Note: We rely on the calculation standards w/c is directly set up by the BIR (Bureau of Internal Revenues). Wherein most company accounting departments rely on "Taxation Tables" w/c is prone to inacuracy if used in a monthly/Semi-monthly term (it is one of the reason why we have our "Tax Refunds" annually, to adjust on these discreppancies). If your company's accounting department uses the "Tax Table" instead of the procedures given by the BIR, you may see a variance of up to Php100.
To know more on how we calculate your witholding tax, view the BIR's link regarding the calculation of the witholding tax --> BIR Withholding Tax link
Other formulas for deductions, are also referenced from the 'official websites' of the concerned agencies.
The SSS formula, calculations and tables are acquired from the 'official' SSS(Social Security System) website.
The Pag-ibig or HDMF formula, calculations and tables are acquired from the 'official' HDMF(Home Development Mutual Funds) website.
The PhilHeath formula, calculations and tables are is acquired from the 'official' Philhealth website.
For inquiries regarding using this application and other matters relating to Withholding Tax, SSS Contribution/Table, Pag-ibig/HDMF Contribution, Table, Philhealth Contribution/Table, Night Differential Pay, Overtime Pay, Holiday Pay, Allowances, Undertime Deductions, Tardiness Deductions and the likes, visit the WraithStrider's Forum and post your queries there. WraithStrider's Realm would do its best to answer all your questions. |
