS, Pag-IBIG and GSIS) are non-deductible. Kasi di sila kasama dun sa contributions na tinutukoy ng Tax Code. Just ignore them when computing taxable net compensation income.
Thank you so much po ❤
Yung deductible lang from compensation income when computing taxable compensation income is yung mandatory contributions. For example, Juan dela Cruz is usually paid 20,000 per month. Tapos aside from that may SSS, PHIC, and HDMF Contributions sya,let's say 200 for PhilHealth, 150 for Pag-Ibig, and 800 for SSS/GSIS. (By the way, these contributions are mandatory, kasi for the benefit din naman yan ng mga employees so when they get sick, they could avail Philhealth or when they retire, they would have pensions from SSS or GSIS). Tapos let's also assume na may loan si Juan dela Cruz sa SSS/GSIS tapos binabayaran nya monthly 500 pesos. Automatically, si employer mag withhold nyan tapos si employer na din magreremit nyan sa SSS/GSIS.
So in computing taxable compensation:
20,000 - 200 - 150 - 800 = 18,850.
You cannot deduct the loan repayment. So yung 18,850 na ang basis ng tax nya monthly.
Since, yung 18,850 is below 20,833 (eto yung pinaka minimum monthly at least para magka tax), then wala syang tax.
Pero syempre ang matatanggap ni Juan dela Cruz is yung pinaka net na which is P 18,850 - 500 = P 18,350.
Yan na yung perang matatanggap niya talaga from the employer. Again, in computing taxable income for income tax, di kasama yung loan repayment.
Welcome po. I hope I have explained well. By the way, thank you so much for watching my videos. You may also share my videos to your friends or classmates para na din matulungan sila sa tax. Also, you may ask questions here about tax. And I will be very glad to help you po. :)
May video po kayo sir ng pag compute ng GI sa mga wife and husband at yung may mga dependents? Thank you po.
Hi po. Over the weekend po mag uupload po ako about sa married couple. :)
@@JisrylRaz_ftt nag ask lang ako sir ,pero thank you po! 🤧❤
Yes po kasi yun na din topic namin next week eheheh.😊😊
Hello po, how about po if there are deductions like cash advance and personal loan due to accident of the employee? Thank you po!
Yung cash advance po di po yan mag mamatter maam when computing the tax, kasi salary din naman yan eh advance nga lang. Same as loan.
Kumbaga ang focus lang po talaga natin is yung income ni employee. Let's have an illustration po:
Kunyare ang sahod ni employee per month is 25,000.
Tapos nag cash advance sya ng 5k tapos aside from that may loan sya na hinuhulugan ng 1000 per month kunyare.
Di po ba pag nagcompute tayo ng payroll, ededuct po natin yung cash advance at loan po? Bale instead na matatanggap nya is 25,000, 19,000 nalang. Right? Kasi na advance na nya yung 5k at loan payment yung 1k.
Pero, ang tanong po. Nabawasan po ba yung compensation "income" nya? Hndi po dba. 25,000 pa din. Ganun pa din. Ganun pa din yung income nya. Kaya lang yung cash na nareceive nya during payroll 19k nalang kasi nga na advance na nya yung 6k.
Pero di nagchange yung income nya. Ganun lang po.
So when computing the income tax sa monthly withholding po. Yung basic po talaga gagamitin natin, hndi natin ededuct yung cash advance at loan repayment.
@@JisrylRaz_ftt thank youuu po! napaka clear po ng explanation. Hope I can learn more things from you po. Medyo naguguluhan lang kasi po ako. God bless po.
Welcome po 😊😊😊
question po.1.).if a gov employee that falls below 250k ang gross compensation (annual po), considered ba as minimum wage earner? 2.) under alphalist data entry ver 7, sa schedule 2 (minimum wage earner ba siya dapat kasali?..tnx po sa sagot..
May I ask if applicable to all the 250,000.00 exemption assuming you are earing 1M annual gross income?. Thank you
Thank you. Helpful
Welcome po
How employer witheld it will deduct or add in compensation income??
Why need to deduct po the bonuses and other benefits sa compensation income? Ehh dba po if bonuses and other benefits do not exceed to 90K threshold, NOT TAXABLE but it is DEDUCTIBLE?
Actually, it's the correct computation. Bale, eadd mo muna lahat ng compensation income both taxable and non-taxable, then later on deduct it again. Kasi ganun talaga format ng pagcompute sa BIR Forms natin. The reason why we need to add first everything is para madetermine ni BIR kung magkano talaga binigay natin sa mga employees natin. That means, both taxable and non-taxable compensation must be added together first. Pero, in computing the net taxable compensation income, kelangan na syang ededuct again subject to the limit na P 90,000.
Pero in the academe, we tend to automatically ignore those benefits in computing the net taxable income. pwede rin yun. Kasi same lang naman ang ending nun.
