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

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
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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

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
PinoyMoneyTalk.com
Transcribed Image Text: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 PinoyMoneyTalk.com
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