The Tax Reform for Acceleration and Inclusion (TRAIN) Law took effect on January 1, 2018. Back when it was signed into law, various websites and news outlets published explainers and tables showing exactly how much would be taken out of your salary. But this calculator by the Computer Professionals’ Union makes things even simpler by calculating exactly how much you’ll be saving and spending in plain Filipino.
All you have to do is plug in your marital status, number of dependents, gross salary, and how much you spend on rent, food, LPG, utilities, and transportation. Once you’ve finished, the website will reveal how much you will be paying in income taxes this year, as compared to last year.
At the same time, it shows how your expenses will increase because of the higher taxes on fuel, which lead to higher prices for basic goods and services.
Check it out and see if you're happy with how the TRAIN Law affects your finances.
This story originally appeared on Esquiremag.ph.
* Minor edits have been made by the Femalenetwork.com editors.
