abgsgdvdbdvddbvxgxxvxgdggdbdgdeggskkanzjssbsbbxbxGross ₱ 455,000
compensation (salary and other business)
Less: Tax exempt 13th month bonus 30,000
Gross taxable compensation income ₱ 425,000
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A.
Gross taxable compensation income ₱ 425, 000
Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000
From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000
₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000
B.
Gross taxable compensation income ₱ 425, 000
Less: Personal deduction 50, 000
Less: Additional deduction 25, 000
Net taxable compensation income ₱ 350, 000
From tax table, tax due for ₱ 350, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000
₱ 50, 000 + 30% (₱ 350, 000 – ₱ 250, 000) = ₱ 100, 000
C.
Gross taxable compensation income ₱ 425, 000
Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000
From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000
₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000
D.
Gross taxable compensation income ₱ 425, 000
Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000
From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000
₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000
E.
Gross taxable compensation income ₱ 425, 000
Less: Personal Deduction 50, 000
Net Taxable compensation income ₱ 375, 000
From tax table, tax due for ₱ 375, 000 is computed as follows:
₱ 50,000 + 30% of the excess over ₱ 250, 000
₱ 50, 000 + 30% (₱ 375, 000 – ₱ 250, 000) = ₱ 125, 000
PROBLEM 2
Revenue from consultancy services ₱ 853, 000
Less: 40% standard deductions 341, 000
Taxable income from business or profession ₱ 511, 800
Taxable income from business or profession ₱ 511, 800
Net Taxable compensation income 0
Total taxable income ₱ 511, 800
A.
Personal Deduction ₱ 50,000
Taxable income from business or profession 511, 800
Total taxable income ₱ 461, 800
From tax table, tax due for ₱ 461, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000
₱ 125, 000 + 30% (₱ 461, 800 – ₱ 250, 000) = ₱ 211, 800
B.
Less: Personal deduction ₱ 50, 000
Less: Additional deduction 20, 000
Taxable income from business or profession 511, 000
Total taxable income ₱ 436, 800
From tax table, tax due for ₱ 436, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000
₱ 125, 000 + 30% (₱ 436, 800 – ₱ 250, 000) = ₱ 186, 800
C.
Less: Personal deduction ₱ 50, 000
Less: Additional deduction 75, 000
Taxable income from business or profession 511, 000
Total taxable income ₱ 386, 800
From tax table, tax due for ₱ 386, 800 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000
₱ 125, 000 + 30% (₱ 386, 800 – ₱ 250, 000) = ₱ 136, 800
PROBLEM #3
Sales ₱ 1, 765, 000
Expenses 1,115, 000
Taxable income from business or profession ₱ 650, 000
A.
Taxable income from business or profession ₱ 650, 000
Personal Deduction 50, 000
Total taxable income ₱ 600, 000
From tax table, tax due for ₱ 600, 000 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000
₱ 125, 000 + 30% (₱ 600, 000 – ₱ 250, 000) = ₱ 350, 000
B.
Taxable income from business or profession ₱ 650, 000
Personal Deduction 50, 000
Additional Deduction 75, 000
Total taxable income ₱ 525, 000
From tax table, tax due for ₱ 525, 000 is computed as follows:
₱ 125,000 + 32% of the excess over ₱ 500, 000
₱ 125, 000 + 30% (₱ 525, 000 – ₱ 250, 000) = ₱ 275, 000
