For some bills computation, here’s how you compute it.
BILLS COMPUTATION – This how you can compute your 13th month pay, income tax, house loans, and other bills that you must pay.
Knowing how to budget your salary is important. In the long run, it will serve you better purposes such as savings and getting out of a credit card debt faster. You should be smart and disciplined enough to allocate certain amount for your food, housing, transportation and insurance.
However, below are just some of the few bills you pay every month along with an instruction on how to compute it:
For 13th month pay, this basically just the 1/12th of your total salary in a year. For example, if you’ve worked for 12 months this 2020 and you have a monthly salary of Php 20,000.00, the formula is:
For 12 months: Php 20,000 X 12 months = Php 240,000 / 12 = Php 20,000
For Six months: Php 20,000 X 6 months = Php 120,000 / 12 = Php 10,000
For Three months: Php 20,000 X 3 months = Php 60,000 / 12 = Php 5,000
For income tax, the Department of Finance actually has a tax calculator available on their site already. It can automatically compute your tax deduction which also includes your mandatory deductions for SSS, PhilHealth, and Pagibig.
See example below if your salary is at Php 20,000.00 and still single:
For your monthly mortgage, first thing to know is the interest rate of your bank. You have to go to banks with lowest FIXED interest rates and most of them already has Home Loan Calculator. For example, if you’re planning to have a property worth Php 3 million, the interest rate would be at 6.5%.
Now, the required payment is at 20% of the selling price which is at Php 600,000.00, thus, your loan must be at Php 2.4 million. Your monthly amortization will depend on the number of years of your loan term.
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