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Income tax

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  1. INCOME TAX

  2. An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities)

  3. PERSONAL INCOME TAX CORPORATE INCOME TAX Income tax

  4. BIR FORM NO. 1700 This return is filed annually by every resident citizen deriving compensation income from all sources, or resident alien and non-resident citizen with respect to compensation income from within the Philippines or marginal income earner. 

  5. (20A and 20B)Gross Taxable Compensation Income

  6. (21A, 22A, 21B and 22B)Other Taxable Income

  7. (23A and 23B)Gross Taxable IncomeGross Taxable Income = Gross Taxable Compensation Income + Other Taxable Income

  8. (24A and 24B)Personal and Additional Exemptions

  9. Personal and Additional Exemptions For single individual, widow/widower or married individual judicially decreed as legally separated with no qualified dependents • Php50,000.00

  10. Personal and Additional Exemptions For head of the Family • Php 50 000.00

  11. Personal and Additional Exemptions For employed married individual • Php50,000.00 + (Number of dependent child x Php 25,000.00)

  12. (24C and 24D)Premium paid on health and/or hospitalization insurance not to exceed Php 2,400 per year

  13. (24E and 24F)Total Exemptions(Personal and Additional Exemptions + Premium paid on health and/or hospitalization insurance not to exceed Php2,400.00 per year)

  14. (25A and 25B)Taxable IncomeTaxable Income = Gross Taxable Income – Total Exemptions

  15. (26A and 26B)Tax Due

  16. (26A and 26B)Tax Due

  17. (26A and 26B)Tax Due

  18. (27A and 27B)Amount of Taxes withheld from salaries for the whole year

  19. (27C and 27D)Foreign Tax Credit

  20. (27E and 27F)Tax Paid in return previously filed, if this is an amended return

  21. (27G and 27H)Other Payment/s made(second installment payment for income tax, deficiency tax, delinquency tax, registration fees, penalties, advance payments, deposits, installment payments, etc.)

  22. (27I and 27J)Total Tax Credits/ Payments(27A+27C+27E+27G)(27B+27D+27F+27H)

  23. (28A and 28B)Tax Payable Tax Payable= Tax Due - Total Tax Credits/Payments

  24. (29A,29B,29C,29D,29E,29F)Penalties, Surcharges, Interest, Compromise

  25. (29G and 29H)Total Penalties

  26. (30A and 30B)Total Amount PayableTotal Amount Payable = Tax Payable + Total Penalties

  27. (30C)Aggregate amount Payable(30 A +30B)

  28. (31) Amount Paid in this return

  29. (32) Amount Still Due on or before July 15, if taxpayer is allowed to pay by installment(30C - 31)

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