MANDATORY CONTRIBUTIONS

Basic Salary 35,000.00

SSS Contribution 1,350.00 (Base on the SSS Table)

Philhealth 787.50 (35,000 x 4.5%/2-employee share 50%, employer share 50%)

Pag-IBIG 100.00 (Mandatory Contribution- 100 Employee Share)

Total Monthly Contribution Php 2,237.50

Computation for Annual Income Tax

Gross Annual Income (35,000 x 12) 420,000.00

Annual Contributions (2,237.50 x 12) 26,850.00

Taxable Compensation Income 393,150.00

Tax Due

Over 250,000 but not over 400,000- 15% of the excess over 250,000

= [(393,150-250,000) x 15%]

= 143,150 x .15

Tax Due= 21,472.50