For Example:
Basic Pay P 300,000
13th Month Pay and Other Benefits 100,000
Total Compensation Income P 400,000
Less: Non-taxable Income
13th Month Pay 100,000
Limit 90,000 ( 90,000)
Taxable COmpensation Income P 310,000
Pwede rin ganiton solution (eto kadalasan solution sa academe):
Basic Pay P 300,000
Add: 13th Month Pay and Other Ben. 100,000
Less: Limit 90,000 10,000
Taxable COmpensation Income P 310,000
Again, both solutions would come up with the same taxable compensation income. Pero yung tama talaga is yung first solution, kasi ganyan yung pagcompute sa BIR Forms natin.
Thank you so much! ❤️
Thank you so much! ❤️
Welcome Kent. Pero don't bother yourself about jan. Kung sang solution ka mas comfortable dun ka. Kasi yung tanong naman jan is kung magkano taxable compensation income. Saken lang pinakita ko lang kasi ganun tlaga yung computation the proper way
What is Labor Union dues? thank you!
Eto yung mga monthly or annual dues na babayaran ni employee sa labor union organization nila. Every company, lahat ng mga employees kasi may organization yan, labor union ang tawag. Ang function nila is to maintain harmony between the employer and the employees. Sila yung nag momonitor kung tama ba binabayad ni employer sa mga employees. Yung organization na yan, to keep it functioning, mangongolekta yan ng dues or fees.
mag kano po ang babayaran ng employee or how to compute??
Depende po yun sa organization.
Pero usually nasa 100-500 pesos lang yan
Thank you so much po ❤
Bakit hindi mo na deduct ang holiday and overtime pay po sa NON TAXABLE CI? THANKS
Because those are taxable, unless Minimum Wage Earner ang taxpayer. But in the illustration, di naman MWE ang taxpayer.
how about referral incentive? I referred 5 people 3k per head. a total of 15k. is this taxable?
Generally speaking po, yes. Taxable po lahat ng incomes natin. Pero matanong ko lang po.
1. Are you an employee?
2. Do you earn based on the practice of a profession or self-employed ka po?
3. In your estimate, mag eexceed ka kaya ng 250,000 if you will add altogether your incomes from january to december? If di ka po mag eexceed wala ka pong income tax na babayran.
Last question,
4. Sino po nagbabayad ng incentive? Company po ba?
Kasi if yes, automatic po yan sila mag deduct ng 10% withholding tax.
30k po ang sahod ko every month before tax. weekly po ang sahuran namin. yung referral incentive is ngayon lang po yan one time since nakapag refer po ako ng limang tao which 3k per person so 15k. my question po is, dapat ba na e tax yung one time 15k na incentive ko?
1. yes po employee po ako
2. practice of profession po
im working po sa bpo.
Yes po. Since employee po kayo, masasama po yung 15k sa taxable income nyo po.
Bale, since this month lang yang 15k po, ma iinclude po yan sa tax nyo po.
Para malaman nyo po magkano tax nyo po, andito po yung sample illustration po sa video na to.
ruclips.net/video/JvKPs8WA91o/видео.html
Nasa bandang 15 minutes po. Skip nyo nalang po para makita nyo pano ecompute yung tax nyo po basta eadd mo yung 15k sa monthly gross salary nyo po
Hi po. Is Allowances (like Rice, Uniform etc) include in 13th month pay and other benefits limited to 90,000?
Rice and uniform allowances are considered as de minimis benefits. These allowances have their own maximum non-taxable limit (for example, tax-exempt rice allowance is limited only to P 2,000.00 per month). If the value of the de minimis benefits exceeds their maximum limit (for example rice allowance per month is P 3,000.00), the excess amount (P 1,000.00, that is P 3,000 less P 2,000.00) will be added together to the other benefits subject to the P 90,000 limit.
There are 11 items for de minimis benefits, and these items have their own maximum limits. Always remember that when the amount of de minimis exceeds their maximum statutory limits, any excess amount will be added to the other benefits subject to again, P 90,000 limit.
Thank you so much po.
You are always welcome. I hope I answered you clearly. By the way, I would really appreciate it if you can help me grow my channel by subscribing. I will be posting videos about taxation in this channel, so students, like you, would understand better and appreciate the beauty of Taxation subjects. :)
If you still have questions, please ask me any time. :)
🤗🤗🤗
Hi MAm Jisryl, is Item # 14 on 1601C (Total Amount of Compensation) includes the 13th-month pay and other De Minimis (monetized amount like Rice & Clothes or Unform purchased by the Company for their Employees) that are within the 90,000 pesos ceiling? This is because I am confused for in some definition of gross Compensation, only the excess in the 90,000 ceilings is included. Thanks
Hello po, I am so sorry but this video presents the outdated version of 1601C. May bago pong 1601-C si BIR. I will upload new video po for this. Anyway, as regards to your question, Yes po lahat po ng ibinayad kay employee should be presented in 1601C.
