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The table below is the revi Reform for Acceleration and aims for taxpayers to "reap fair share to national develop RANGE OF A IN Not over F Over PHP25 over PH Over PHP40 over PH Over PHP80

The table below is the revi Reform for Acceleration and aims for taxpayers to "reap fair share to national develop RANGE OF A IN Not over F Over PHP25 over PH Over PHP40 over PH Over PHP80

FINANCIAL ACCOUNTING
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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The table below is the revised computation for the income tax as stipulated in the Tax Reform for Acceleration and Inclusion (TRAIN) law. Beginning January 1, 2023, the revision aims for taxpayers to "reap the fruits of their labor while enabling them to contribute their fair share to national development," said Finance Secretary Benjamin Diokno. RANGE OF ANNUAL TAXABLE INCOME Not over PHP250,000.00 Over PHP250,000.00 but not over PHP400,000.00 Over PHP400,000.00 but not over PHP800,000.00 Over PHP800,000.00 but not over PHP2,000,000.00 Over PHP2,000,000.00 but not over PHP8,000,000.00 Over PHP8,000,000.00 TAX DUE Exempted from personal income tax 15% of the excess over PHP250,000.00 PHP22,500.00 + 20% of the excess over PHP400,000.00 PHP102,500.00 + 25% of the excess over PHP800,000.00 PHP402,500.00 + 30% of the excess over PHP2,000,000.00 PHP2,202,500.00 + 35% of the excess over PHP8,000,000.00 1. Construct the piecewise function T that computes the annual income tax given annual income x. 2. The president of the Philippines has the highest salary grade (SG) out of all government officials with SG 33. This is equivalent to PHP419,144.00. How much is his annual tax? 3. A public-school teacher has a minimum SG of 11. This is equivalent to PHP27,000.00. How much is a public-school teacher's annual tax? 4. A middle-class citizen has an annual income tax of PHP35,017.60. How much is his annual salary?
Transcribed Image Text:The table below is the revised computation for the income tax as stipulated in the Tax Reform for Acceleration and Inclusion (TRAIN) law. Beginning January 1, 2023, the revision aims for taxpayers to "reap the fruits of their labor while enabling them to contribute their fair share to national development," said Finance Secretary Benjamin Diokno. RANGE OF ANNUAL TAXABLE INCOME Not over PHP250,000.00 Over PHP250,000.00 but not over PHP400,000.00 Over PHP400,000.00 but not over PHP800,000.00 Over PHP800,000.00 but not over PHP2,000,000.00 Over PHP2,000,000.00 but not over PHP8,000,000.00 Over PHP8,000,000.00 TAX DUE Exempted from personal income tax 15% of the excess over PHP250,000.00 PHP22,500.00 + 20% of the excess over PHP400,000.00 PHP102,500.00 + 25% of the excess over PHP800,000.00 PHP402,500.00 + 30% of the excess over PHP2,000,000.00 PHP2,202,500.00 + 35% of the excess over PHP8,000,000.00 1. Construct the piecewise function T that computes the annual income tax given annual income x. 2. The president of the Philippines has the highest salary grade (SG) out of all government officials with SG 33. This is equivalent to PHP419,144.00. How much is his annual tax? 3. A public-school teacher has a minimum SG of 11. This is equivalent to PHP27,000.00. How much is a public-school teacher's annual tax? 4. A middle-class citizen has an annual income tax of PHP35,017.60. How much is his annual salary?
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