Philippines Income Tax Problem (02)?

Miss I, single, had the following income and expenses in 2007.

Gross compensation income (net of exclusions)...201,000
Gross Income from rental properties...240,000
Expenses on the rental properties...45,000
Income Tax withheld by the lessee on the rent income...12,000
Quarterly income tax paid...11,438

How much was the income tax withheld on the compensation income?
How much was the income tax due at the end of 2007?

Tax withheld on the compensation income?
P37,750. (di ko rin sigurado)

Using the Schedule Below:
Not over P10,000鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?5%
Over P10,000 but not over P30,000鈥︹€︹€︹€︹€︹€?P500+10% of the excess over P10,000
Over P30,000 but not over P70,000鈥︹€︹€︹€︹€︹€?P2,500+15% of the excess over P30,000
Over P70,000 but not over P140,000鈥︹€?.鈥︹€︹€?P8,500+20% of the excess over P70,000
Over P140,000 but not over P250,000鈥︹€︹€︹€︹€?P22,500+25% of the excess over P140,000
Over P250,000 but not over P500,000鈥︹€︹€︹€︹€?P50,000+30% of the excess over P250,000
Over P500,000 鈥︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€︹€?P125,000+34% of the excess over P500,000 in 1998.

Provided, That effective January 1, 1999, the top marginal rate shall be thirty-three percent (33%) and effective January 1, 2000, the said rate shall be thirty-two percent (32%).


Ung ikalawang tanong kaya mo na yan. Kailangan mo masagot yan. Praktis lang. Subukan mong sagutan ung mga tanong sa libro. Tapos ipattern mo sa mga tanong dyan. =).

Hints: Compute first the total taxes due. Total taxes due is composed of gross compensation income tax, property subject to final tax, etc.

Then after getting the total taxes that needs to be paid, deduct the income tax paid. ;)

You'll get the income tax still due at the end of 2007.