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2021 Tax Computation Breakdown

The document presents a sample tax computation for an employee with the ID 4420928 for the year 2021, detailing monthly earnings, deductions, and total taxable income. The total tax due is calculated to be 101,210.23, with a breakdown of various components including basic salary, bonuses, and mandatory deductions. Additionally, it includes a tax rate table for different income brackets.

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47 views3 pages

2021 Tax Computation Breakdown

The document presents a sample tax computation for an employee with the ID 4420928 for the year 2021, detailing monthly earnings, deductions, and total taxable income. The total tax due is calculated to be 101,210.23, with a breakdown of various components including basic salary, bonuses, and mandatory deductions. Additionally, it includes a tax rate table for different income brackets.

Uploaded by

Qor By
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd

SAMPLE TAX COMPUTATION

EMPNO: 4420928

Tax Exemp. 0.00

Year 2021 BASIC GSIS Philhealth Pagibig Tax


Jan 59,353.00 5,341.77 890.29 100.00 7,421.99
Feb 60,901.00 5,481.09 900.00 100.00 7,771.73
Mar 60,901.00 5,481.09 900.00 100.00 7,771.73
Apr 60,901.00 5,481.09 900.00 100.00 7,771.73
May 60,901.00 5,481.09 900.00 100.00 7,771.73
Jun 60,901.00 5,481.09 900.00 100.00 7,771.73
Jul 60,901.00 5,481.09 900.00 100.00 7,771.73
Aug 60,901.00 5,481.09 900.00 100.00 7,771.73
Sep 60,901.00 5,481.09 900.00 100.00 9,759.00
Oct 60,901.00 5,481.09 900.00 100.00 9,759.00
Nov 60,901.00 5,481.09 900.00 100.00 9,759.00
Dec 60,901.00 5,481.09 900.00 100.00 9,759.39
TOTAL 729,264.00 65,633.76 10,790.29 1,200.00 100,860.49

Supplementary: 0.00 139.32 9.71 0.00 349.74


Reg Salary 0.00
Hazard Pay 0.00
Salary Refund 0.00
Salary Diff 1,548.00
Maternity 0.00
Step inc 0.00
TOTAL 1,548.00 139.32 9.71 0.00 349.74

Bonus:
14th Month 0 121,802.00
P.I.B 0 0.00
P.E.I 0 0.00
P.B.B 0 0.00
TOTAL 121,802.00

Non Taxable Bonuses 90,000.00


Taxable Bonuses
In Excess of 90K 31,802.00

Absences 0.00
Total Mandatory Deduction:
(Med/Gsis/Pag) 77,773.08
Non Taxable Income 167,773.08

Gross Compensation 820,812.00


Gross Salary 653,038.92
Taxable Income 684,840.92
Taxable Net 684,840.92

Taxdue 101,210.23

Payable 0.00

TAX RATE TABLE


TAXABLE INCOME RATE
BUT NOT
OVER
OVER
250,000 0%
250,000 400,000 20% in excess with 250,000
400,000 800,000 30,000 + 25% in excess with 400,000
800,000 2,000,000 130,000 + 30% in excess with 800,000
2,000,000 8,000,000 490,000 + 32% in excess with 2,000,000
8,000,000 2,410,000 + 35% in excess with 8,000,000
TAX RATE TABLE
TAXABLE INCOME RATE

OVER BUT NOT


OVER
10,000 5%
10,000 30,000 with 10,000
30,000 70,000
2,500 + 15% in excess with 30,000
70,000 140,000
8,500 + 20% in excess with 70,000
140,000 250,000
22,500 + 25% in excess with 140,000
250,000 500,000
50,000 + 30% in excess with 250,000
500,000 125,000 + 32% in excess with 500,000

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