A new way to compute income tax under train law by using a tax calculator. Are you afraid to use this new tax calculator? We’ll that not obvious. You can file your income tax quarterly or monthly using this tax calculator 2018 in an easy way.
How to Use Tax Calculator in the Philippines?
Whether you’re a student and employee, you can use it by following steps in using this provided tax calculator. This is very simple to use, friendly user, and fast to compute your taxes. Do you want to know how to use this?
TIPS: This Tax Calculator is only for those who are earning income and it does not include those who practicing their professions or self-employed.
Here are the steps on how you can use this tax calculator.
Tip # 1: Know Your Status
Status is categorized into two: single or married. You’re about to click the single button if you’re a widow, widower, and obviously single unless otherwise, married.
Tip # 2: Counts Your Dependent Children
Although dependent children don’t reduce your personal income tax, you can see your taxes before with this new TRAIN law.
This data might be used to calculate your tax savings monthly.
Tip # 3: Determine Your Monthly Gross Income
In your payroll slip, look for monthly gross income. Take note that gross income does not include the overtime pay, absences, de minimis benefits, etc.
If you’re married and your husband or your wife has no work, you may enter the zero (0) amount in the second monthly gross income for your spouse.
Relevant Article: Income Tax Train Law and New Rate
Tip # 4: Know Your Employment
Under your monthly gross income, you must select whether you are employed in private companies, government, or OFW.
If you’re employed in a government, make sure you not engaged in practice your profession.
Tip # 5: Press Calculate
I know you’re excited to know your tax due, net pay after-tax, total contributions and net take-home pay, what are you waiting for, press calculates, and you will see you need.