hi, thanks gabriel... the one that's being deducted are itw, sss, pag-ibig and philhealth. i just not sure if it;s the exoanded withholdibg tax. and i was claiming it from the agency where i was employed before. but now we got absorbed.
the thing is, they have not even showed me a W2 form. sabi they'll just forward it to our HR (and of course, it hasnt come yet up to now). they also didn't let me sign any forms, i didnt see any ITR forms yet coming from the agency. the only deficiency that i got was nearly 900Php, this is the one that was not deducted to me on one particular month.
"If the taxes withheld from your income is higher than your income tax for the year, you are entitled to a refund. If the taxes withheld are less than the tax due, you have to pay the balance when you file the ITR." .... i quoted this from ur previous post. here's a stupid question... how do i exactly compute my income tax for the year???
again, thanks for ur concern. u really are a big help.
Your income tax is computed as: (gross taxable income - personal exemptions) * tax rate depending on salary
I can't tell you your tax rate because I don't know your salary (and I don't think you should post that).
Your tax rate is based on a graduated scale, for example if your annual salary is between 10,000 to 30,000, your tax rate is:
P500 + 10% of the excess over P10,000
Personal exemptions refer to your civil status. If you are single, you have a personal exemption of P20,000 which is deducted from your gross (annual) compensation income before computing the tax. So if you make P200,000/year, you deduct 20,000 first and compute the tax based on P180,000.
Your benefits (like bonus, 13th month pay), SSS, Philhealth, Pag-Ibig is exempt - so not included in computing your annual income.
What I am confused about is what exactly you are refunding. sss, pag-ibig and philhealth are dedcuted from your salary but you cannot refund those because they are remitted to the government. That's how you get SSS loans (maybe you can check the SSS thread).
If taxes were withheld from you every quarter, you have to compare how much was withheld for the year to your income tax in your April 15 ITR.
For example, the company deducted 20,000 from your salary as withholding taxes. In your April 15 ITR, the comp*tation shows that your income tax due for the year is only 18,000. You can ask for a refund of 2,000. If your ITR instead shows that your income tax for the year is 23,000, you have to pay an additional 3,000 to the BIR.
By the way: All your tax forms must be signed by you, not the company - so if you did not sign anything, maybe the manpower company did not prepare any tax documents.
To all: Sorry if this post is very long.