Taxpayer details: Your Name, Address, Student Number, Birthdate, Contact Number

Employer details
Present:
SGV and Co.
Ayala Makati, 1920
136-987-432-000

Previous:
KPMG
Ayala Makati, 1920
235-756-469-000

Statutory Minimum Wage in Makati = P450/day or P10,800 a month

The following salary and allowances are included in the compensation package of the employee:

Basic Salary: P50,000 a month

Allowances:
a. Rice allowance of P3,000 a month
b. Transportation allowance of P5,000 a month
c. Medical Assistance to employee of P10,000 a month
d. Internet allowance of P2,000 a month
e. Educational subsidy cash allowance of P5,000 a month
f. Laundry allowance of P3,000 a month
g. 13th month pay of P50,000
h. 14th month pay of P50,000

Prepare a BIR Form 2316 of the employee.

TIP:
1. Don’t forget to compute the benefit contributions (SSS, PAG-IBIG, and PHIC).
2. Refer to “de minimis” threshold in income taxation book for the non-taxable de minimis
allowances and benefits.
3. Rice allowance, Medical Assistance and Laundry Allowance are subject to de minimis limits.
4. Excess of limits will be included in the “13th month pay and other benefits” section.
5. If the total 13th month pay, 14th month pay, and other benefits exceed P90,000, the excess will be
considered taxable.
6. Compute income tax due using the 2023 tax table for individuals.