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 ...view middle of the document...

2 is P47,917 (ME1/S1 row, Column 8) Bureau of Internal Revenue Tax table.
The heading of Column 8 reads “10,416.67+32%over”.
This means Single Individual’s tax is P10,416.67 plus 32% of the difference of his taxable income (P498, 881.2) and the amount in the table (P47,917)
Computation:
Tax = 10,416.67 + [(498, 881.2– 47,917) X .32]
=10,416.67 + (450, 964.2 X .32)
=10,416.67 + 144,308.544
=P155, 392.09

2.)
Taxable income = (Monthly Basic Pay) - (SSS/PhilHealth/Pag-IBIG deductions+Holidays)
13th month pay computation

Total basic salary earned during the year = 13
12 months
P25, 000 x 12 – 1 year = P300, 000
P300,000/12 months = P25, 000 13th month pay
Taxable Income = P25, 000 – (P450 + P350+ P100+P25,000)
P25, 000 –P25,900
Taxable Income = P900

A married man w/children ME4/S4, as example. The highest amount that does not exceed married man’s taxable income of P900 is 12, 500 (ME4/S4 row, Column 2).
The heading of Column 2 reads “0.00 + 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 the table (P12, 500)
0 + [(900-12,500) x .5]
0 + (11,600 x .25)
0 + P5800
P5, 800

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