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Tax Quiz

The document provides income tax calculations for different income amounts and entities using the Philippines 2023 income tax rates. It calculates taxes owed for net incomes of 1.2M, 2.5M, and 10M PHP using the progressive tax brackets. It also calculates a 0% tax for an individual earning 250k PHP. For a company, it notes a lack of details makes an accurate tax calculation difficult.

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MJ Arazas
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215 views2 pages

Tax Quiz

The document provides income tax calculations for different income amounts and entities using the Philippines 2023 income tax rates. It calculates taxes owed for net incomes of 1.2M, 2.5M, and 10M PHP using the progressive tax brackets. It also calculates a 0% tax for an individual earning 250k PHP. For a company, it notes a lack of details makes an accurate tax calculation difficult.

Uploaded by

MJ Arazas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Compute the income tax payer of the net income before tax are as follows and using

the income tax below

1. 1, 200, 000.00
2. 2, 500, 000.00
3. 10,000,000.00
4. ZYX COMPANY
GROSS INCOME 2, 500,000.00
DEPRECIATION 5,000.00
PHILHEALTH 10,000.00
SALARY AND WAGES 12,000.00
WITHHOLDING TAXES 12,000.00

5. MR. X has an income of 250,000 for 2023

The new Income Tax Table applicable from 2023 onwards can be seen below:

Annual Income Tax Rate

PHP 250,000 and below None (0%)


Above PHP 250,000 to PHP 400,000 15% of the excess over PHP 250,000
Above PHP 400,000 to PHP 800,000 PHP 22,500 + 20% of the excess over
PHP 400,000
Above PHP 800,000 to PHP 2,000,000 PHP 102,500 +25% of the excess
over PHP 800,000
Above PHP 2,000,000 to PHP 8,000,000 PHP 402,500 +30% of the excess
over PHP 2,000,000
Above PHP 8,000,000 PHP 2,202,500 +35% of excess
over PHP 8,000,000

Net Income before Tax: PHP 1,200,000.00

Using the tax table:

The income falls within the range of above PHP 800,000 to PHP 2,000,000.

Taxable amount above PHP 800,000: PHP 1,200,000 - PHP 800,000 = PHP 400,000

Tax = PHP 102,500 + 25% of PHP 400,000

Tax = PHP 102,500 + PHP 100,000 = PHP 202,500

Net Income before Tax: PHP 2,500,000.00

Using the tax table:

The income falls within the range of above PHP 2,000,000 to PHP 8,000,000.
Taxable amount above PHP 2,000,000: PHP 2,500,000 - PHP 2,000,000 = PHP
500,000

Tax = PHP 402,500 + 30% of PHP 500,000

Tax = PHP 402,500 + PHP 150,000 = PHP 552,500

Net Income before Tax: PHP 10,000,000.00

Using the tax table:

The income falls within the range of above PHP 8,000,000.

Taxable amount above PHP 8,000,000: PHP 10,000,000 - PHP 8,000,000 = PHP
2,000,000

Tax = PHP 2,202,500 + 35% of PHP 2,000,000

Tax = PHP 2,202,500 + PHP 700,000 = PHP 2,902,500

ZYX COMPANY

For company taxation, the provided information lacks details on allowances,


deductions, and specific tax rules applicable to the company's type of business.
Without this information, it's challenging to compute the company's income tax
accurately.

MR. X's Income: PHP 250,000.00

For incomes up to PHP 250,000, there's no tax, so the tax payable for MR. X would
be 0 (based on the provided tax table).

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