This is a very tedious task, but definitely worth it! I give myself two thumbs-up for being able to understand what’s going on with my paycheck (semimonthly) and why I get all these deductions–and more importantly, if the deductions made are actually correct!
I read a lot of articles and visited the Bureau of Internal Revenue http://www.bir.gov.ph/index.php/tax-information/income-tax.html which taught me all the “fun stuff” on my paycheck from basics like Taxable Income and Gross Income to how to actually compute my taxes (which is awesome)! It relieves me that my current employer has been computing correct income taxes, since with my previous employer, the taxes (I now realize) were incorrect, and I should’ve gotten a refund but I didn’t because I didn’t know about these things and did not bother reading about it. 😦
Guys, educate yourself with money matters because money matters! (Haha) Being educated about these things pays. 🙂
Here’s another helpful site for Filipino yuppies like me: http://www.rappler.com/business/53216-income-tax-calculator
Wonder where I'll be off to next 