Computing Income Tax

Which of the following is not required to file income tax return?

• Individual deriving compensation from two or more employers.

• Individual whose taxable income does not exceed P250,000.

• Employees deriving compensation income, regardless of amount, whether from single or several employers, the income tax has not been withheld correctly.

• Individuals receiving purely compensation income from single employer, although the income tax has been correctly withheld, but whose spouse is required to file income tax return.

Which of the following individual most likely will pay high income tax?

• Taxable income of P1,850,000 by Mrs. Cabasag, a solo parent with one daughter.

• Taxable income of P2,000,000 by Mrs. Ondoy, a married individual, with four children.

• Taxable income of 1,950,000 by Ms. Amelo, single.

• Taxable income of P1,900,000 by Mr. Mechael, married with six children.

Mr. Juan dela Cruz, a minimum wage earner, earning P150,000 a year. Is Mr, Crux exempt from income tax? Choose the best answer.

• No, because he earned an income of P150,000.

• Yes, because he is considered minimum wage earner.

• No, because he is required to file income tax return.

• Yes, because his income is below P250,000.

Compensation income earners are

• Individual whose source of income is purely derived from employer-employee relationship.

• Individual earned income from self employment – job order, practice of profession and not under employer-employee relationship.

• Combination of minimum wage earner and self-employed.

• Paid with equal or not more than the statutory minimum wage rates.

Tax is paid by...

• Individuals only

• Businesses only

• Individuals and businesses

• Individuals, businesses, and the government

Tax is used by each level of government to...

• Make politicians rich

• Pay for their employees

• Pay for services that some of the population use

• Provide goods and services that are needed by the community

This is paid to the Government once a person's income passes a set amount. 

• Fees
• Wages
• Tax
• Salary

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

It refers to all income payments, in money or in kind, arising from services performed by an employee under an employer-employee relationship.

• Salary

• Fees

• Compensation

• Tax

If an employee earns 18,000 monthly, what is the monthly withholding tax ?

• zero

• 2,000

• 20% of the salary

• 900

If an earner with compensation net of contribution to SSS, Pag-ibig and Philhealth with P45,000 Taxable Monthly Income, how much is the monthly withholding tax?

• 2916.75

• 11,667

• 5416.75

• 0