San Beda College Alabang

Alabang Hills Village Alabang, Muntinlupa City Integrated Basic Education (High School)
That In All Things, God May Be Glorified

Social Studies IV Handout Individual Income Tax Return Name: Section: Date: Teacher:

The Philippine Tax Table If the TAXABLE income is: Not over P10,000 Over P10,000 but not over P30,000 Over P30,000 but not over P70,000 Over P70,000 but not over P140,000 Over P140,000 but not over P250,000 Over P250,000 but not over P500,000 Over P500,000 Tax Due 5% P500 + 10% of the excess over P10,000 P2,500 + 15% of the excess over P30,000 P8,500 + 20% of the excess over P70,000 P22,500 + 25% of the excess over P140,000 P50,000 + 30% of the excess over P250,000 P125,000 + 32% of the excess over P500,000 Tax Exemptions Category of Taxpayer Single - unmarried - no legal dependents Head of the Family - unmarried - with legal dependents Married Personal Exemption P50,000 Additional Exemption None P25,000 per dependent below 21 years of age; maximum of 4 dependents P25,000 per dependent below 21 years of age; maximum of 4 dependents

P50,000 P50,000

Computing for the Income Tax: I. II. III. IV. V. VI. VII. Taxable Income Basic Salary Overtime Pay E-COLA 13th Month Pay + Merit Pay in excess of P30,000 Sick Leave Pay beyond 10 days Commissions Regular/Special Holiday Pay Personal Exemptions Additional Exemptions Government Contributions o SSS o Pag-ibig (not more than P100/month) 13th Month Pay not more than P30,000 Bereavement/Calamity/ Burial Aid Gross Compensation Income Less: Personal Exemption Additional Exemptions Total Exemptions Taxable Income Tax Due Less: Tax Withheld/Withholding Tax Tax Payable/Tax Refundable Non-Taxable Income De Minimis Benefits Monetized unused vacation/sick leave maximum of 10 days Medical cash allowance not more than P750/year Rice subsidy of P1,500 per month Uniform allowance not more than P4,000/year Laundry allowance of P300/month Christmas gifts/Birthday bonuses not more than P5,000/year Daily meal allowance not more than P101/day

Notes: Regular Non-Working Holiday Pay (Ex. Christmas, New Year) = Daily Rate Pay x 200% Special Holiday Pay and Rest Day Pay = Daily Rate Pay x 130% Overtime Pay = (Daily Rate/8 Hours) x No. of Hours of Work x 125% (for regular day) or 130% (for holiday) Daily Rate = Monthly Salary/Number of working days in a month Hourly Rate = Daily Rate/8 hours