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Sunday, April 2, 2017

JOB | Table of Withholding Tax and Income Tax Rates in the Philippines

This March and April come what most Filipinos parents have been longing for -- graduation day. Alongside this is the anxiety attached with having to leave the premises of the school or university and having to look for work. Congratulations, fresh graduates!

Image Source: Zeenews India

A lot of you will have to wait for at least two (2) months to get the job you'd want. Some will stick with a job that is not what they imagined to be, but is so-so na for an entry work. A few will have to count several weeks more before they meet the occupation they want to take. One or two will pursue higher education, while the remainder will stay jobless for 6 months.

Regardless of what type of industry you land in, which kind of boss you encounter, or how much you'll begin earning, you must bear in mind that you gotta know how much tax to pay to the Philippine government which your employer will deduct from your salary as part of your income tax, now that you've become a part of the productive workforce of the country.

Here is the table withholding tax and exemptions as per Bureau of Internal Revenue (BIR) policy.

Table of Withholding Tax (Philippines) from Leigh Michiyato

Check out the Bureau of Internal Revenue's (BIR) website for more information on income tax or view the Powerpoint presentation on income tax rates for individuals and corporations in the Philippines.



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