GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces, net of P 60,000 withholding tax P 1,140,000 Dividend income
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
|
Over |
But not over |
The tax shall be |
Plus |
Of excess over |
|
|
250,000 |
0 |
0 |
- |
|
P 250,000 |
400,000 |
0 |
20% |
P 250,000 |
|
400,000 |
800,000 |
30,000 |
25% |
400,000 |
|
800,000 |
2,000,000 |
130,000 |
30% |
800,000 |
|
2,000,000 |
8,000,000 |
490,000 |
32% |
2,000,000 |
|
8,000,000 |
|
2,410,000 |
35% |
8,000,000 |
Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021:
Gross income from rent of commercial spaces,
net of P 60,000 withholding tax P 1,140,000
Dividend income
From domestic corporation 50,000
From resident foreign corporation 60,000
From non-resident foreign corporation 20,000
Interest income:
On notes receivable 5,000
On Philippine bank deposit, net of FWT 4,800
On Phil bank deposit under FCDU 4,000
On bank deposit abroad 5,000
On long-term bank deposit 20,000
Royalty income:
From literary works 10,000
Other than literary works 12,000
On sale of shares of stock of ABC Corp,
a closely held corporation directly to a buyer at P 550,000 200,000
On sale of vacation house in Bulacan 500,000
(Acquisition Cost = 5,500,000; ZV = P 4,000,000, FMV per tax dec: 5,000,000)
Business expenses 691,000
How much is the taxable income?
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