Thank sir, very informative. I had been working as a tax analyst for 1year when I quit my job. Now I'm reviewing my notes and looking for a job. The tutorial helps a lot me. 👍
Everytime nag wowonder ako bakit yun ang solution, then while anylyzing narerealize ko ay oo nga pala haha tama. So far so good! 👍🏿 Mapapa critical thinking ka talaga! And masusubukan if you reay understand yung tinuro nyo. So far, ito pinaka mas nasusundan ko about sa Tax. Its made SIMPLER. But, ang galing din mag turo. Mapapa isip ka talaga. And you will learn from your mistakes. I will stick to this page muna! Thank you!
Great tutorial video Sir, loved the Income Tax Computation especially the illustration on how you managed to explain the computation for individual or minimum wage earners, the total compensation income to taxable income until we arrive at the income tax payment or income tax due , the allowable deductions under our Philippine Laws which is statutory in nature, further the quarterly computation of taxes such as the graduated income tax table to compute the tax due.. Once again looking forward for more tax videos with such crisp and clear explanations made easy through this video . Thank you Sir :)
Hi, this is the most detailed discussion. sa tinatagal tagal ko sa youtube, ito lang yung magaling mag explain. yng iba kasi di magets yung mga explanation. anyway thanks sa explanation. haha. you might want to explain the difference between OPT and VAT? and if OPT payments and input tax carry over can be offseted against income tax due. mga ganung scenario :) once again, thanks for this.
From the very beginning last year when i first studied about tax, my answers were all wrong thats why i stopped. I re studied again this year, earlier, my answers were still wrong, til this videos last example, i finally got it right! Its a good way to end this video. And this day. Hehe.
Thanks sir for the informative video. This has been very helpful especially nowadays that we're on Quarantine and studying at home with limited resources. On your next video, may I suggest "Taxation for Corporations (Special and Regular)" it's a topic our proff wasn't able to discuss due to the suspension of classes
Correct me if im wrong: -In 3:50 the 4th quarter’s taxable income should be 1,580,000 pesos. Also: -I didn’t understand the Income Tax Due part in 4:00 (I hope you can explain it to me here.) I understood the ‘tax due under graduated rates’ part but I didn’t understand the ‘Less’ part regarding the (Q1 to Q3) Is the 289,200 pesos the tax due only for the Q4?
Thank you Sir! This is so helpful for someone like me who's having hard time understanding new topics w/o someone explaining it to me verbally, especially now during ecq. I have a small request lang Sir, can you please make your next visual aids with white background or in brighter colors with black fonts, that's all. Thank you po ulit.
Kindly discuss the reminders if one has two or more jobs and is practicing his/her own profession. Also, for those who are planning to practice his/her profession, how to apply and get a receipt? How to file the 8%
Sir Gerard Pwede po kayo gumawa Video How to Compute Individual BPO Employee Income Tax Witholding using either expanded or current 2023 Train law for BI-WEEKLY salary? Wala po tayong TaxTable for Bi-weekly and madaming BPO and non-BPO would be empowered if maturuan nyo kami how to compute.
Hi Lou. Employers can use the Alpha List of employees or a ledger where minimum wage earners recieve their wages, these can be use a proof claim salary expense as deduction.
1) What if you are registered under 8% gross percentage tax, and later on get employed as a contractual non regular (endo) employee, would you need to change your classification to multi income earner in the BIR even as an endo? or will your employer acommodate your 8% registration as an endo? 2) And what if you are hired as a regular employee but you are still registered as an 8% gross percentage taxpayer, would your employer accommodate the 8% or would you be required to register as a multi earner? In either case, what are the cwt 2307 rates for both examples above and is the CWT deducted from the income tax?.....How does it work for a registered 8% gross percentage taxpayer? Hope to hear from you and hope you can explain in laymans terms. Thanks
Hi Rich. To amswer your questions: 1) Switching from 8% to graduated is not possible during the taxable year, you can watch my EWT video for the rates. 2) Need to update registration asap from self-employed to compensation income earner. You can watch my video on WT of compensation income earner.
Hello is the De Minimis Benefits included in the computation of Individual tax payer specifically a person who is not a minimum wage earner but pure compensation income?
I started a sole proprietor aquaculture business and wanted to know if I am selling my products (fresh fish, fresh shrimp and live mud crab) solely in the public market am I subjected for income tax under the TRAIN law?
Sir good day, how about if you are working in the government with a salary grade 11 and at the same time owning a business, will you still add your Gross income to your Gross sales for your ITR?
Hi Rue-Rue. For persons earning form employment and business they classified as mixed income earners. They are required to file their taxes from all sources. You can watch my video on how to file annual income tax using eBIR forms to learn more.
Question for mixed income, who will file the compensation income tax? Is ot me or my employer? Newbie here. Im online marketer as sideline and has COR and reciept just now. I Opted 8%
Hi Jerome. For business income earners they normally pay 3 quarters and an annual (accumulation of 4 taxable quarters). You may also verify with your certificate of registration if you have a COR.
