In an attempt to try and merge my love for writing and my actual profession, I've decided to do a blog series where I discuss different adulting topics, and do my very best to be informative and helpful as possible.

So for this week's "grown-up talk", in line with what I'm currently focusing on with work right now, we're gonna talk about TAXES. Lately, I've come to notice that taxes - specifically our income taxes as employees - has become a source of query every first quarter of the year.

There are so many layers in discussing one's income tax but for the purpose of making the topic easier to understand, even for non-accountants, I'll focus more on the most basic parts of it.

To elaborate further, every payroll period, employers deduct from the employees their taxes on their gross pay. Gross pay consists of your basic pay, other income, and de minimis benefits (non-taxable allowance). These taxes withheld will then be used as credits whenever your employer annualizes your income during the calendar year.

Below is an illustration on how you can compute for your withholding taxes:

For additional reference, below is the current withholding tax table:

Question: How does withholding taxes affect my pay every payroll period?

You may use this calculator to check how much will be your net pay every payroll period given a specific salary.

The calculator includes a monthly and a semi monthly tax calculation.

During the first quarter of the year, employers' are to give out each employee's BIR FORM 2316 (Certificate of Compensation/Tax Withheld) as proof of the annual tax payment of the employee.

Keep Posted.

Disclaimer: All the things I have discussed are based on personal experience and internet research and should not be construed as professional advice. It is always best to direct your queries to the proper agencies and people in your area/workplace.