To those who are regular employees, this may be a non-issue. But for a guy like me who is not a salaried worker, it’s a totally different animal altogether.
Tax computations are different and remittances to the BIR are staggering. Yes, one has (others say this is optional) to file for his personal income tax return. And after computations, I’m sure you’ll feel the very heavy burden of paying (at most 34%) your income for your annual tax obligations. Darn, that’s a lot! You could even buy a 2nd hand car with that!
We didn’t really feel how it was before when we get our monthly salaries because the company already withholds the entire amount and what we get in our paycheck (read: take home) is the net amount (less taxes and contributions). A couple fo years ago, my paycheck was about 5 grand less than my actual salary. That’s at least Php60,000 at the end of the year — all of which goes to GMA and all the crocs in Congress. Darn, I’m paying for their cars and foreign trips, aren’t I?
Oh well, such is life.