CERTAIN PASSIVE INCOME

Final Tax = Amount x Percentage (see table, depends on classification of taxpayer)

Final Tax withheld at source = Amount x 20% (25%) / 80% (75%)

Long Term Deposits of Individuals = Exempt (5 years or more)

CAPITAL GAINS TAX

The following formulas are useful if in case the whole amount of selling price is not utilized:

Capital Gains Tax due= Unutilized Portion X Should be capital gains tax

Selling Price

Cost basis = Utilized Portion X Cost of the old principal residence

Selling Price

If the whole amount of proceeds is used to acquire new principal residence:

Cost basis= Cost of the old residence

+ Cost of the new residence

- Selling price of the old residence

FRINGE BENEFITS

FBT = FB x Amount / 65% x 35%

FBE = Add all Taxable

De Minimis Benefits Subject to Tax

Total + 13th month pay = Total – 90,000

REGULAR INCOME TAXATION

(Purely) compensation income earner

Gross Compensation Income XXX,XXX

Less: Non-taxable compensation income XXX,XXX
Taxable compensation income XXX,XXX

(Purely) Business income/professional income earner

Sales/Revenues/Fees/Receipts XXX,XXX
Less: Cost of Sales/Cost of Services XXX,XXX
Gross Income from business/profession XXX,XXX
Add: Other income XXX,XXX
Total Gross Income XXX,XXX
Less: Allowable deductions XXX,XXX
Taxable (net) income XXX,XXX

Mixed Income Earner

Taxable Compensation Income XXX,XXX

Add: Taxable (net) income from business or profession XXX,XXX
Total Taxable income XXX,XXX

DEALINGS IN PROPERTIES

Computation of Gains or Losses on Ordinary or Capital Assets

Sales Price/Fair Value of Property or Consideration Received XXX,XXX

Tax Basis of the Property SED XXX,XXX
Gain or Loss XXX,XXX