How are income taxes calculated in the Philippines?
Income taxes in the Philippines are calculated based on an individual's taxable income, which is their gross income minus allowable deductions (either standard or itemized) and personal and additional exemptions. The tax rate is progressive, meaning it increases as taxable income increases, ranging from 0% to 35%.
The specific tax brackets and rates can change, so it's important to consult the most current information from the Bureau of Internal Revenue (BIR) or a tax professional for accurate calculations.
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