Professional Documents
Culture Documents
2. Salary and allowances of husband arising from employment: Salary of PHP 652,000, living
allowances of PHP 100,000, and housing benefits (100%) of PHP 300,000.
3. Teaching salary of wife: PHP 68,000.
4. Gross dividend income from investment in shares of stock of a domestic corporation of PHP
10,000.
5. Interest of PHP 20,000 on peso bank account.
6. Capital gain on sale of shares of PHP 5,000.
7. Taxes withheld by employer of husband at PHP 118,000 and by employer of wife at nil.
8. Husband is occupying a managerial position in the company.
Tax Due
On first 400,000 30,000
On remainder of 352,000 at 25% 88,000
Total Tax 118,000
Tax withheld by employer 118,000
Net Tax Due 0
This items are not included in the income tax return because they are subject to final tax.