Professional Documents
Culture Documents
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
The new Income Tax Table applicable from 2023 onwards can be seen below:
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
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
Taxable amount above PHP 8,000,000: PHP 10,000,000 - PHP 8,000,000 = PHP
2,000,000
ZYX COMPANY
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).