Ensure statutory requirements such as Salary tax and NASFund is remitted on time

SALARY DEDUCTIONS FROM PAYROLL:

1) SSS Premium – deductions shall be based on SSS Table

Basic Pay plus overtime less undertime & absences for the month
Example : Monthly Salaries for the month – P12,506.00 –look at the SSS table
SSS contributions should be remitted on or before the 10th of the following month.
Example : For the month of February, 2017 remittance should be not later than March 10

2) Philhealth deductions-Basic salary only x 1.5%

Example : P20,000.00 x 1.5% = P300.00

P12,506.00 x 1.5% = P187.60

3) Pag-ibig Fund – maximum of P100.00 per month

Except that if employee chooses to be deducted more than P100.00 like for example
He wants to have P1000.00 deduction per month the company can do so BUT the
Company will only remit the corresponding P100.00 for its employer’s share.
Remittance to Philhealth depends on the schedule based on the last no. of the company’s
Pag-ibig number.

Example : If employer’s Pag-ibig No. the last number is 9 then look at the Pag-ibig schedule
The name of the institution for the Pag-ibig Fund is HOME DEVELOPMENT MUTUAL FUND

4) BIR Withholding Tax – taxes are computed depending on the salary bracket, and the
Number of dependents who are less than 21 years old. You can refer to the BIR tax
Table for weekly payroll, semi-monthly, or monthly payroll.

5) SSS Salary Loan and Pag-ibig loans should be remitted on the scheduled dates.
6) Housing Loan will also be deducted from payroll if applicable and should also be remitted to
National Home Mortgage Finance Corp (NHMFC) and to Home Devleopment Mutual Fund
Whichever is applicable.

Ensure proper office filing systems files are up-to-date

Ensure Employee / Staff Files are updated and secured

Protection and security of Files and Records is maintained

Ensure staff quota is maintained

5. Ensure effective Accounting functions

Monthly budget for coming month is complete and approved by GM

Ensure approved budget is executed monitored and managed well

MYOB entries are done daily and timely reports available to GM

Creditors List is updated daily and available to GM

Proof of payments to Creditors to be filed or handed over to Accounts

Complete daily/weekly reconciliations

Monthly Accounting Report is available to GM