# How do I calculate Bir 1701Q?

## How do I calculate Bir 1701Q?

BIR form 1701Q is filed quarterly for the first quarter, second quarter and third quarter. For the annual income tax return, the BIR form 1701 is used….How to Compute Quarterly Income Tax Return: Philippines (1701Q)

Gross Sales [26] P 300,000
Creditable tax withheld per BIR form 2307 for this qtr 2,000
Tax Payable [39] 12,500
Less Penalties [40] 0
Total Amount Payable [41] P 12,500

### How do you calculate Bir quarterly tax?

Your quarterly percentage tax is calculated by multiplying 1% to your quarterly gross sales or receipts. Gross sales and receipts pertain to all the earnings or revenues you receive from your client/business.

#### How do you calculate quarterly income?

Subtract your total expenses from your total sales revenue to calculate your quarterly earnings. If your result is positive, you earned a profit during the quarter. If your result is negative, you sustained a quarterly loss.

How do you calculate taxes for a sole proprietorship?

If the self-employed individual is earning purely business income, he simply needs to add up his gross sales or receipts, deduct the non-taxable P250,000, and multiply the difference with the 8% to arrive at his tax payable to the BIR. It’s that simple.

What is the difference between 2551Q and 1701Q?

2551Q is for the percentage tax; 1701Q is for the income tax. The system doesn’t accept submissions if the amount is zero.

## What is the deadline of 1701Q?

Form No. Requirement Deadline for manual filers
1701 Annual Income Tax Return (for self-employed individuals) April 15
1701-Q Quarterly Income Tax Return (for self-employed individuals)
– 1st Quarter May 15 or 45 days after end of each quarter
– 2nd Quarter August 15 or 45 days after end of each quarter

### How do you calculate self-employed income tax?

1. If you earn less than P250,000 per year, you don’t have to pay any personal income tax.
2. If you earn P250,000 to P400,000, you need to pay 20 percent of the excess over P250,000.
3. If you earn P400,000 to P800,000, you need to pay 25 percent of the excess over P400,000, plus an additional P30,000.

#### Do I have to pay quarterly taxes as a sole proprietor?

Do I have to file taxes quarterly? If you’re a sole proprietor, the answer is most likely yes. The IRS expects self-employed individuals to pay federal income tax throughout the year, and if you don’t pay estimated taxes each quarter, Uncle Sam can charge you interest and impose nonpayment penalties.

How do you calculate tax payable percentage?

As per the table above, to calculate percentage tax, multiply your gross sales or receipts to a 3% tax rate. Let’s say your business earned a gross amount of P500,000 this quarter….Calculating Percentage Tax for Your Business.

Coverage Taxable Base Tax Rate
Non-VAT-registered persons Gross sales or receipts 3%