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Create a flowchart diagram that will input the Gross Income of a particular employee, and compute for the output of his/her Tax and Net Income according to the table given below: (see attached image)

Create a flowchart diagram that will input the Gross Income of a particular employee, and compute for the output of his/her Tax and Net Income according to the table given below: (see attached image)

Database System Concepts
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Create a flowchart diagram that will input the Gross Income of a particular employee, and compute for the output of his/her Tax and Net Income according to the table given below: (see attached image)

Create a flowchart diagram that will input the Gross Income of a particular employee, and compute for the output of his/her Tax and Net Income according to the table given below: Income Tax Tables under TRAIN Law (Part 2 - Applicable from Year 2023 Onwards) Source: BIR and www.PinoyMoneyTalk.com ANNUAL INCOME TAX RATE P250,000 and below None (0%) Above P250,000 to P400,000 15% of excess over P250,000 Above P400,000 to P800,000 P22,500 + 20% of excess over P400,000 Above P800,000 to P2,000,000 P102,500 + 25% of excess over P800,000 Above P2,000,000 to P8,000,000 P402,500 + 30% of excess over P2,000,000 Above P8,000,000 P2.2025 million + 35% of excess over P8 million DinoyMoneyTalk.com Definition of terms: Gross Income is also known as gross pay when it's on a paycheck - is the individual's total pay from his or her employer before taxes or other deductions. Taxes are involuntary fees charged on individuals or corporations and enforced by a government entity - whether local, regional or national - in order to finance government activities. Net Income is also called net earnings; It is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
Transcribed Image Text:Create a flowchart diagram that will input the Gross Income of a particular employee, and compute for the output of his/her Tax and Net Income according to the table given below: Income Tax Tables under TRAIN Law (Part 2 - Applicable from Year 2023 Onwards) Source: BIR and www.PinoyMoneyTalk.com ANNUAL INCOME TAX RATE P250,000 and below None (0%) Above P250,000 to P400,000 15% of excess over P250,000 Above P400,000 to P800,000 P22,500 + 20% of excess over P400,000 Above P800,000 to P2,000,000 P102,500 + 25% of excess over P800,000 Above P2,000,000 to P8,000,000 P402,500 + 30% of excess over P2,000,000 Above P8,000,000 P2.2025 million + 35% of excess over P8 million DinoyMoneyTalk.com Definition of terms: Gross Income is also known as gross pay when it's on a paycheck - is the individual's total pay from his or her employer before taxes or other deductions. Taxes are involuntary fees charged on individuals or corporations and enforced by a government entity - whether local, regional or national - in order to finance government activities. Net Income is also called net earnings; It is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses.
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