FABM | L#5-#6

MONTHLY COMPENSATION AND WITHHOLDING TAX

COMPENSATION

AKA WAGES

REFERS TO ALL REMUNERATION FOR SERVICES PERFORMED BY AN EMPLOYEE FOR HIS EMPLOYER UNDER AN EMPLOYEE-EMPLOYER RELATIONSHIP 

ANNUALLY

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THE TOTAL COMPENSATION AND WAGES EARNED BY AN INDIVIDUAL IS CALCULATED — AND THUS A PERSON IS LIABLE TO PAY FOR AN ANNUAL INCOME TAX ON THE EARNINGS FOR THE WHOLE YEAR

NET OF TAXES

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HOWEVER, INDIVIDUALS EARN (AND ARE PAID OFF) THEIR SALARIES ON A DAILY, WEEKL, SEMI-MONTHLY, OR MONTHLY BASIS

THESE SALARIES WHEN RECEIVED BY EMPLOYEES, ARE ALREADY — OF — 

BIR 

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THESE TAXES ARE BEING WITHHELD BY THEIR EMPLOYERS, AND THEIR EMPLOYERS ARE THE ONES TO REMIT IN — 

EQUAL

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THE MONTHLY TAXES PAID BY THE INDIVIDUAL (THROUGH EMPLOYERS) SHOULD — WITH THE ANNUAL TAXES CALCULATED WHEN THE TOAL ANNUAL COMPENSATION IS CONSIDERED 

TAX REFUND

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IF TAX WITHHELD IS GREATER THAN ANNUAL TAX DUE, THEN THERE IS A — —

TAX PAYABLE 

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IF TAX WITHHELD IS LESSER THAN ANNUAL TAX DUE, THERE IS STILL — — 

PAYROLL

IS A CALCULATION OF ALL EMPLOYEE’S COMPENSATION, STATUTORY CONTRIBUTIONS, TAXES, DEDUCTIONS, AND NET PAYMENT FOR A CERTAIN TIME PERIOD 

PAYROLL REGISTER 

THE FORMAT DOCUMENT TO PRESENT PAYROLL 

PAYSLIP 

IS A DOCUMENT THAT EXPLAINS THE COMPONENTS OF AN INDIVIDUAL’S PAY FOR A CERTAIN TIME PERIOD

IT IS A “PERSONAL” VERSION OF A PAYROLL REGISTER 

RELEVANT STATUTORY CONTRIBUTIONS 

1. SSS

2. PHILHEALTH

3. HDMF