INCOME TAXATION – TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over P800,000 Over PS00,000 but not over P2,000,000 Over P2,000,000 but not over PS,000,000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2.000,000 * P2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, earms compensation income of P 460 000 during 2020. How much is the tax due of Mrs. Z? 5. The pay slip of Mr. B for the month shows the following: Salary 472,000 SSS contribution 6,976 PhilHealth contribution 5 250 Pag IBIC ontribution Litmatch How much is Mr. B's tax due? 1 200
INCOME TAXATION – TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over P800,000 Over PS00,000 but not over P2,000,000 Over P2,000,000 but not over PS,000,000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2.000,000 * P2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, earms compensation income of P 460 000 during 2020. How much is the tax due of Mrs. Z? 5. The pay slip of Mr. B for the month shows the following: Salary 472,000 SSS contribution 6,976 PhilHealth contribution 5 250 Pag IBIC ontribution Litmatch How much is Mr. B's tax due? 1 200
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 8E: Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a...
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