Compensations, Computation and Must Know Exemptions

Almost every entrepreneur knows how to hire good people but not every entrepreneur knows how withholding taxes apply to compensation such employees.

Withholding tax on compensation is a must know of every entrepreneur in order to develop a competitive package for employees and to avoid paying penalties for ignorance.  Should you fail to apply withholding taxes on compensation,  the same shall not be allowed as a deduction for income tax computation until you pay the required withholding taxes PLUS PENALTIES, a one-time 25% surcharge based on amount that should have been withheld, 20% interest per annum, and compromise penalties depending on the amount involved.

Why waste your hard earned income on paying penalties, when you have a lot of opportunities to educate.

Learning Points:

  • Understand how compensation is defined n the Tax Code, as amended;
  • Learn what items of compensation, employee benefits, and other grants to employees are subject to withholding taxes;
  • Learn what items are exempt from withholding tax on compensation (such as de minimis benefits, employer convenience rule, retirement benefits, etc.)
  • Learn how to compute withholding tax on compensation, SSS deductions, Philhealth deductions and, Pag-ibig deductions;
  • Learn how the common compensation packages are being subjected to withholding tax on compensation;
  • Learn how to prepare & file BIR Form No. 1601C monthly, BIR Form No. 1604CF & Alphalist attachment annually and,  BIR Form No. 2316 for employee’s certificates;
  • Learn how fringe benefits to managerial and supervisory are being subjected to tax;
  • Learn how compensation, salaries, wages, employee benefits, and other employee grants are being assessed by BIR;

Schedule: Seminar workshop runs from 9:00 a.m.-5:00 p.m at Unit 2309 Cityland Herrera Tower, V.A. Rufino St., cor. Ayala Avenue Makati City. We can also arrange for special group of at least five (5) participants at their own venue.

Package: P 3, 000 plus VAT per participant – Handouts/Notes and pencils/BIR Forms/Comprehensive illustrations/ Seminar-Workshop Certificate/ Lunch and snacks – a.m./p.m.. Please bring calculator.

Advocate Tutor: Certified public Accountant (CPA) who has gained much professional experience being in the practice of profession for almost 15 years formerly being with the Tax Division of a law office based in Makati for more than six (6) years as Assistant Tax Manager, and being with a firm as Tax Partner; being with the academe for sometime as a full time College Instructor at Asian Development Foundation College, Tacloban City for 3 years handling taxation and accounting subjects, part-time professor in the College of Accountancy – Polytechnic University of The Philippines, Taguig for about four (4) years handling basic accounting & taxation subjects, as basic accounting teacher at Mapua Institute of Technology – Makati Campus for about 2 years, and a lecturer at some universities in Metro Manila on taxation; and a frequent resource speaker on seminars related to accounting and taxation.

Reservation: At least P1,000 reservation fee to be deposited to BDO Savings Account (Please refer to the reservation for  account details) & balance on seminar day. Official receipts shall be issued upon full payment on seminar day.

Who should attends?
Highly recommended for Small & medium business owners, new entrepreneurs, accounting graduates, & interested others.
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