The Package Two of TRAIN law is still in effect, which is using the withholding tax table 2023. However, the PhilHealth Contribution and Pag-IBIG (HDMF) Contribution increased this year. This prompted me to create another Withholding Tax Calculator for 2024, incorporating the changes.
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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 2024 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 withholding 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
Refer to the previous year’s calculator Withholding Tax Calculator for 2023 Onwards Philippines for comparison.
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