Filling out BIR Form 2316: Part IV-B (Taxable Portion) Basic Salary (37)–this should be the amount of the basic salary of the employee less Item 34. The employee’s contribution to SSS/PHIC/GSIS/HDMF are deducted from the basic salary as that portion of income is considered non-taxab...
Under Section 32 of the Tax Code, gross income from all sources is taxable, including those that were illegally acquired. The tax liabilities being sought will not only cover income tax, but value-added tax (VAT) as the amount allegedly malversed was more than the annual VAT threshold of ...
In return, the businesses, also known as the tax withholding agents, will have to provide BIR Form 2307 (or Form 2306) as evidence that the supplier paid up. The businesses can deduct the tax amount withheld from their income tax for the taxable period. What are the different types of wi...
Taxable income for compensation earners is the gross compensation income less non taxable income/benefits such as but no limited to the 13th month pay and other benefits de minimis benefits and employee’s share in the SSS, GSIS, PHIC, Pagibig contributions and union dues. Husband and wife sha...