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Our Vision |
How to compute my Minimum Take Home Pay?
Step by step procedure:
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Get the 75% of the
semi-monthly basic.
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Sum up all
deductions (tax, statutory contribution, statutory loans, Intel loans,
IMPC Loans)
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Get the difference
of step1 and 2 to get the allowable amount for new loan’s deduction.
See sample computation.
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Intel Technology Phils. Inc. |
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Pay Period: 4/16/2007 - 4/30/2007 |
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Earnings |
Deductions |
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Basic Salary |
21,958.10 |
Statutory Contributions |
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Employee SSS |
500.00 |
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Employee Medicare |
375.00 |
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Employee PAG-IBIG |
100.00 |
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Income Tax |
5,951.95 |
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Statutory Loans |
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Pag-Ibig Loan |
654.49 |
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Intel Loans |
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Car Loan Interest (D21) |
195.02 |
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Car Loan Principal (D21) |
2,794.61 |
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ICCI Deductions |
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Long Term Loan |
662.00 |
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Liv Asst Loan |
2,500.00 |
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Comp/Vehicle Loan |
1,389.00 |
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Step by step procedure: |
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1. 75% MTHP: Get the 75%
of the semi-monthly basic pay ONLY.(OT,
allowances, Bonuses not included) |
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21,958.10 |
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0.75 |
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16,468.58 |
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2. TOTAL DEDUCTION: Sum
up all deductions (tax, statutory contribution, statutory loans, Intel
loans, IMPC Loans) |
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tax |
5,269.94 |
(ref: Tax table) |
24% of semi-monthly basic |
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statutory contribution |
975.00
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(ref: Statutory table) |
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Pag Ibig Loan |
654.49 |
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Car Loan (Principal &Int) |
2,989.63 |
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Long Term Loan |
662.00 |
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Livelihood Assist Loan |
2,500.00 |
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Comp/Vehicle Loan |
1,389.00 |
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14,440.06 |
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3. Get the difference of step1 and 2 to get the allowable amount for new
loan’s deduction. |
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75% of semi-monthly basic |
16,468.58 |
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Total deduction |
14,440.06 |
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Allowable for new loan |
2,028.51 |
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