I'm a Call Center agent. I'm always seeing a deduction on my payslip for tax, can you please elaborate if we really should have a deduction? I'm only earning 10k per cut off, since I have a tax of 1300 and statutory benefit of 800 per cut off. I really want to understand it. Thank you.
Hi sir, i have a question. If i resigned from my job october and started with a new one on november. How should i compute my taxes with my new employment?
Hi Jini. Employees transferring jobs needs to get a copy of BIR Form 2316 from previous employer to be given to new employer in order to compute taxes.
Hello sir, just want to clarify because in my textbook, there is a different formula in getting the total income tax due. Taxable compensation income less: Lower limit of the income bracket where the taxable income qualifies = Excess Multiply by: bracket marginal rate =Total income tax due i am just confused. Are they the same?
Hi Dimple, you could be refering to withholding tax on compensation income ff the withholding tax system of PH. You can watch this video to learn more: tinyurl.com/y2tsk9j5
Hi John. For certain taxpayers (self-employed, business owners, etc.) using optional income tax rate, they are allowed a deduction of 250k as a deduction.
May income tax discount po ba ang mga working PWDs? Kasi nasa IRR ng Magna Carta of PWD, mga working relatives who take care of PWD lang. Is the working PWD included po?
Hi po Sir. I'm currently employed ..and my salary is taxable same with my sales commission from the company I work in.. I've been working in this compony for one and half year now.. in feb. Will I still get an income tax return or no? Since midyu maalaki Ang tax na di de deduct sakin sa sahud at mga sales commission ko?
In re 6:51 of the video. Isn't it supposed to be P1,410,000 and not P1,400,000. Otherwise, you'll not get P183,000 on that. If its P1,400,000, you'll only get P180,000.
Hi Jan. If the income tax table was used--reverse the computation. If the 8% optional rate was used, instead of multiplying the tax based, divide with the income tax paid.
@@gerardcarpizo so sir kung last year pa po yung iffile ko po ngayon e makakapagavail po ako ng 8% but i will still pay percentage tax? Sorry po madaming tanong hehe
Hello po sir I like ur videos po may question po ako sana mareplyan niyo ko given po is compensation income 1.5 million and 13th month pay and other exempt benefits 115,000 ano po gagawin ileless po ba si 13 month and other exempt benefits or iaadd sa compensation income??
Hi Jo-ann, total taxable compensation income includes excess 13th month pay limit of P90k and other statutory limits other benefits recieved. You can watch my fringe and de minimis benefit vids for more info.
Hi sir, As an 19 yrs. old unemployed college student. If I start earning below 250k annually in crypto gains on pdax that is monitored by bsp, do i need to file my taxes even if i dont have need to pay anything (refer to tax table)? Do i need to go to the nearest bir to file my taxes?
Based from the graduated tax table, those earning 250k and below are exempted from income tax. You can watch my other videos in case you're earning business income.
@@gerardcarpizo im newly registered with BIR this July, when do i file the income tax? Annually or quarterly? I’ve heard some people say that even your income tax is zero, you still have to file quarterly.
@@gerardcarpizo on my COR, under tax activities it states: income tax, registration fee, and percentage tax. Does that mean I have to file for both regardless whether my income tax is zero or not?
Hi Sir Gerald! Sir di ako nakapag file ng percentage tax quarterly ng May, Aug, Nov 2023. Kung mag file ako now na may fine kailangan ba magsubmit separately ng May, Aug, at Nov or pwede in one form lng gamitin ko. Ang line of business po ay Bldg Rental. Thanks po
Hi Eliza. May penalty na yung unpaid tax. Kung mag ffile kayo, wala naman additional documents, yung 2551Q na quarterly return kasama na yung babayaran na tax plus penalty. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LOozgYpltp8.htmlsi=6WTB1GnyAu8LG3in
Hi sir, this was really helpful. What taxation book would you recommend to law students or business owners desiring to understand the practical application of tax laws (not only theory)? Thank you!
hi sir question po.. if i am a freelancer.. then im on the business income earner classification.. mostly if i do my job home based in an apartment i am renting for my family.. will i include the rent as expense? thank you very much
Hi Sir, Ask ko lang ang business kasi namin ay services(labor works) pero pinapa"Pakyaw" namin sa tao yung trabaho. Meaning hindi sila directly employed sa company namin. Considered ba na Expences yung payment namin sa kanila. If yes, ano po pwede maging proof namin, para maconsidered sya as Expences? Thank you so much sir.
Hi Sir, scenario po na walang registration dito sa PH yung employer kasi foreign and project-based lang. Walang registered company yung employee, (hirap i arange kasi ECQ). I understand kelangan ko mag file for individual income earner parin po, hindi po Pure compensation income earner kasi walang registration si Company dito? Unless magpapatayu siya when then have future plans?
