Research Paper Taxation
Wage
Wage is the fixed amount of compensation for service rendered covering a fixed period of time, usually hours, or fixed amount of work. It is usually a compensation given to skilled and unskilled labor. Commission is usually a wage given to skilled and unskilled labor. Commission is usually a wage given to a salesperson based on the amount of his sales. This amount is usually added to basic salary. Bonus is given to simulate employees to work more efficiently and effectively (Valencia & Roxas, 2009)
To make sure that employees comply with BIR regulation and local government laws, companies must include crucial employee and company information in their payroll systems. Setting up and running the different components that comprise a payroll system requires due diligence and adequate knowledge of tax legislation.
Employee’s benefits
In Philippine Accounting Standards (PAS) 19, paragraph 7 states that employees benefits are all forms of consideration given by an entity in exchange of services rendered by employees. These benefits may be paid directly to the employee’s or to their dependents, such as their children or spouses. These can be settled by payment in cash in form goods and services.
Paragraph 4 of PSAS 19 enumerates the following four classes: (a) short term employee benefits; (b) post-employment benefits; (c) other term employee benefits; and, (d) termination.
Employee information
During the new hire process, companies must collect information such as medical insurance and W-2 forms to determine what should be deducted from an employee’s paycheck. These forms also provide employers which crucial information, such as the employee’s Social Security number and their withholding amount for government tax purposes. The systems must also track and process changes made to the employee’s tax exemption status, pensions, insurance plans or retirement funds.
Salary information
As part of the new hire process, payroll systems include a component that
Wage is the fixed amount of compensation for service rendered covering a fixed period of time, usually hours, or fixed amount of work. It is usually a compensation given to skilled and unskilled labor. Commission is usually a wage given to skilled and unskilled labor. Commission is usually a wage given to a salesperson based on the amount of his sales. This amount is usually added to basic salary. Bonus is given to simulate employees to work more efficiently and effectively (Valencia & Roxas, 2009)
To make sure that employees comply with BIR regulation and local government laws, companies must include crucial employee and company information in their payroll systems. Setting up and running the different components that comprise a payroll system requires due diligence and adequate knowledge of tax legislation.
Employee’s benefits
In Philippine Accounting Standards (PAS) 19, paragraph 7 states that employees benefits are all forms of consideration given by an entity in exchange of services rendered by employees. These benefits may be paid directly to the employee’s or to their dependents, such as their children or spouses. These can be settled by payment in cash in form goods and services.
Paragraph 4 of PSAS 19 enumerates the following four classes: (a) short term employee benefits; (b) post-employment benefits; (c) other term employee benefits; and, (d) termination.
Employee information
During the new hire process, companies must collect information such as medical insurance and W-2 forms to determine what should be deducted from an employee’s paycheck. These forms also provide employers which crucial information, such as the employee’s Social Security number and their withholding amount for government tax purposes. The systems must also track and process changes made to the employee’s tax exemption status, pensions, insurance plans or retirement funds.
Salary information
As part of the new hire process, payroll systems include a component that