hello po, magkaiba po ba ang Total Compensation Income sa Taxable income po? Ano po ang total compensation income?
thankk youuu po for your videos sir, super big help po ☺️☺️ ask ko lng din po pala sir yung sa sample po about abby, she is a minimum wage earner po bkit po d po sinama na ideduct po ung holiday and overtime pay po nya?thankk youu po ☺️
Sa 1601-C ba kay naglibog ko kung asa nako ifile ang mga employees na dili mwe pero non taxable ilahang income both monthly and annually. Like sa 6 ka employees 1 ray MWE ang uban is dili mwe but not more than 250k annually. Asa diay siya mafall? Nafile raba nako ang uban sa “other non taxable income”(item 20) ang mga compensation sa dili MWE.
Mali to noh?
Dapat ba sa item 22 nako siya gibutang and iless ra japon nako ang same amount sa item 23? Para walay withholding tax?
Hi, can I ask how to compute income tax liability in compensation income?
How about withheld po, is it to be add or to be subtract?
Good afternoon, Sir! Ask ko lang po, how to compute the income Taxation of an employee, if he's receiving salary from 2 companies, along with two 13th month pay? Am I going to deduct two 90k limit for bonuses or just 90k? If the bonus and other benefits are not indicated. Thank you.
Add them both, then deduct 90k once only.
@@JisrylRaz_ftt Thank you, Sir.
@@JisrylRaz_ftt Sir, follow up question po and clarification😅 Halimbawa po, If yung isang 13th month (A) ay 50k at 13th month (B) ay 200k. Bali po, ang solution:
50, 000
+ 200, 000
= 250, 000
-- 90,000 (13th month limit)
160,000 (taxable bonus)
Thank you, Sir. 😅
yes po tama
@@JisrylRaz_ftt Thank you so much po, Sir😊😊
Hello sir tanung ko lang po,need pa rin po ba mag file Ng return kahit Wala Naman mababayaran kasin minimum wage lang po mga tao namin sa tindahan,
Lahat po ba na exempt edededuct?
Hndi po. Pag sinabing "exempt" ibig sabihin di po yan subject sa tax. Dapat po di yan kasama sa pagcompute ng "gross" income.
Halimbawa, retirement pay (assuming lahat ng requirements ay present pra maging exempted), di po yan dapat kasama sa pagcompute ng gross income kasi nga exempted po yan.
Pero may mga items din na nasama sa gross compensation income kahit na exempted sila. For example, yung contributions po ni employee sa SSS, PhilHealth and Pag-Ibig, exempted po yan. Kaya lang sa pagcompute ng payroll kasama na po yan sa income. Kaya po sila dinededuct.
My point is, hndi po lahat ng exempted kelangan ededuct sa gross income. Yun lang mga exempted na nasama sa gross income ang ededuct. Pag exempted na yung income tapos di nasama sa gross income, wag na ededuct kasi nga di na nasama.
Thank you po. Last question na po, yung 13th month pay and other benefits na 70k edededuct po ba dapat yon or ignore?
Oh im sorry for late response. Yung 13th month pay and other benefits po subject po sila sa limit na 90,000. Pag di po lumagpas ng 90,000 ibig sabhin po taxable. Pag lagpas 90,000 po yung excess lang ang taxable.
Yes naintindihan ko na po. Thank youuuuuuu
Hello sir.
ask ko lng yung
share based payment po ba ay compensation or fringe benefit?
Thank you in advance 😍
Good day mam!
may i ask if compensation income is also included on the computation of taxable net income?
i was kind of confused where classifications should compensation income be at.
Yes po. Compensation income is the generic term. It could include salary, overtime pay, hazard pay, etc. Lahat po yan taxable (except if MWE ang recipient ng income). Since taxable yan, lahat yan kasama sa pagcompute ng net taxable income.
@@JisrylRaz_ftt thankyou for clarifying things in regards to that. as we all knew olc really sucks, its kind hard for student like me to cope with a lesson specially with computation. anw. thankyou again u earn new subscriber here. :)
Thank you so much po. You can ask me questions po. Just comment your queries kasi nagrereview nmn ako ng mga comments dito. Ano na po ba topic ninyo?
@@JisrylRaz_ftt as of now, we're studying indivudual taxation. anw. if i have question again, probably mag ask po ako ulit😅🙂
last na po what is the computation for
total income tax expense?
should i just add
total Final taxes on passive income and income taxpayable?
Yeah sure. Just comment your questions po. Total income tax expenses lahat po ng income tax na. So yes tama po kayo.
Panu po icompute yung sa net tax payable?
