Tax Calculator
For my fellow Filipinos, here's an Income Tax Calculator based from BIR's latest tax table. Entries are on a monthly computation hence it's more accurate than semi-monthly or weekly. The resulting monthly tax would then be divided by two so you'll get the semi-monthly result.
Simplified Personal Exemption
Effective January 2009, all types of status and legalities have been simplified and classified as either single or married. Regardless, both have same amount of personal exemption of 50K, plus 25K for each dependents to a maximum of 4.
Tax Annualization and Refund
Some companies aggregate tax deduction in advance so year end tax is exact thus no more tax refund. This is called Tax Annualization and usually happens on 3rd and 4th quarter. Tax results may vary (this affect only those whose total bonus exceeds 30K). You may adjust the selection on Tax Annualization to get accurate result.
Deductions
Deductions like loans, provident funds, savings need not be entered as other deductions hence it's not covered by tax exemption.
De Minimis Benefits
These are allowable benefits exempted from tax like rice subsidy, uniform, achievement award, daily meal allowance, and the like. For a complete list, check BIR , under FAQs (scroll down), item #5. These are exemptions that are not anymore needed in the computation. If your employer added it as part of your salary then you must deduct it from your monthly salary before entering it on calculator. Other benefits beyond the allowable limit as per BIR are taxable and should be added as part of your salary.
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Monthly Salary
Extra Income (Total of Overtime/Holiday/Night Differential/Commission/etc)
Status
Dependents
Deductions:
Mandatory Deductions (Total of SSS, Pag-Ibig, PhilHealth)
Other Deductions (Total of Tardy/Undertime/Absent and other legal deductions)
Bonuses:
(Total of 13th, 14th, or any unconsumed leaves converted to cash)
Annualization
Monthly Tax
Semi-Monthly
