What are the Philippine income tax rates under TRAIN Law?

0% up to 250,000 PHP; 20% from 250,001-400,000 minus 250,001 base; 25% from 400,001-800,000; 30% from 800,001-2,000,000; 32% from 2,000,001-8,000,000; 35% above 8,000,000 PHP. Effective from 2023.

Are 13th month pay and bonuses taxable?

13th month pay and other bonuses up to 90,000 PHP are tax-exempt. Amounts above 90,000 PHP are included in taxable compensation. This provides significant tax savings for employees receiving standard 13th month.

What are SSS contribution rates?

SSS (Social Security System): employee 5% (4.5% prior to Jan 2024), employer 9.5% (8.5% prior). Based on monthly salary credit (MSC): minimum 4,000 PHP, maximum 30,000 PHP. SSS provides retirement, disability, sickness benefits.

How does PhilHealth work?

PhilHealth (health insurance): employee and employer each contribute 2.5% of basic monthly salary. No cap on the monthly salary base as of 2024. Provides hospitalization, outpatient, and other medical benefits.

What is Pag-IBIG (HDMF)?

Home Development Mutual Fund: employee and employer each contribute 100 PHP/month (2% for those earning over 5,000 PHP/month for voluntary). Provides housing loans and multi-purpose loans for members.

Philippines BIR Income Tax and SSS/PhilHealth/Pag-IBIG Calculator 2024

Calculate Philippine income tax (TRAIN Law): 0% to 250,000 PHP, 20% to 400,000 PHP, 25% to 800,000, 30% to 2,000,000, 32% to 8,000,000, 35% above. Plus mandatory SSS (5%), PhilHealth (2.5%), Pag-IBIG (100 PHP).

Principal ($)

Annual Rate (%)

Years

Compounding / Year

$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate Philippine income tax (TRAIN Law): 0% to 250,000 PHP, 20% to 400,000 PHP, 25% to 800,000, 30% to 2,000,000, 32% to 8,000,000, 35% above. Plus mandatory SSS (5%), PhilHealth (2.5%), Pag-IBIG (100 PHP). Use the philippines bir tax result to inform your calculation.

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Philippines BIR Income Tax and SSS/PhilHealth/Pag-IBIG Calculator 2024

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Frequently Asked Questions

What are the Philippine income tax rates under TRAIN Law?

Are 13th month pay and bonuses taxable?

What are SSS contribution rates?

How does PhilHealth work?

What is Pag-IBIG (HDMF)?