Search results
Results From The WOW.Com Content Network
A thirteenth salary, or end-of-year bonus, is an extra payment sometimes given to employees at the end of December. Although the amount of the payment depends on several factors, it usually matches an employee's monthly salary and can be paid in one or more installments (depending on the country). The thirteenth salary is most prominent in ...
Income tax for individuals. Citizens of the Philippines and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to: compensation income (e.g., salary and wages); income of self-employed individuals and/or professionals; capital gains; interests; rents;
Labor Code of the Philippines. The Labor Code of the Philippines is the legal code governing employment practices and labor relations in the Philippines. It was enacted through Presidential Decree No. 442 on Labor day, May 1, 1974, by President Ferdinand Marcos in the exercise of his then extant legislative powers. [1]
Money portal. v. t. e. Tax equalization is a policy applied by some international companies under which employees who are hired in one country and later accept a (temporary) assignment in another country do not have their total after-tax ("take-home") compensation changed depending on the tax regimes of the country they move to. If the employee ...
The Internal Revenue Allotment (IRA) is a local government unit ’s (LGU) share of revenues from the Philippine national government. Provinces, independent cities, component cities, municipalities, and barangays each get a separate allotment. The allotment is largely based upon the type of government they are and a formula based upon their ...
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization to collectively support government spending, public expenditures, or as a way to regulate and reduce negative externalities. [1] Tax compliance refers to policy actions and individual behaviour ...
The payroll module automates the pay process by gathering data on employee time and attendance, calculating various deductions and taxes, and generating periodic pay cheques and employee tax reports. Data is generally fed from human resources and timekeeping modules to calculate automatic deposit and manual cheque writing capabilities.