The first example is related to minimum wage earners. For more info on the 8% option you can watch this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-EdcF5ZdOgs4.html
Hi Sir. Please help me po. I only had 1 employer po for calendar year 2020. I resigned from that company on November 19, 2020 po. So I was under impression that I qualified for substituted filing. Sadly when I emailed them previously, they responded that I am not included on their list for qualified substituted filing. I am now worrying and don't know what is the best next step to do. I am afraid that I have to pay for any penalty. Based on my understanding, if you only have 1 employer within a calendar year, your employer should be responsible in filing the tax. Does my resignation affected that rule?
Those qualified for substituted are those under an employee-employer relationship, clarify first from your status. If ever you can manually file your tax just in case.
Hi sir how to compute this A Philippine resident citizen died on Sept. 1, 2019 leaving a total taxable estate of P20,000,000.00. The Philippine estate tax due shall be computed as follows: net estate: P20,000,000.00 estate tax rate: 6% estate tax due: P1,200,000.00
Please don't take this the wrong way , pero mukhang may mali yung computation mo sa example 4. Walang business deductions ang 8% base rate. Gross income/sales x 8 percent lang ang computation niya. In this case lalabas na 10M-250k x8% which 780k ang annual tax owed. Tax evasion ang aabutin mo pag finile mo yan. You are not allowed to deduct the cost of operation or any kind of expense using the 8 percent base rate, the only deduction you can apply is the threshold which is 250k. Sa graduated tax rate papasok yan pag inapplayan mo ng deductions.
Hi R Lozada, I appreciate your comment. In Illustration #4 the taxpayer initially filed 8% for the first 3 quarters but on the 4th quarter is now VATable because total sales is more than 3M. therefore, used the graduated income tax table for the last quarter. As you can see in ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ay7zlG0QTgY.html, the 8% income tax previously paid was deducted from the computed graduated income tax due if the later was used throughout the year.
Kung yung service charge are treat as income ng naningil, magiging subject sa income tax yan. Altho, take note sa P250k na limit based sa 2023 graduated tax rates.
Hai sir is this the introduction po ba ng income taxation? Wala pa po kasi ako idea incoming 2nd year pa lang po hehe gusto ko lang magadvance reading para madali hope masagot niyo po tanong ko
Introduction normally includes concept of taxation and theories. This video illustrates computation of income taxes which is done more or less in the middle of the course.
Hi. Thanks for this Sir. By the way, just to clarify, what if i am employed then i am a part timer insurance agent. Therefore i am under mixed income earner tama po ba?
@@gerardcarpizothank you sir appreciated your reply 😊 in that case po ba, meron po ba need baguhin sa COR or wala naman po ? Its says there lang po na Percentage Tax Quartery, graduated po... and last, 1701A lang po ba combined ang both income? Sorry po makulit 😁✌
Your COR shall reflect all the tax you should pay. The income tax return shall include all income from all sources, but for percentage tax return only the income from business.
Hi Herbert. As the video title says, its about income taxes not business taxes. You can watch my discussion business taxes in connection to my income tax videos.
Hi Jireh. Yes, they are under the category of self-employed or those practicing profession. They could also be mixed income earners if they also earn from an employer-employee relationship.
Hi sir. What if an employee is employed by a diplomatic mission? He was hired January 2020. Is he required to file ITR? Note po na 2019, di pa po siya taxable income. Pano po process?
Under Revenue Memorandum Circular No. 31-2013, generally, Philippine nationals who are employed by foreign missions could be liable to file an ITR using BIR form 1700 (if pure compensation income earner) to the RDO having jurisdiction, because foreign entities are not withholding agents. If the taxpayer was hired 2020, income taxes from the calendar year 2020 shall be paid on or before April 15, 2021.
New subscriber here....sir ask ko lang saang category po ako as individual taxpayer...my first c.o.r ay from small store business (8% itr) then i have 2nd C.O.R as insurance agent(commission basis with 2307 withholding)...mixed income po ba yan or self employed pa rin? Tnx in advance po
Both source of income, wc are from small business & commission are considered business therefore you are self-employed/business income earner, (not mixed).
@@gerardcarpizo sir follow up question po...yun sales ng store and commission, laging naka total po ba yun sa pag fill up ..or meron space sa form naka identify alin ang sales, and alin ang commission? ....
Pag per quarter po sir, paano po ang solving sir? As in 1st quarter, 2nd quarter, etc... po ang pagkuha ng income tax payable. Familiar lang po kasi ako on how to compute it annually po.
Hi Kristel, the good thing about youtube is you can slow down the speed of the video. It may help also to pause the video to focus on the illustrations.
Bakit po sa illustration 4. Mr JMLH, nung inadd yung Taxable income na 80k, 80k, 320k at 300k di sya match doon sa answer na 2,060,000? Ang total nya is 780k? 🥲
Nag opt for 8% optional income tax rate kaya nung nag babayad ng quarterly income tax (form 1701Q), total na binayaran sa return ay 220k. Sa form (1701A), annualized ang computation, kaya lang may binayaran na sa previous quarter na creditable. Kaya yung annual due ibabawas yung nabayaran kasi madodoble ang bayad ng previous quarters kung hindi binawas yung 220k.
