Income Taxation

Computation in Quiz 2

Computation
Compensation Range 6
Prescribed w/tax ₱ 10,416.67
+ plus 35% over P 333,333
P 975,000-333,333=P 641,667*.35 224,583.45
Amount of Withholding Taxes ₱ 235,000.12

Taxable gross income ₱ 975,000.00

Less income not subject to tax 250,000.00
Taxable income ₱ 725,000.00

The tax due is:

Php 400,000 ₱ 30,000.00
Add: 25% in excess of P400,000.00 81,250.00
(Php750,000.00 - 400,000.00 = P 350,000.00)
Income Tax Due ₱ 111,250.00

Name: Vivian Castillo