The taxpayers are husband and wife with the following data during the taxable year: Husband: Gross receipts from profession, net of 10% withholding tax , P5,400,000 Cost and expenses in the practice of profession, P 2,300,000 Quarter income tax paid, 300,000 Wife: Gross compensation income, net of all exclusions, P800,000 Tax withheld, P120,000 Income and expenses from Joint Business Income from business P800,000 Expenses P120,000 Quarterly Tax withheld 80,000 Required: Compute for the income tax of Husband Wife
The taxpayers are husband and wife with the following data during the taxable year:
Husband:
Gross receipts from profession, net of 10% withholding tax , P5,400,000
Cost and expenses in the practice of profession, P 2,300,000
Quarter income tax paid, 300,000
Wife:
Gross compensation income, net of all exclusions, P800,000
Tax withheld, P120,000
Income and expenses from Joint Business
Income from business P800,000
Expenses P120,000
Quarterly Tax withheld 80,000
Required: Compute for the income tax of
- Husband
- Wife
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