In 2020, I created an income tax calculator to help compute your estimated monthly withholding tax. The intent was to give you an estimate of your remaining salary after all the tax deductions.
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| "bookkeeping-accounting-taxes" by Firmbee is licensed under CC0 |
But many things have happened since then. SSS and PhilHealth had their contribution hikes. This prompted me to update also the calculator.
Philippine Withholding Tax Calculator for 2022
Instruction: Do not add a comma when inputting values. For example, you need to enter 30000 instead of 30,000 to calculate the values correctly.
Monthly Basic Pay
Monthly Deductions
Computations
| Monthly Basic Salary | Monthly Deductions | Monthly Taxable Income |
|---|---|---|
| Annual Taxable Income | Annual Personal Income Tax | Estimated Monthly Withholding Tax Deduction |
|---|---|---|
This will just calculate the estimated amount as many factors affect one’s monthly salary.
Closing Thoughts
The calculator will be updated several times because SSS and Philhealth will increase their premium. Also, package 2 of TRAIN law will take effect in 2023.
Are you proud of your tax deduction? Share your perspective by commenting on your tax deduction amount below.
Quote
"Today, it takes more brains and effort to make out the income-tax form than it does to make the income."
Alfred E. Neuman
- The Introvert's Perspective by ÆlfRæd (Elf Counsel)
