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The SSS calculates monthly contributions differently for employers, employees, and self-employed people. Every payout is required for everyone in order to be in conformity with governmental labor standards, and this is shown to the employee on the payslip.
In 1973, SSS coverage was extended to overseas Filipino workers and in 1980 to self-employed persons. SSS investment income during Teodoro’s term enabled the fund to increase benefits several times over despite a slow increase in contribution rates.
The unemployment benefit of the SSS also covers the kasambahay (housemaids) as well as Overseas Filipino Workers (OFWs; Filipino migrant workers).Claimants should have made 36 monthly contributions to the SSS, 12 months of which should be in the 18-month period immediately preceding the month of involuntary separation.
All your contributions will be tax-deductible. Folks in business for themselves may also choose a solo 401(k), a retirement plan for self-employed people without employees (except possibly a ...
For those who are self-employed in a one-person business, a solo 401(k) can be an excellent option. A Roth solo 401(k) offers higher contribution limits than a Roth IRA without the income ...
Business profit-sharing contributions are based on your net profits minus half of your self-employment tax and the plan contributions you made for yourself (and any participating spouses). The ...
According to Republic Act No. 7875, as amended by Republic Act No. 9241, "The National Health Insurance Program (NHIP), formerly known as Medicare, is a health insurance program for SSS members and their dependents whereby the healthy subsidize the sick who may find themselves in need of financial assistance when they get hospitalized."
For self-employed workers (who technically are not employees and are deemed not to be earning "wages" for federal tax purposes), the self-employment tax, imposed by the Self-Employment Contributions Act of 1954, codified as Chapter 2 of Subtitle A of the Internal Revenue Code, 26 U.S.C. §§ 1401–1403, is 15.3% of "net earnings from self ...