Determine the following. Use the tax table below.ТАХ ТАBLEIf taxable income:Tax due is:I 0%Not over P250,000Over P250,000 but not over P400,000Over P400,000 but not over P800,000Over P800,000 but not over P2,000,000Over P2,000,000 but not over P8,000,00020% of the excess over P250,000P30,000 + 25% of the excess over #400,000P130,000 + 30% of the excess over P800,000$490,000 +32% of the excess over P2,000,000P2,410,000 +P8,000,000Over P8,000,00035% of theexcessover1. How much is the tax due on taxable income of P150,000?2. How much is the tax due on the taxable income of 290,000?3. Ms. Z, single earns compensation income of P3,230,000 during a taxable year. How muchis the tax due of Ms.Z?

Since, taxable income is below $250000, tax due = 150000 * 0% = 0

DelemIine the Tollowing. Use the lax table below. ТАX ТАBLE If taxable income: Tax due is: 3 0% Not over P250,000 Over P250,000 but not over P400,000 Over P400,000 but not over P800,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over P8,000,000 Over P8,000,000 3 20% of the excess over #250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 $490,000 +32% of the excess over P2,000,000 2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on taxable income of P150,000? ..... 2. How much is the tax due on the taxable income of P290,000? 3. Ms. Z, single earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms.Z?

DelemIine the Tollowing. Use the lax table below. ТАX ТАBLE If taxable income: Tax due is: 3 0% Not over P250,000 Over P250,000 but not over P400,000 Over P400,000 but not over P800,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over P8,000,000 Over P8,000,000 3 20% of the excess over #250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 $490,000 +32% of the excess over P2,000,000 2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on taxable income of P150,000? ..... 2. How much is the tax due on the taxable income of P290,000? 3. Ms. Z, single earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms.Z?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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