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So, if i understand the new TRAIN law right, if i earn a gross of 250k/month or 3M/yr, and with the personal deductible 250k annual, taxable income becomes 2.75M and 8% payable tax is 220,000 /yr (if i don’t declare any expenditures) is my interpretation right?
Gross should be less than 3M to qualify to the 8% option. Expenses is no longer relevant in the computation if to avail 8% tax. Yes, it is gross less 250k then multiply to 8%, less CWT if any.
Novat TP lang po ang allowed mag-avail ng 8% option right?
Purely self-employed individuals and professionals with Gross Sales/Receipts not exceeding 3M can avail the 8% Rate base on Gross in lieu of the Graduated Rates and Percentage Tax.
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