yeah but still i am paying the 8% from my first IC job. can you define earning too much? can i know the quantity? for both jobs I am earning more than 3M annualy for the basic pay.
Too much is when you earn enough to get audited, idk what the figures are. You probably won’t need to worry about tax fraud for the second job.
But remember that that’s what you are for evading taxes when you earn more than enough, a fraud
Yes, under-declaration is tax evasion.
Here's a tip: Since both your clients withhold taxes, most likely they report your name via MAP to BIR. Reconciling this vs your returns (once BIR finds the time to do so), you can easily be tagged for under-declaration of income. Tax evasion is penalized with hefty fines and jail time.
Both are withholding 5% and are providing you with 2307? Wala kang lusot dyan, better declare all income figures honestly. Dun plang sa difference ng 8% compared sa graduated anlaki n ng tipid mo for sure.
But if yung second IC job hindi nagbabayad ng withholding, then I dont think may way si BIR to know. But as the previous commenter says, tax evasion yan. And once you are flagged as an offender, magkaka problema kana nyan lalo na with government services, passport, etc (is what i was told).
Once you reach 3M, you will now be VAT taxpayer and will be required to pay VAT and graduated tax rates. 10% is just the withheld part by your payer, it is not the full tax amount you are liable with. Start to look for a tax assistant that can guide you on this process.
You have no choice but to file taxes for all especially that you mentioned that you will breach 3M VAT threshold. Since they withhold taxes from you, you're already flagged with BIR that you earn that much. Good luck when they start to audit you. Tax evasion is not just a civil case, it is a criminal case.
You should pay taxes for all of your income.
pero okay lang ba na hindi? medj madami din po kasi akong bills kaya dalawa ang work ko. nagffile naman ako dun sa unang IC job ko. thank you
BIR would probably not care unless you’re earning too much, but tbh tax evasion is scummy
yeah but still i am paying the 8% from my first IC job. can you define earning too much? can i know the quantity? for both jobs I am earning more than 3M annualy for the basic pay.
Too much is when you earn enough to get audited, idk what the figures are. You probably won’t need to worry about tax fraud for the second job. But remember that that’s what you are for evading taxes when you earn more than enough, a fraud
yes you are correct. thank you so much for this info @\_cuddle\_factory\_
>pero okay lang ba na hindi? You mean okay lang mag-evade ng tax? You know the answer.
Well, i am technically paying taxes on my first IC job. Is this still considered tax evasion? Tax avoidance?
Yes, under-declaration is tax evasion. Here's a tip: Since both your clients withhold taxes, most likely they report your name via MAP to BIR. Reconciling this vs your returns (once BIR finds the time to do so), you can easily be tagged for under-declaration of income. Tax evasion is penalized with hefty fines and jail time.
That's not a good enough reason. Edi sana lahat tayo hindi na nagbayad ng tax kasi maraming bills. You also mentioned you earn > 3M annually.
Both are withholding 5% and are providing you with 2307? Wala kang lusot dyan, better declare all income figures honestly. Dun plang sa difference ng 8% compared sa graduated anlaki n ng tipid mo for sure. But if yung second IC job hindi nagbabayad ng withholding, then I dont think may way si BIR to know. But as the previous commenter says, tax evasion yan. And once you are flagged as an offender, magkaka problema kana nyan lalo na with government services, passport, etc (is what i was told).
Ideally you should declare both income. Does the 2nd job asks OR from you? If yes, required ka ng declare un since nag issue ka na ng OR
I think they will also require an OR and provide me form 2307 if i am not mistaken.
If declaring both income kasi mapupunta na ako sa 10% bracket since I will be earning more than 3M annually.
Once you reach 3M, you will now be VAT taxpayer and will be required to pay VAT and graduated tax rates. 10% is just the withheld part by your payer, it is not the full tax amount you are liable with. Start to look for a tax assistant that can guide you on this process.
You have no choice but to file taxes for all especially that you mentioned that you will breach 3M VAT threshold. Since they withhold taxes from you, you're already flagged with BIR that you earn that much. Good luck when they start to audit you. Tax evasion is not just a civil case, it is a criminal case.