What's in your first 2018 paycheck?
What's in your first 2018 paycheck?
by Geraldine P Gorre
A few days after President Duterte signed the first tax reform package into law, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 105-2017 to prescribe the withholding tax rates on compensation that shall apply beginning Jan.1.
To supplement the above issuance, the BIR also issued RMC No. 1-2018 to provide guidelines and illustrative examples on how to compute payroll taxes using the new withholding tax rates.
Since personal exemptions were repealed under the TRAIN, taxpayers were presented with a uniform and simplified withholding tax table. As prescribed in the circular, the total amount of monetary and non-monetary compensation paid to employees after segregating the non-taxable benefits and mandatory contributions shall be considered as taxable compensation. The applicable rates on the revised withholding tax table shall be applied depending on the compensation range, after which the predetermined taxes shall be added.
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