Based sa total compensation income po
Hello Angelo. It's 23:26. But if you mean yung income tax po, it's on this video: ruclips.net/video/JvKPs8WA91o/видео.html
Good Morning po Sir, ask ko lang po paano po kapag hinahanap yung taxable income and then meron pong nakalagay na “net of 20% withholding tax” isasama po ba yun sa pag-compute ng taxable income? Thank you very much po 😊
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hello sir, is capital gains tax included in the annual net taxable income , or they can be deducted ?
No po. Capital gains tax is a final tax. Capital gains which are subjected to capital gains tax such as the sale of real property held as capital asset and the sale of of stocks not listed in stock exchange are no longer added to the regular income subject to normal tax. Moreover, capital gains taxes paid are also not allowed to be deducted from gross income.
@@JisrylRaz_ftt thank you sir, your videos are life saving
Welcome po
Magkaiba po ba un de minimis at 90k other benefits
Hi thank you so much po for this informative discussion Sir. But I do have question lang po regarding separation pay. What if na-diagnosed po sa STD or sexually transmitted disease yung employee and then ang ginawa ng employer, he terminated the employee na may STD and give separation pay of 1M. Will that be taxable po or not??
Non taxable po on the part of the employee kasi di naman voluntary yung reason ng separation.
Hello po I like ur videos po may question po ako sana mareplyan niyo ko given po is compensation income 1.5 million and 13th month pay and other exempt benefits 115,000 ano po gagawin ileless po ba si 13 month and other exempt benefits or iaadd sa compensation income??
Yung 1.5 million po ba is "inclusive" (meaning included na dun) of the 13th month pay?
What if 100,000 po yung 13th month pay and below 90,000 lang ang non taxable ano po gagawin?
Sana mapansin huhu
ang profit sharing bonus po? is it a other form of benefts? taxable po ba sya or not?
Hello po, it is taxable po subject to normal/regular tax
how about for SSS benefits po? Does it belong to other benefits na non taxable? thank you po
No po
Exempted po yan
Sir, I have question po what about the clothing allowance and monetized unused vacattion leave is it recognizable ? because I read tax exempt deminimis those are not subject to tax, so what shall i do shall i less it to my total compensation or just leave it behind?
Which perspective are we talking here? Is the employer's perspective when they file the monthly 1601C? Or is it the employee's perspective in his 2316?
Which perspective are we talking here? Is the employer's perspective when they file the monthly 1601C? Or is it the employee's perspective in his 2316?
If you are the employer who gives de minimis to your employees, when you file the monthly 1601C, all income payments to your employees will be declared in Item 14 (Total Compensation). Meanwhile, all de minimis you gave will be deducted also, i think it's item 17 or 19.
But if we are talking of the filing of an employees, actually not necessary since an employee will be under the substituted filing system - meaning, the employer will be the one to file for the employee's behalf.
How about po yung statutory minimum wage for minimum wage earners? sa 1601c
You need to enter the entire amount paid to MWE as deduction under number 15 sa 1601-C.
QUIZ Alert!! 1/2 crosswise
Mr. Cornelio Alegre has the following in 2020:
Salary as professor 180,000, Income from practice of profession as CPA 100,000, Per diem as a board of director 120,000, Accumulated vacation leave, converted into cash 20,000, Thirteenth month pay 16,000, First prize in essay writing contest 20,000.
Required: Compute taxable compensation income of Mr. Alegre?
Pa help po. Thank you
Bakit po hindi kasama ang monthly premiums paid on health and hospitalization insurance?
Hndi na po sya deductible kasi kasama na po yan sa 250k limit
Dati po may ganyan
Thank you po
Hello po! San po ang part 1?
Hello po ulit. What about the compensation income po if the taxpayer is residing abroad but dependent to a resident?
Kaninong income po ba? Is the taxpayer residing abroad a Filipino citizen?
I'm a bit confused po. Please enlighten me by answering these questions:
1. Kaninong income po ba? Yung nasa abroad? or Yung nasa pinas?
2. Ano po citizenship nung nasa abroad? at nung nasa pinas?
3. Sino po ba dependent? yung nasa abroad or yung nasa pinas?
@@JisrylRaz_ftt 1. income po nung nasa abroad
2. yung nasa abroad po is resident don. yung nasa pinas naman po ay resident ng pinas
3. dependent po yung resident sa pinas
Ah. Okay, so yung nasa abroad is considered as non-resident citizen ng pinas (kasi resident sya don sa abroad). Yung incomes ng mga non-resident citizen from abroad, ay di po taxable dito sa pinas. Kasi taxable yun dun sa country kung san sya naka reside.
Filipino po ba yung nasa abroad?
magkaiba po ba ang Transportation Allowance sa RATA?
paano po kapag ang ginamit sa problem ay Transportation Allowance pero Government Employee po sya. Taxable po ba or not?
Rata po yan. It's non-taxable po.