How to Compute your Salary
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Transcript of How to Compute your Salary
Typical payroll
computation format
Ms. PastillasFor the period August 2015
Basic Pay P xxAdd:
Overtime P xxNight Diff. xxHoliday Pay xx xx
Gross Pay xxLess:
Tardiness xxUndertime xxLeave w/o pay xxAdjustments xxSSS Dues xxPag-ibig Dues xxPhilhealth Dues xx xx
Taxable Income xxLess:
W/Holding tax xxSSS Loan xxPag-ibig Loan xxAdvances/vale xxUnion Dues xx xx
Add:Allowances xxComissions xx xx
Net Pay P xx
Holiday Pay
Regular holiday: x200% (minimum wage x 200%)
Addition to basic rate
• Rest day or Special day: +30%(basic rate x 130%)
• Special day falling on a scheduled rest day: +50%(basic rate x 150%)
• Regular holiday falling on a scheduled rest day: +30%(basic rate x 260%)
Overtime PayAddition to hourly rate
• Ordinary working days: +25%(hourly rate x 125% x number of hours OT work)
• Rest day or Special day: +30%(hourly rate x 130% x 130% x number of hours OT work)
• Special day falling on a scheduled rest day: +50%(hourly rate x 150% x 130% x number of hours OT work)
• Regular holiday: +30%(hourly rate x 200% x 130% x number of hours OT work)
• Regular holiday falling on a scheduled rest day: +30%(hourly rate x 260% x 130% x number of hours OT work)
Night Shift DifferentialWork on: Pay equals:Ordinary day 1 x 1.1 = 1.1 or 110%Rest day/special day 1.3 x 1.1 = 1.43 or 143%Special day, rest day 1.5 x 1.1 = 1.65 or 165%Regular Holiday 2 x 1.1 = 2.2 or 220%Regular Holiday, rest day 2.6 x 1.1 = 2.86 or 286%
OVERTIMEOrdinary day 1 x 1.1 x 1.25 = 1.375 or 137.5% Rest day/special day 1.3 x 1.1 x 1.3 = 1.859 or 185.9%Special day, rest day 1.5 x 1.1 x 1.3 = 2.145 or 214.5% Regular Holiday 2 x 1.1 x 1.3 = 2.86 or 286%Reg. Holiday, rest day 2.6 x 1.1 x 1.3 = 3.718 or 371.8%
SSS Contribution Table 2015 .
SSS Contribution Table 2015
Total Contribution = 11% Of monthly salary credit not exceeding P16,000
Where: 7.37% from employer3.63% from employee
Total Contribution = P 12,000 x 11% = P 1,320.00Employer = 12,000 x 7.37% = P 884.00Employee= 12,000 x 3.63% = P463.00
Pag-IBIG Monthly Contribution
Employee share:
P 1,500 x 1% = P 15.00
P 2,000 x 2% = P 40.00
P 5,000 x 2% = P 100.00
Employer share:
P 1,500 x 2% = P 30.00
P 2,000 x 2% = P 40.00
P 5,000 x 2% = P 100.00
Philhealth Premium Contribution Table 2015
.
Philhealth Premium Contribution Table 2015
*Employee share representshalf of the totalmonthly premium while the other halfis shouldered by theemployer.
Total Monthly Premium = 2.5% of Salary Base not exceeding 35,000
Total Monthly Premium = P 12,000 x 2.5% = P 300.00Employee share = P 300 / 2 = P 150.00 Employer share = P 300 / 2 = P 150.00
Typical payroll
computation format
Ms. PastillasFor the period August 2015
Basic Pay P xxAdd:
Overtime P xxNight Diff. xxHoliday Pay xx xx
Gross Pay xxLess:
Tardiness xxUndertime xxLeave w/o pay xxAdjustments xxSSS Dues xxPag-ibig Dues xxPhilhealth Dues xx xx
Taxable Income xxLess:
W/Holding tax xxSSS Loan xxPag-ibig Loan xxAdvances/vale xxUnion Dues xx xx
Add:Allowances xxComissions xx xx
Net Pay P xx
Typical payroll
computation format
Ms. PastillasFor the period August 2015
Basic Pay P12,000.00Add:
Overtime P0.00Night Diff. - Holiday Pay - -
Gross Pay 12,000.00 Less:
Tardiness - Undertime - Leave w/o pay - Adjustments - SSS Dues 463.00 Pag-ibig Dues 100.00 Philhealth Dues 150.00 713.00
Taxable Income 11,287.00 Less:
W/Holding tax - SSS Loan - Pag-ibig Loan - Advances/vale - Union Dues - -
Add:Allowances - Comissions - -
Net Pay -
Withholding Tax Tables*
Withholding Tax Tables
Withholding Tax = [(Taxable Income - Bracket or Exemption) x %over] + Bracket Tax or Base Tax
= [(P11,287 – 10,000) x 20%] + 708.33
= [(1,287) x 20%] + 708.33
= [257.40] + 708.33
= P 965.73
Typical payroll
computation format
Ms. PastillasFor the period August 2015
Basic Pay P12,000.00Add:
Overtime P0.00Night Diff. - Holiday Pay - -
Gross Pay 12,000.00 Less:
Tardiness - Undertime - Leave w/o pay - Adjustments - SSS Dues 463.00 Pag-ibig Dues 100.00 Philhealth Dues 150.00 713.00
Taxable Income 11,287.00 Less:
W/Holding tax - SSS Loan - Pag-ibig Loan - Advances/vale - Union Dues - -
Add:Allowances - Comissions - -
Net Pay -
Typical payroll
computation format
Ms. PastillasFor the period August 2015
Basic Pay P12,000.00Add:
Overtime P0.00Night Diff. - Holiday Pay - -
Gross Pay 12,000.00 Less:
Tardiness - Undertime - Leave w/o pay - Adjustments - SSS Dues 463.00 Pag-ibig Dues 100.00 Philhealth Dues 150.00 713.00
Taxable Income 11,287.00 Less:
W/Holding tax 965.73 SSS Loan - Pag-ibig Loan - Advances/vale - Union Dues - 965.73
Add:Allowances - Comissions - -
Net Pay P10,321.27
FIN.