# Day: February 6, 2019

## Are you RICH? Use this Math formula to find out

A best-selling personal finance book proposes a mathematical formula to determine if you can be considered rich or not. Here’s the wealth scoring formula from the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko: Multiply your Age by your …

## How to Compute: 8% BIR Income Tax Rate for Self-Employed and Professionals

The Philippine Bureau of Internal Revenue (BIR) released last May 2018 a new Revenue Memorandum Order (RMO) covering the availment of the 8% income tax rate option for professionals and self-employed individuals. The BIR memo (RMO 23-2018) provides clear guidelines …

## How to Avail of 8% Tax Rate (for Self-Employed & Professionals)

Wondering if you’re eligible to avail of the 8% income tax rate for self-employed and professionals under the TRAIN tax law? Wonder no more since the Bureau of Internal Revenue (BIR) has finally released an official memorandum explaining the mechanics of …

## Mixed Income Earners – Sample Tax Computations under TRAIN

Are you a mixed income earner? Do you receive income simultaneously from compensation or from self-employment or business or practice of profession? If yes, then here are the applicable BIR rules as regards your tax obligation under the approved TRAIN …

## New BIR Withholding Tax Rules for Professionals and Self-Employed

How much is the new withholding tax rate on incomes of self-employed and professionals and how to compute the income tax that they are supposed to pay? We explain the answers in this easy-to-read guide below. Under the TRAIN law …

## How to Use: BIR Withholding Tax Table under TRAIN

The Bureau of Internal Revenue (BIR) has released the implementing guidelines related to Withholding Taxes on Compensation Income, as mandated in the TRAIN bill signed into law by Pres. Rodrigo Duterte. Here’s a copy of the entire BIR Revenue Regulation. …

## BIR Computations: TRAIN Tax for Self-Employed and Professionals

If you are a professional or self-employed individual receiving income purely from self-employment or your practice of profession, here are the updated BIR rules as regards your tax liability under the approved TRAIN law. The tax rules and sample computation …

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