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Income Tax Computation Exercises

The document contains two computational problems involving income tax and capital gains tax. The first problem calculates the income tax payable of an employee with a gross compensation of 860,000 pesos after deducting various contributions and withholdings. The second problem calculates the capital gains tax on the sale of a parcel of land for 4.5 million pesos that was acquired 5 years ago for 2.25 million pesos. The capital gains tax is 270,000 pesos.

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J Lagarde
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195 views2 pages

Income Tax Computation Exercises

The document contains two computational problems involving income tax and capital gains tax. The first problem calculates the income tax payable of an employee with a gross compensation of 860,000 pesos after deducting various contributions and withholdings. The second problem calculates the capital gains tax on the sale of a parcel of land for 4.5 million pesos that was acquired 5 years ago for 2.25 million pesos. The capital gains tax is 270,000 pesos.

Uploaded by

J Lagarde
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
  • Income Taxation Problem 1
  • Income Taxation Problem 2

ICCT COLEGES FOUNDATION, Inc.

Income Taxation – CBTAX01


CHAPTER 2- ACTIVITY/ ASSIGNMENT

Compute for the following problems. Show your solution. 5 points each.

1. 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? P 87,760

Computation:
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 )

Taxable Income 809,200

Income tax due using graduated rate

(130,000+ 30% excess of 800,000) 132,760


Income tax withheld (45,000)

TAX PAYABLE P 87,760

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?

Computation:

Capital gains tax on sale of real properties

CGT= 6% rate x 4,500,000

CTG= 4,500,000 x 6%

= 4,500,000 x 0.06

= P 270,000 <----- Final Tax

ICCT COLEGES FOUNDATION, Inc. Income Taxation – CBTAX01 CHAPTER 2- ACTIVITY/ ASSIGNMENT Compute for the following proble
Income tax withheld (45,000) TAX PAYABLE P 87,760 2. The following a

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