Here
is an easy guide on how to compute the annual income tax.
Step 1
Compute for your gross
revenue/receipts for the year by adding the total amount of income payments as
shown in your BIR Form 2307 for the four (4) quarters of 2015.
1st
quarter (Jan to March) xxxx
2nd
quarter (Apr to June) xxxx
3rd
quarter (July to Sept) xxxx
4th
quarter (Oct to Dec) xxxx
Gross
Revenue for the year xxxx
Step 2
Compute for your net taxable income
for the year 2015 by deducting from your total gross revenue the allowable
deductions and your personal exemptions from your taxable income, as shown
below:
Gross
Revenue/Receipts xxxx
Less:
Allowable Itemized Deductions xxxx
Net
Income xxxx
Less:
Personal Exemption xxxx
Net
Taxable Income xxxx
Note:
Personal exemptions are P50,000.00 for single or married individuals, and
additional exemption of P25,000.00 for each qualified dependent child, not
exceeding four (4).
Step 3
Compute the income tax by
multiplying your net taxable income by the applicable Tax Rate using the income
tax table for individuals.
Net
Taxable Income xxxx
Multiply
by: Tax Rate xxx%
Income
Tax Due xxxx
Step 4
Finally, the amount of income tax
you still need to pay will be arrived at by deducting the total tax withheld for
four (4) quarters from your BIR Form 2307 from the amount of income tax due
under step 3.
Income
Tax Due xxxx
Less:
Total Tax Withheld xxxx
Income
Tax Still Payable xxxx
End
of Process…
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