In accounting, revenue is recognized when the seller delivers the goods or service (accrual). But for tax purposes it could be on cash basis or accrual basis or anything most applicable for tax reporting.
Good morning. May I ask. How to treat commission earn on top given to a monthly wage earner on a random cases. I mean once they could get a quota. Is this subject to a withholding tax? 2. At the end of the year total commission received by the monthly wage earner is 120,000. Is he/she entitled to pay the income tax. Hope I could be guided on this. Thank you and more power to your program
Hi Adelfa. If the commission is part of compensation then it would be subject to withholding tax. If not, it would be the taxpayer to include it in the annual ITR return.
Super Thank you with reply. Employee is a minimum wage earner randomly get a commission once hit the quota. In The ITR this will be part of total source and the computation is less 250k? the remaining balance will be based on the percentage given on the table? Please help. Super thank you
Good evening Sir. Considered as transaction deemed sale ba ung freebies na ibibigay sa customers? Or this will be part of promotional expenses? Thank you po
@@gerardcarpizo thank you very much po sa response!! Yung transaction po, if they meet the target na purchase ( conditional sale) sa amin in a given period of time, they will get freebies ( pero etong freebies na to is part of our inventory). Promotional Expense pa din po ba or COS?
Hello Sir On deemed sale from cessation of business If i will transfer all the remaining inventories to my newly registered business (change from sole to OPC) Will the OPC will incur Input VAT?
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In accounting, revenue is recognized when the seller delivers the goods or service (accrual). But for tax purposes it could be on cash basis or accrual basis or anything most applicable for tax reporting.
Thank you so much for your help sir!
Good morning. May I ask. How to treat commission earn on top given to a monthly wage earner on a random cases. I mean once they could get a quota.
Is this subject to a withholding tax?
2. At the end of the year total commission received by the monthly wage earner is 120,000. Is he/she entitled to pay the income tax.
Hope I could be guided on this. Thank you and more power to your program
Hi Adelfa. If the commission is part of compensation then it would be subject to withholding tax. If not, it would be the taxpayer to include it in the annual ITR return.
Super Thank you with reply. Employee is a minimum wage earner randomly get a commission once hit the quota. In The ITR this will be part of total source and the computation is less 250k? the remaining balance will be based on the percentage given on the table? Please help. Super thank you
In commission of sale of real property tax who will pay for the VAT on commission? Seller or agent?
Good evening Sir. Considered as transaction deemed sale ba ung freebies na ibibigay sa customers? Or this will be part of promotional expenses? Thank you po
Depende po sa intent sa transaction, pero I think pwede na irecord as marketing or promotional expenses.
@@gerardcarpizo thank you very much po sa response!! Yung transaction po, if they meet the target na purchase ( conditional sale) sa amin in a given period of time, they will get freebies ( pero etong freebies na to is part of our inventory). Promotional Expense pa din po ba or COS?
Hello Sir
On deemed sale from cessation of business
If i will transfer all the remaining inventories to my newly registered business (change from sole to OPC)
Will the OPC will incur Input VAT?