nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- -0- +20% of the excess over 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over +30% of the excess over +32% of the excess over +35% of the excess over How much is the income tax due is he uses itemized deduction?
nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- -0- +20% of the excess over 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over +30% of the excess over +32% of the excess over +35% of the excess over How much is the income tax due is he uses itemized deduction?
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 31P
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Question
Transcribed Image Text:Mr. Borbon had the following data for his income tax return for the current year:
Php 490, 000
150, 000
200, 000
120, 000
70, 000
320,000
Sales
Personal Exemption
Cost of Sales
Administrative and Selling Expenses
Personal Expenses
Professional Income
Graduated Income Tax Rate Effective January 1, 2018
Initial Basis
0-250,000
Over 250, 000 but not over 400, 000
Over 400,000 but not over 800,000
Over 800, 000 but not over 2,000, 000
Over 2, 000, 000 but not over 8, 000, 000
Over 8, 000, 000
Tax due
In Excess
-0-
-0-
|-0-
+20% of the excess over 250,000
30,000
130,000
490, 000
2, 410, 000
+25% of the excess over 400,000
+30% of the excess over 800, 000
+32% of the excess over 2, 000, 000
+35% of the excess over 8, 000, 000
How much is the income tax due is he uses itemized deduction?
O Php 24,000
O Php 52,500
O Php 42,500
O Php 10,000
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