7/28/2019 part 9.pptx

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MARY JOY P. JUNIO, CPA

Notre Dame of Midsayap College

Midsayap, Cotabato

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Are income taxes that aretemporarily based on estimate.The exact amount of taxablesalary would only be determinedat the end of the year when thelast pay for the year is computedand paid.

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Gross salary for the pay period x no. of paydays xxLess: Personal exemptions xx

Health insurance paid xx xx

Estimated net taxable income xxx Applicable tax rate %Estimated income tax for the y

ear xxxDivided by the number of pay period xxx

Estimated withholding tax for the payday xxx

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Basic Salary per month P18,000

Overtime and holiday pay 7,000

Gross Taxable Income 25,000

Less: Deductions Absences and tardiness P1,200.00

SSS, employees share 400.00

Philhealth 93.75

Pag-ibig 100.00 Union dues 360.00

Withholding taxes 4,166.67 6,320.42

Net take home pay P18,679.58

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Estimated salary for the year

(P25,000 x 12) P300,000

Less: Personal exemption 50,000

Net taxable income 250,000

Annual income tax P50,000

Divided by the number of months 12

Withhoding tax for the month P4,166.67