Exercises on computation of Income Tax. Example # 1 1.Mr. San Pedro receives a monthly income of P32,908.75. he happens to have 4 children which he has.

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Exercises on computation of Income Tax

Example # 1 1.Mr. San Pedro receives a monthly income of P32, he happens to have 4 children which he has claimed as dependents. Requirements: Compute for the following: 1.Gross Taxable Compensation Income (GTCI) 2.Personal exemption and additional exemption 3.Taxable Income 4.Tax due 5.Tax withheld per BIR Form No Tax Payable 7.Total Amount Payable

answer for Example #1 (NEW SYSTEM personal and additional exemption) Monthly Income:P 32, X 12mos GTCIP394, Less: personal P 50, and additional Exemptions 4(P25,000)P 100, Taxable IncomeP244,905.00

answer for Example #1 (NEW SYSTEM personal and additional exemption) To compute for the Tax due of Mr. San Pedro: Taxable IncomeP244, – P140, =P104, X.25 P26, P22, TAX DUE:P48, Monthly income32, Less: Mo. Exemp ( found in the table ) 24, , X.25 (tax rate) 2, ,875 4, X 12 TAX WITHHELDP48,725.25

answer for Problem #1 (old SYSTEM) TO COMPUTE FOR THE TOTAL AMOUNT PAYABLE: TAX DUE:P48, less: TAX WITHHELDP48, TAX PAYABLEP 1.00 TOTAL AMOUNT PAYABLE:P 1.00