Package Two of TRAIN law is in effect. This prompted me to create another Withholding Tax Calculator for 2023 onwards, incorporating the changes of the following: TRAIN Law, SSS, PhilHealth, and Pag-IBIG.
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| "bookkeeping-accounting-taxes" by Firmbee is licensed under CC0 |
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| Package Two of TRAIN Law |
Withholding Tax Calculator for 2023 Onwards Philippines
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.
Note: This is just an estimated amount NOT the exact value of what you will be deducted. There are several factors that can affect your witholding tax, one of which are your other taxable allowances.
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
Taxes are good and all if we know where it goes and we are experiencing the benefit.
... And that is the Million Dollar question.
What you should do today
Are you proud of your tax deductions? Comment your numbers below just for fun!
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)
