Economics Essay

360 words - 2 pages

Assignment # 2
Compute for the annual income tax payable present in an organize manner (Show the step-by-step procedure using the formula)
1.) A single individual whose taxable income amounts to P500,000
2.) A married man w/children whose ages are 23, 19, 15 & 8 earning monthly gross income amounting to P25,000. He contributes P450, P350 & P100 per month for SSS, Phil health & Pag – ibig respectively he also receives 13th month pay.

Taxable Income = P500, 000
SSS Contribution = P581.30
PhilHealth Contribution = P437.50

Solution:
1.)
Taxable income = (Monthly Basis Pay) – (SSS+PhilHealth+Pag Ibig)
Taxable Income = P500, 000 – (P581.30 + P437.50+100)
...view middle of the document...

00 + 5% over."
This means a married man’s tax is P0.00 plus 5% of the difference of his taxable income (P900) and the amount in...

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