How to Compute Tax on Salary | PAANO MAG COMPUTE NG TAX SA SWELDO
Summary
TLDRThis video script discusses the intricacies of withholding taxes on various forms of employee compensation, including overtime pay, hazard pay, and profit sharing. It provides a detailed explanation of the tax implications for employees in Hong Kong from 2023 onwards, using a case study to illustrate how withholding tax is calculated. The video also touches on the statutory minimum wage and offers a comparison of the tax rates for 2022 and 2023, emphasizing the importance of understanding tax obligations for both employers and employees.
Takeaways
- 📅 The video discusses changes in withholding tax regulations for 2023 and onwards, indicating a shift from previous years.
- 💼 It covers various forms of employee compensation, including overtime pay, director's fees, profit sharing, and hazard pay, which are subject to withholding tax.
- 🌟 The video highlights the importance of understanding how to calculate withholding tax on supplementary compensation.
- 💰 It provides a specific example of how withholding tax is calculated for an employee earning 27,000, illustrating the process for both 2022 and 2023.
- 📊 A comparison is made between the withholding tax rates for 2022 and 2023, showing a decrease from 15% to 13.35% for certain income brackets.
- 📈 The script mentions a new withholding tax table effective from January 2018 to December 2022, and an updated one for 2023 onwards.
- 💡 The video emphasizes the need for accurate computation of withholding tax to ensure compliance with tax regulations.
- 📋 It mentions the use of a certificate of compensation payment or Form 2316 for recording tax withheld.
- 🚫 The script clarifies that certain benefits, like hazard pay, are taxable and subject to withholding tax.
- 🎉 The video encourages viewers to engage with the content by liking, sharing, and subscribing for more informative videos.
Q & A
What is the topic of the video called 'The discus'?
-The video discusses withholding tax on compensation, covering various forms of employee remuneration such as overtime pay, director's fees, profit sharing, and other benefits.
What types of employee benefits are mentioned in the video as being subject to withholding tax?
-The video mentions benefits such as hazard pay, 13-month pay, and other remunerations received from an employer-employee relationship as being subject to withholding tax.
What is the significance of the term 'withholding tax on compensation'?
-Withholding tax on compensation refers to the tax that is deducted from an employee's salary or wages by the employer and remitted to the tax authorities on behalf of the employee.
What is the difference between the withholding tax treatment for 2022 and 2023 as per the video?
-The video highlights a change in the withholding tax computation for the years 2022 and 2023, with specific rates and computations detailed for each year.
What is the statutory minimum wage mentioned in the video, and how does it relate to withholding tax?
-The statutory minimum wage is a legal minimum amount that employees must be paid per hour, and it is a factor in calculating withholding tax, especially for minimum wage earners.
How does the video explain the withholding tax computation for someone earning a basic pay of 27,000?
-The video provides an example of how to compute the withholding tax for an individual with a basic pay of 27,000, detailing the steps and resulting tax amount.
What is the purpose of Form 2316 mentioned in the video?
-Form 2316, or the Certificate of Compensation Payment on Tax Withheld, is used to report the amount of tax withheld from an employee's compensation.
What is the relevance of the terms 'not taxable era' and 'downtown' in the context of the video?
-The terms 'not taxable era' and 'downtown' are used to explain specific periods or areas where certain types of income might be exempt from tax or where tax regulations might differ.
How does the video encourage viewers to engage with the content?
-The video encourages viewers to give a thumbs up, share the video, subscribe, and enable notifications to support the creation of more informative videos.
What is the role of the speaker, Kirari, in the video?
-Kirari is the presenter of the video, providing information and guidance on withholding tax and its implications for employees and employers.
Outlines
💼 Withholding Tax on Employee Compensation
The video script discusses the concept of withholding tax on compensation, focusing on various forms of employee remuneration such as overtime pay, fees, profit sharing, and vacation leave. It highlights the taxable nature of these benefits in the context of an employer-employee relationship. The script provides an example of how withholding tax is calculated, using a hypothetical scenario where an employee earns a basic pay plus allowance, and the tax is computed based on a specific formula. It also mentions the statutory minimum wage and the withholding tax table effective from January 2018 to December 2022, with a specific example for the year 2023. The video aims to educate viewers on the tax implications of different types of compensation and how to calculate the withholding tax accordingly.
📢 Engaging with the Audience
In the second paragraph, the speaker encourages viewers to engage with the video by giving it a thumbs up and subscribing to the channel. They also prompt viewers to activate notifications to stay updated with new content. The speaker, Kirari, expresses gratitude for the viewers' support and hints at the creation of more informative videos in the future. The paragraph ends with a musical note, suggesting a positive and engaging tone throughout the video.
Mindmap
Keywords
💡Withholding Tax
💡Supplementary Compensation
💡Profit Sharing
💡Overtime Pay
💡Director's Fees
💡Hazard Pay
💡13th Month Pay
💡Taxable Benefits
💡Withholding Tax Table
💡Certificate of Compensation Payment
💡Statutory Minimum Wage
Highlights
Discussion on withholding tax on compensation for 2023 and onwards.
Mention of 'The discus' video, which seems to be the title of the content.
Inclusion of director's fees, profit sharing, and monetized vacation leave in withholding tax considerations.
Explanation of how to treat supplementary compensation for withholding taxes.
Details on statutory minimum wage and overtime pay, including night shift differentials.
Reference to a video on minimum wage earners and withholding tax table from 2018.
Update on withholding tax rates for 2023 compared to 2022.
Example calculation of withholding tax for an individual earning 27,000 with a 15% rate.
Introduction of a new method for withholding tax computation for 2023.
Difference in withholding tax computation between 2022 and 2023 illustrated with an example.
Requirement for a certificate of compensation payment on tax withheld or BIR Form 2316.
Clarification on which benefits are taxable and which are not.
Timing for withholding taxes, usually applicable in November and December.
Call to action for viewers to give the video a thumbs up and share it with others.
Encouragement for viewers to subscribe and enable notifications for more content like this.
Closing remarks by the presenter, Kirari, indicating more videos to come.
Transcripts
2023 and onwards
Say Something video called The discus
videos
overtime pay fees including director's
fees profit sharing monetize vacation
leave in excess of 10 days think leave
French benefits received by Rank and
file employees Hazard pay taxable
13-month pay and other benefits and
other remunerations received from an
employer and employee relationship are
subjects are withhold attacks
withholding tax on compensation
take notes a treatment now
commissionito I treated the
supplementary compensation
withholding taxes
[Music]
[Music]
statutory minimum wage
overtime pay night shift differential at
Hazard paying your video on minimum wage
earners
2018
withholding tax table
below 250 is
meeting from January 2018 Hong Kong
December 2022.
for 2023 and onwards
withholding tax sir 2023 and onwards
comparassa 2022 halimba wants a monthly
as well though who engrangement 20
833 Hong Kong 33 333
20 over 20 833
15 percent
so for example in playado I might basic
pay at allowance not 27
000.1 withholding tax
2022 answer 2023
for 2022 and withholding tax I
1233.14 computed as follows
for 2023 you need to Naman and
computation
925 and magazine withholding products
withholding taxa 2023 and difference I
308.35
[Music]
certificate of compensation payment on
tax withheld or bir form 2316.
withholding taxes
applicable not taxable era
usually is a November at December
downtown
and that's it so if you found this video
very helpful please give it a thumbs up
and make sure to share this with other
people
information I thought and make sure to
give it a thumbs up and make sure to
subscribe and hit that notification Bell
because it helps me create more videos
like this
so this is kirari I'll talk to you in
the next one
[Music]
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