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9 Cards in this Set
- Front
- Back
- 3rd side (hint)
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RETURNABLE INCOME RC, NRC, RA, NRAETB, OCW/OFW
I. Compensation Income |
Taxable compensation income - GRADUATED TAX RATES |
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RETURNABLE INCOME RC, NRC, RA, NRAETB, OCW/OFW
II. Income from Business/Trade/Practice of Profession - option 1 |
OPTION 1:
Gross income Less: Deductions ------------------- Taxable income =========== GRADUATED RATES |
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RETURNABLE INCOME RC, NRC, RA, NRAETB, OCW/OFW
II. Income from Business/Trade/Practice of Profession - option 2 |
OPTION 2:
Gross sales or receipts Add: Non-operating income ------------------- Taxable income Less: 250 000 (if self employed or earning income purely from self employment or profession) ------------------- Net taxable income =========== × 8% GROSS RECEIPT TAX (in lieu of graduated rates and opt) |
Option 2 applicable only under TRAIN |
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RETURNABLE INCOME NRA NETB |
Gross Income × 25% |
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RETURNABLE INCOME Special Individual Taxpayers
1. NRA cinematographic film |
Gross income × 25% |
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RETURNABLE INCOME Special Individual Taxpayers
2. Subcontractor in petroleum operations |
Gross income × 8% |
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RETURNABLE INCOME Special Individual Taxpayers 3. BOI registered with ITH incentive 4. PEZA registered with ITH incentive |
EXEMPT |
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RETURNABLE INCOME Special Individual Taxpayers 5. PEZA registered with 5% GIT incentive |
Gross income × 5% |
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RETURNABLE INCOME Special Individual Taxpayers 7. BMBE 8. MWE |
EXEMPT *MWE exemption: Statutory minimum wage Holiday pay Overtime pay Hazard pay Night shift differential pay |
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