legal Free Legal Advice

[capt KK]

query about TAX.

taxable ba ang PROFIT SHARING ng isang company? ilan %?

midyear bonus?

 

tnx2

[jomi_schwartz]

query about TAX.

taxable ba ang PROFIT SHARING ng isang company? ilan %?

midyear bonus?

 

tnx2

 

 

same question....

[ngadzzz]

same question....

 

 

Yes, same as the tax of your regular compensation. but the first P30k is exempted.

[legalavatar]

Yes, same as the tax of your regular compensation. but the first P30k is exempted.

 

yes i would agree with this... however, the exemption might change or increase. i heard a new tax law was passed increasing the exemptions... haven't seen the news for more than a month now so i'm clueless..

 

any companeros here care to confirm this?

 

would love to read the law... kung may digest, paki pm naman... hehe just kidding...

[Dr Love]

GMA signed into law RA 9504 I think 2 days ago and it will take effect 15days after publication in a daily of general circulation. This basically exempts all minimum wage earners from income tax. Moreover it increases Personal exemption to P 50K regardless of your civil status with an additional P25K exemption per every depedent children declaread. Lastly, holiday pay, night differential as well as OT pay are also no longer taxable.

 

However, it doesnt tackle the P 30K limit for bonuses or other allowances given to an employee by his employer. Most likely, that will not change.

 

yes i would agree with this... however, the exemption might change or increase. i heard a new tax law was passed increasing the exemptions... haven't seen the news for more than a month now so i'm clueless..

 

any companeros here care to confirm this?

 

would love to read the law... kung may digest, paki pm naman... hehe just kidding...

[legalavatar]

GMA signed into law RA 9504 I think 2 days ago and it will take effect 15days after publication in a daily of general circulation. This basically exempts all minimum wage earners from income tax. Moreover it increases Personal exemption to P 50K regardless of your civil status with an additional P25K exemption per every depedent children declaread. Lastly, holiday pay, night differential as well as OT pay are also no longer taxable.

 

However, it doesnt tackle the P 30K limit for bonuses or other allowances given to an employee by his employer. Most likely, that will not change.

 

 

thanks... no wonder my staff was clamoring about it this afternoon... that's really good news to them

 

Cheers!

Edited June 20, 2008 by legalavatar

[kg_snot]

GMA signed into law RA 9504 I think 2 days ago and it will take effect 15days after publication in a daily of general circulation. This basically exempts all minimum wage earners from income tax. Moreover it increases Personal exemption to P 50K regardless of your civil status with an additional P25K exemption per every depedent children declaread. Lastly, holiday pay, night differential as well as OT pay are also no longer taxable.

 

However, it doesnt tackle the P 30K limit for bonuses or other allowances given to an employee by his employer. Most likely, that will not change.

 

 

kasama ba rito mga call center agents earning 18k-20k?

[Dr_PepPeR]

kasama ba rito mga call center agents earning 18k-20k?

 

Everything except exemption from income tax. You earn that much? Big time.

[capt KK]

WTF!!! our company TAXED our profit sharing bonus this year, even the below 30k basic salary :zorro:

[Google]

WTF!!! our company TAXED our profit sharing bonus this year, even the below 30k basic salary :zorro:

imho, anything which you earned on an annual basis which is more than 30k is taxable... that includes your profit sharing bonus...

[Dr_PepPeR]

imho, anything which you earned on an annual basis which is more than 30k is taxable... that includes your profit sharing bonus...

 

That's true, and most of the time for your 13th month pay, the 30K has already been availed of.

[capt KK]

ahh

[julz2006]

,,,uhm,maiba nmna.hopefully pwede rin to dito..

 

here's the situation:may local company sa makati na parang call center,soliciting local credit cards to prospective clients over the phone,and are ope for investors.they require you 20k to invest and get monthly pre-calculated compensation(parang profit-sharing).there's a contract and everything is notarized and all required business and even personal papers (owners' sss,tin,etc.) are presented.now problem is,they cannot make the said payment (or share) on a regular basis on the pre-agreed date.it's alreay 4 months but they have so far only provided for two months payments (pinag sabay p ung two months)...i asked for my investment to be reimbursed instead and forget about the whole thing out of frustration and they agreed but like i said it's 4 months na pero wala p din...they can only come up with pathetic and irritating excuses...i just want my money back..is there a way to go after them legally and what could be my chances?

 

thanks much..

[cooldad]

Sirs.

 

Tanong lang ako.My officemate is being bugged by credit card collectors.Before laging tinatawagan siya at sinasabi sa kanya na pwede siya magbayad ng partial like 5K or 8K kung di niya kaya magbayad ng minimum amount ng bill.Dumating na sa point na even if he paid patrial,it wasn't deducted from his bill,in fact his bill which was at 52k when he finally cancelled the card,ngayon 94k na!And that was within 6 months from cancelling his card.Napagod na ang co-worker,streesed out at problemado-so he decided to ignore the calls,just pay whenever may sobra siyang cash (1 to 2 K) a month.Now he receives a letter stating there's a criminal case against him RA 8484 yata.

 

Ang question,may nakulong na ba for non payment of credit card bill?My officemate is not hiding,nakukulitan lang siya sa kung sino sino ang tumatawag-and sasabihin pa na bale wala yung nga binayad niya because hindi daw ang firm nila ang kausap noon.

 

BTW-My officemate did not apply for the credit card.It was just send to him activated na.Gulat nga niya.

 

I'm sure we have some members out there who either is going through the same thing or know someone who did.

 

Thanks.

[azayco]

,,,uhm,maiba nmna.hopefully pwede rin to dito..

 

here's the situation:may local company sa makati na parang call center,soliciting local credit cards to prospective clients over the phone,and are ope for investors.they require you 20k to invest and get monthly pre-calculated compensation(parang profit-sharing).there's a contract and everything is notarized and all required business and even personal papers (owners' sss,tin,etc.) are presented.now problem is,they cannot make the said payment (or share) on a regular basis on the pre-agreed date.it's alreay 4 months but they have so far only provided for two months payments (pinag sabay p ung two months)...i asked for my investment to be reimbursed instead and forget about the whole thing out of frustration and they agreed but like i said it's 4 months na pero wala p din...they can only come up with pathetic and irritating excuses...i just want my money back..is there a way to go after them legally and what could be my chances?

 

thanks much..

 

Check your contract for provisions on termination and breach.