How to Compute Income Tax Return?

Gross Income .................................................................P ___________

Less: Allowable Deductions (Itemized or Optional)................. ___________
Net Income..................................................................... P ___________
Net Income..................................................................... P ___________
Less: Personal & Additional Exemptions................................ ___________
Net Taxable Income .........................................................P ___________
Net Taxable Income .........................................................P ___________
Multiply by Tax Rate (5 to 32% - table above) .......................____________
Income Tax Due: Tax withheld (per BIR From 2316/2304) ..P ___________
Income tax payable .......................................................... P____________
Pay the balance as you file the tax return, computed as follows:
Income Tax Due ..............................................................P ___________
Less: Withholding Tax......................................................... ___________
Net Income Tax Due........................................................ P ___________
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