Employee's Withholding Tax and Fringe Benefits Tax Strategies


MasterClass 3.0

Employee’s Withholding Tax and

Fringe Benefits Tax Strategies


Atty. Nelson S. Gargoles, CPA 

Founder, Gargoles Law Office

Business Coach and Tax Consultant


Wednesday, May 19, 2021

9:00 AM – 12:00 NN PHT


LEARNING INVESTMENT


Regular Rate: ₱ 3,299 + VAT / Participant

 

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Bayanihan Rate: ₱ 1,299 + VAT / Participant

(Pay on or before April 19, 2021)

 


LEARNING INVESTMENT INCLUDES:


Enjoy a “Fun-filled” e-Learning experience, complete with online session materials

and e-certificate of attendance after online course completion.


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8832-9901 | 8835-9354

(Globe/Viber) 0917-3257870

(Smart) 0919-6142598

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Webinar Description:


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 withholding agent.



Webinar Objectives:


The specific objectives of this unique fun-filled online learning experience are:

  • 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; and
  • 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 Attend?

  • 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

Webinar Outline:



Session 1: Taxation of Employees



Session 2: Registration Process of Employee

  • Securing TIN
  • Place of Filing

Session 3: Registration Updates


Session 4: Gross Compensation

  • Compensation Income
  • Fixed or Variable Allowances
  • Substantiation Requirements
  • Pre-computed allowances
  • Tips
  • Backwages
  • Exclusion from Gross Income

Session 5: De Minimis Benefits

  • General Rule
  • Types of De Minimis Benefits
  • General Rules on the grant of De Minimis Benefits
  • Benefits previously considered as De Minimis Benefits
  • Maternity Benefits
  • Rule on Taxation of De Minimis Benefits

Session 6: Person and Additional Exemptions

  • Qualified Dependent
  • Rules on claiming additional exemption
  • Waiver of Right
  • Foster Child
  • Premium Payments
  • Change of Status

Session 7: Person Responsible to Withhold


Session 8: Time of Withholding


Session 9: Calculating Withholding Tax


Session 10: Annualization of Withholding Tax on Employees


Session 11: BIR Form 1601C


Session 12: BIR Form 1604CF


Session 13: BIR Form 2316



Session 14: Withholding Tax Violations

Session 15: Fringe Benefits Tax

  • Managerial/Supervisory vs. Rank and File Employees
  • FBT Rate
  • FBT Base
  • Coverage
  • Non-taxable fringe benefits
  • Rules on valuation of fringe benefits
  • Specific Rules on Valuation
  • Housing Privilege
  • Motor Vehicle
  • Foreign Travel
  • Expense Account
  • Educational Assistance
  • Life on health insurance and other non-life insurance premiums
  • Other benefits
  • Filing of FBT return

Claiming eCertificates


An eCertificate of Attendance will be awarded to participants who successfully completed the entire Virtual MasterClass.


Survey Online Questionnaire will be emailed after the e-Learning Event for participants to give feedback.


An eCertificate of Achievement will be emailed to the registered email address of the participants upon completion of the online Feedback Form.


Please ensure email address provided during registration is accurate or eCertificates may not be received.


Online Certificates will be available 3-5 days after the e-Learning Event.


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