INCOME TAXATION – TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over P800,000 Over PS00,000 but not over P2,000,000 Over P2,000,000 but not over PS,000,000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2.000,000 * P2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, earms compensation income of P 460 000 during 2020. How much is the tax due of Mrs. Z? 5. The pay slip of Mr. B for the month shows the following: Salary 472,000 SSS contribution 6,976 PhilHealth contribution 5 250 Pag IBIC ontribution Litmatch How much is Mr. B's tax due? 1 200
INCOME TAXATION – TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over P800,000 Over PS00,000 but not over P2,000,000 Over P2,000,000 but not over PS,000,000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2.000,000 * P2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, earms compensation income of P 460 000 during 2020. How much is the tax due of Mrs. Z? 5. The pay slip of Mr. B for the month shows the following: Salary 472,000 SSS contribution 6,976 PhilHealth contribution 5 250 Pag IBIC ontribution Litmatch How much is Mr. B's tax due? 1 200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:INCOME TAXATION - TAX DUE
TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022)
If taxable income is:
Tax due is:
Not over P250,000
Over P250,000 but not over P400,000
Over P100,000 but not over PS00,000
Over P800,000 but not over P2,000,000
Over P2,000,000 but not over PS,000.000
Over P8,000,000
* 0%
* 20% of the excess over P250,000
* P30,000 + 25% of the excess over P100,000
* P130,000 + 30% of the excess over P800,000
* P190,000 + 32% of the excess over P2,000,000
* P2,410,000 + 35% of the excess over PS,000,000
1. How much is the tax due on a taxable income of P 250 000?
2. How much is the tax due on a taxable income of P 890 000?
3. Ms. Z is single with no qualified dependent, earns compensation income of P3 230 000 during a taxable year. How much
is the tax due of Ms Z?
4. Mrs. Z, married and a mother of two qualified dependent children, eams compensation income of P 460 000 during
2020. How much is the tax due of Mrs.. Z?
5. The pay slip of Mr. B for the month shows the following:
472,000
Salary
SSS contribution
6,976
PhilHealth contribution
5 250
Pag-IBIC antribution
Bematch
How much is Mr. B's lax due?
1 200
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