KARUNUNGAN, Renzo Miguel G.

INCOTAX

AIS-2A

Direction: Answer the problem and provide your solution in good form.

Ms. Cyril Villar is employed in CAMEL Corporation and is also a part-time real estate
agent for a real estate broker. In addition to the SMW of ₱180,000 she received from
her employer, she likewise received ₱75,000 as commissions from her real estate
dealings for the year 2018.
Required:
1. Compute for the amount of income tax and withholding tax depending on the income
tax regime:
a. If Ms. Cyril elects the graduated income tax regime?
b. If Ms. Cyril elects the 8% income tax regime?
2. File the corresponding Income Tax Return (ITR) of Ms. Cyril Villar
a. If Ms. Cyril elects the graduated income tax regime.
b. If Ms. Cyril elects the 8% income tax regime.

Ans:

A.)
Total income received P 255,000.00
Less the income exempt from income tax P 180,000.00
Taxable income P 75,000.00

Tax Due

On not over P250,000.00 (P75,000.00 x 0%) P 0.00

B.)
Total income received P 255,000.00
Less the income exempt from income tax P 180,000.00
Taxable income P 75,000.00

Tax due
P 75,000.00 x 8% P 6,000.00