Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.

Computation of income tax

131.949 Aufrufe

Veröffentlicht am

  • After many failed attempts, I almost packed in my GCSE maths altogether. But fortunately I didn't, thanks to Jeevan's guide! When I read it, I found out exactly where I was going wrong all this time! I followed his approach and achieved 90% in my next sitting. I was shocked and I thought it was a total fluke so I put his strategy to the test again. This time, I got 100%! Fantastic! If only I came across Jeevan's strategy sooner. Learn more.. ♣♣♣ http://tinyurl.com/passgasce4u
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • DOWNLOAD FULL BOOKS INTO AVAILABLE FORMAT ......................................................................................................................... ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • salamat poo
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • Njce! Thanks for sharing.
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • Do you need a genuine loan to pay your bills or solve any financial problems, kindly contact us now via email: rbinvestment11@outlook.com We offer all kinds of loan. Here comes an Affordable loan that will change your life for ever. We offer genuine and legitimate loan, I offer loan to individual and public sector that are in need of financial Assistance, you will never regret anything in this loan transaction because i will make you smile through out this transaction because you where not born to be a loser, The Terms and Conditions are very simple and considerate. What are you waiting for why don't you try this company and be free from debts and poverty.If you are in need of a genuine loan we can help you, i am certified,registered and legit lender. kindly contact us now via email: rbinvestment11@outlook.com, rbinvestment12@outlook.com
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier

Computation of income tax

  1. 1. COMPUTATION OF INCOME TAX
  2. 2. Computation of Income Tax In order to understand the concept described above, let us use the hypothetical data: Mr. De Castro is gainfully employed as a full-time professor at the Far Eastern Academy. His monthly salary is P85, 000.00 and said academy deducted 32% of his salary for tax. He is married, with five (5) children namely: Jackie, 25 years old but mentally retarded; Celine, 22years old; Andrew, 19 years old; Ely, 18 years old; and Ben, 15 years old. Solve the monthly and annual tax of Mr. De Castro. Identify if there is an overpayment/tax payable using the following allowable deductions: SSS= P700.00/Monthly Pag-IBIG= P200.00 PhilHealth= P200.00 Union Due= P100.00
  3. 3. Given: Total allowance reductions : P1, 200.00/month x 12 = P14, 400.00/year Gross income : P85, 000.00/month x 12 = P1, 020, 000.00/year Tax deduction from his employer (32% of his salary) : P1, 020, 000.00 x 0.32 = P 326, 400.00
  4. 4. Given: Tax income : P85, 000.00(month income) –P1,200.00(allowance deductions) = P83, 800.00 Annual tax of Mr. De Castro : P83, 800.00 x 0.32 = P26, 816.00(monthly tax) x 12 = P321, 792.00
  5. 5. Computation: A. Single Gross income : P1, 020, 000.00 - P14, 400.00(allowance deductions) = P1, 005, 600.00 Gross taxable income : P1, 005, 600.00 – P50, 000.00 (personal exemptions) = P955, 600.00
  6. 6. Computation: Taxable income (Notes: Using the tax table, tax table, tax due is P125, 000.00 + 32% of the excess of P500, 000.00) : P955, 600 – P500, 000 = P455, 600 x 0.32 = P145, 792 + P125, 000 = 270, 792.00 Tax due from his employer : P326, 400.00 Tax withheld per BIR 1700 : P270, 792.00
  7. 7. Computation: Overpayment of Mr. De Castro from his employer: P55, 608.00(refundable)
  8. 8. Computation: B. Married with 4 Qualified Dependents Gross income : P1, 020, 000.00 - P14, 400.00(allowance deductions) = P1, 005, 600.00 Gross taxable income :P1, 005, 600.00 – P150, 000.00 (personal exemptions + 4 Qualified dependant) = P855, 600.00
  9. 9. Computation: Taxable income (Notes: Using the tax table, tax table, tax due is P125, 000.00 + 32% of the excess of P500, 000.00) : P855, 600 – P500, 000 = P355, 600 x 0.32 = P113, 792 + P125, 000 = 238, 792.00 Tax due from his employer : P326, 400.00 Tax withheld per BIR 1700 P238, 792.00
  10. 10. Computation: Overpayment of Mr. De Castro from his employer: P87, 608.00(refundable)

×