Employee’s Withholding and Fringe Benefits Tax
About the Training/Workshop
Overview
In the operation of withholding tax system on compensation, the withholding agent is the employer. Fringe Benefits Tax is also imposed on the fringe benefit furnished, granted or paid by the employer to the employee, except rank and file employees. The BIR requires the employer as withholding agent to remit the proper withholding taxes on compensation or fringe benefits; otherwise, deficiency taxes and penalties may arise.
De Minimis Benefits are included so that the taxpayer will know the tax-exempt benefits of the employees.
Knowledge of the tax laws, rules, and regulations on the taxation of employee’s compensation and fringe benefits are significant so that the company may balance its role as an employer and as a withholding agent.
Objectives
• To know the procedure in employee’s registration and updates with the BIR
• To know the component or composition of Gross Compensation
• To learn about the De Minimis Benefits
• To know the Personal Exemptions of Employees
• To know the rules of Fringe Benefits Tax
• To know the manner, procedure and filing of tax returns and information with regards to Withholding tax on wages and Fringe Benefits Tax
Who Should Participate• Business Owners (Single Proprietor or Stockholders)
• Business Managers and other employees in charge of the Payroll
• Accountants (Whether employee or practitioner)
• Others who want to know about Withholding Tax on Wages and Fringe Benefits Tax
Key Topics
I. Taxation of employees
II. Registration Process of Employee
a. Securing TIN
b. Place of Filing
III. Registration Updates
IV. Gross Compensation
a. Compensation Income
b. Fixed or Variable Allowances
c. Substantiation Requirements
d. Pre-computed allowances
e. Tips
f. Stock Options
g. Backwages
h. Exclusion from Gross Income
V. De Minimis Benefits
a. General Rule
b. Types of De Minimis Benefits
c. General Rules on the grant of De Minimis Benefits
d. Benefits previously considered as De Minimis Benefits
e. Maternity Benefits
f. Rule on Taxation of De Minimis Benefits
VI. Personal and Additional Exemptions
a. Qualified Dependent
b. Rules on claiming additional exemption
c. Waiver of Right
d. Foster Child
e. Premium Payments
f. Change of Status
VII. Person responsible to withhold
a. Obligation of Employer
VIII. Time of Withholding
IX. Calculating Withholding Tax
X. Annualization of Withholding tax on Employees
XI. BIR Form 1601C
XII. BIR Form 1604CF
XIII. BIR Form 2316
XIV. Withholding Tax Violations
XV. Fringe Benefits Tax
a. Managerial/Supervisory vs. Rank and File Employees
b. FBT Rate
c. FBT Base
d. Coverage
e. Non-taxable fringe benefits
f. Rules on valuation of fringe benefits
g. Specific Rules on Valuation
• Housing Privilege
• Motor Vehicle
• Foreign Travel
• Expense Account
• Educational Assistance
• Life or health insurance and other non-life insurance premiums
• Other benefits
h. Filing of FBT return
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TIME: 9:00 AM to 4:00 PM
VENUE: Unit 2 2/F Intellect Bldg. MacArthur Highway, Brgy. San Sebastian, Tarlac City, Tarlac
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