Gross Income .................................................................P ___________
Less: Allowable Deductions (Itemized or Optional)................. ___________ Net Income..................................................................... P ___________ Net Income..................................................................... P ___________ Less: Personal & Additional Exemptions................................ ___________ Net Taxable Income .........................................................P ___________ Net Taxable Income .........................................................P ___________ Multiply by Tax Rate (5 to 32% - table above) .......................____________ Income Tax Due: Tax withheld (per BIR From 2316/2304) ..P ___________ Income tax payable .......................................................... P____________ Pay the balance as you file the tax return, computed as follows: Income Tax Due ..............................................................P ___________ Less: Withholding Tax......................................................... ___________ Net Income Tax Due........................................................ P ___________ - See more at: http://www.philippineproperties101.com.ph/2013/01/filling-income-tax-return-itrin.html#sthash.jRGq8HXr.dpuf