CHAPTER 2 – ACTIVITY / ASSIGNMENT

Compute for the following problems. Show your solution. 5 points each.
A resident citizen employee provided the following data for the taxable year:
Compensation income (Gross) P 860,000
Deductions made by employer
SSS premium contribution 18,000
Philhealth contribution 17,500
Pag-ibig contribution 13,000
Union dues 2,300
Income tax withheld 45,000

How much is the income tax payable of the employee?

SOLUTION
Compensation income (Gross of deduction below) P 860,000
Less: Income exempt from tax
SSS premium contribution (18,000)
Philhealth contribution (17,500)
Pag-ibig contribution (13,000)
Union due (2,300)
Tax Payable P809, 200

Tax Due:
Tax on 1st 800,000 P130,000
Excess: 9,200 x 30% 2,760
Total tax due 132,760
Less: Tax withheld by the employer (45,000)
Income tax payable P87,760

2. The following are the transaction of Ms. Tina Dimaculangan pertaining to sale of real properties for the
current year.
Sale of a parcel of land used in her manufacturing business.
Selling price is P4,500,000. The property was acquired five years ago at P2,250,000.

What is the amount of final tax for these real estate transaction?
SOLUTION
Selling price 4,500,000
Acquired five years ago (2,250,000)
P2,250,000

Tax on 1st 2,000,000 P490,000

Excess: 250,000 x 32% 80,000
FINAL TAX P570,000

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