With the end of the year fast approaching, one of the goals of any company is to ensure that its employees pay the right amount of taxes to the Bureau of Internal Revenue (BIR) – not a single cent over or under. This is to avoid the hassle of having to issue tax refunds, or
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Payroll Tax Annualization
What is Payroll Tax Annualization? This is when an employee’s payroll for the entire year is consolidated and used to calculate for the withholding tax for the year, to find out the remaining tax (or tax refund) that should be paid by the employee. Normally, you want to do this starting in October. So
