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JUNIO, CPA Notre Dame of Midsayap College Midsayap, Cotabato

. The exact amount of taxable salary would only be determined at the end of the year when the last pay for the year is computed and paid. Are income taxes that are temporarily based on estimate.

of paydays xx Less: Personal exemptions xx Health insurance paid xx xx Estimated net taxable income xx x Applicable tax rate % Estimated income tax for the year xxx Divided by the number of pay period xxx Estimated withholding tax for the payday xxx .Gross salary for the pay period x no.

 Basic Salary per month  Overtime and holiday pay  Gross Taxable Income P18.000  Less: Deductions       Absences and tardiness P1.000 25.200.00 Union dues 360.679.67  Net take home pay 6.58 .75 Pag-ibig 100.00 Withholding taxes 4.320.00 SSS.166.00 Philhealth 93.42 P18. employee’s share 400.000 7.

000 250.000 50.000 x 12)  Less: Personal exemption  Net taxable income Annual income tax P50.67 P300.000 Divided by the number of months 12 Withhoding tax for the month P4.166.000 . Estimated salary for the year (P25.