Economics with Taxation and Agrarian Reform

Compute the Net Taxable Income

Assumptions
Resident alien husband and wife with two dependent children.
Salary and allowances of husband arising from employment: salary of
PHP 652,000, living allowances of PHP 100,000, housing benefits
(100%) of PHP 300,000.
Teaching salary of wife: PHP 68,000.
Gross dividend income from investment in shares of stock of a
domestic corporation of PHP 10,000.
Interest of PHP 20,000 on peso bank account.
Capital gain on sale of shares of PHP 5,000.
Date of Submission: October 19, 2015 (Without further
extension).