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Revenue refers to the amount collected, while tax refers to the amount imposed. Internal revenue taxes paid by the government other than imports and exports.
duties on
the country.
Tariff a list containing names of merchandise together with their responding payments. duties payable on goods imported or exported. a system or principle of imposing duties on the import/export of goods.
Debt - Generally based on contract. - It is assignable. - Can be paid in kind. - Person with debt cannot be imprisoned.
Tax - Generally based on law. - Cannot be assigned. - Is generally paid in money. - Imprisonment is sanctioned for nonpayment.
of
License / Permit fee charged under police power of the state for the purpose of regulation.
terminologies terminologies terminologies terminologies terminologies
License Fee - Is imposed for regulation. - Involves police power. - Limited to the necessary expenses.
Tax - Is levied for revenues. - Involves taxingpower. - Unlimited on the amount of tax that may be imposed.
Penalty
Tax
- Designed to regulate - Aimed to raise conduct. revenue. - May be imposed by - Imposed only by the either government or government. private entities.
8. Other taxes are or hereafter may imposed and collected by the Bureau of Internal Revenue (BIR).
b. Travel Tax used in line with policy of the government to lessen the restriction of foreign travel and simplify travel regulations and provide adequate funds for government programs.
Income tax includes all wealth that a taxpayer has and not just a mere return on capital.
Income tax regarded as a privilege tax and not a tax on property; tax on the privilege to earn an income; purpose is to raise revenue.
Gross income includes all income except for the exempt income and the income subject to final income tax.
Salaries, wages for services including fees, commissions, and similar items and those derived from business or professional, sale of and other dealings in property, interest, rents dividends and securities. Gambling and illegal transactions are included.
gross income
(income before tax is applied)
Personal and Additional Exemptions Allowable to Individuals: Sec. 35a it shall be allowed a basic personal exemption amounting to Php50,000 for each individual taxpayer. Sec. 35b - there shall be allowed an additional exemption of Php25,000 for each dependent not exceeding 4.
Personal and Additional Exemptions Allowable to Individuals: Dependent Child legitimate, illegitimate or legally adopted child chiefly dependent upon and living with the taxpayer who is not more than 21 years old, unmarried and not employed, and/or is incapable of self-support because of mental/physical defect, regardless of age.
Personal and Additional Exemptions Allowable to Individuals: Recognized child is one born outside of wedlock between a couple, who at the time of the conception of the child, were legally free to marry each other, and is recognized by one or both parents.
Total Gross Compensation Income from all sources LESS: Personal and Additional Exemptions ____________________________________ ___ =Taxable Compensation Income MULTIPLIED BY: Graduated Tax Rate in Sec.31a of the Tax Code
____________________________________ ___
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Tax Table Not over Php10,000 Php10,001 Php30,000 Php30,001 Php70,000 Php70,001 Php140,000 Php140,001 Php250,000 Php250,001 Php500,000 Over Php500,000 5%
Tax Due Php500 + 10% of excess over Php10,000 Php2,500 + 15% of excess over Php30,000 Php8,500 + 20% of excess over Php70,000 Php22,500 + 25% of excess over Php140,000 Php50,000 + 30% of excess over Php250,000 Php125,000 + 34% of excess over Php500,000
Particulars A Salary (12months) B 13 Month Pay C Total Annual Income Deductions D SSS E Philhealth F Pag-ibig
G Total Deductions
H After Deductions (C-G) Exemptions I 13th Month Pay up to Php30,000 J Personal Exemption (RA 9305) K Total Exemptions L Net Taxable Income (H-K) Tax Due M Fixed Tax N Additional Tax O Income Tax (M+N) Net Income Home Pay Php18,610 Php176,390 Php120,550 Php185,550
9,450
8,500 10,110