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OUTLINE OF PRESENTATION PART I: RA 9504 Tax Exemption of Minimum Wage Earners PART II: Annualized Withholding Tax PART III: Other issuance Part I: Taxation of Owes, Dominions & FBI REPUBLIC ACT 9504

How to fill out 1601-c

How to fill out 1601-c:

1. Gather necessary information: Before filling out the 1601-c form, gather all the relevant information such as the name and TIN (Tax Identification Number) of the payor, the payee's information, the amount paid, and the type of payment.
2. Identify the type of payment: Determine the type of payment you need to report on the 1601-c form. It can include compensation, rent, professional fees, commission, and similar income subject to expanded withholding tax.
3. Complete the payer's information: Start by providing the payer's details, including the payer's name, address, and TIN. Ensure that all the information is accurate and up-to-date.
4. Provide the payee's information: Fill in the payee's information, such as their name, address, and TIN. Double-check the details to avoid any mistakes or discrepancies.
5. Specify the type of income payment: Indicate the type of income payment made to the payee. You may need to check the appropriate box or provide additional details, depending on the nature of the payment.
6. Calculate the withholding tax: Determine the appropriate withholding tax rate based on the type of payment and the payee's eligibility. Multiply the gross amount paid by the withholding tax rate to calculate the final withholding tax amount.
7. Record the payment details: Fill out the necessary fields with the payment details, including the date of payment, gross amount paid, and the final withholding tax amount.
8. Sign and date the form: Once you have completed all the required fields, sign and date the 1601-c form to certify its accuracy.

Who needs 1601-c:

1. Employers: Businesses and employers who make payments subject to expanded withholding tax need to file a 1601-c form. This includes payments made to employees, suppliers, contractors, and service providers.
2. Professionals: Self-employed professionals such as doctors, lawyers, accountants, and consultants who receive income subject to expanded withholding tax are also required to file a 1601-c form.
3. Individuals making specific payments: Individuals who make specific payments subject to expanded withholding tax, such as rental income or commissions, also need to file a 1601-c form.

Note: The specific requirements for filing a 1601-c form may vary depending on the tax regulations and laws of your country. It is always advisable to consult with a tax professional or refer to official guidelines for accurate and up-to-date information.

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