Compute for the couple annual income tax

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Reference no: EM132779262

Problem 1: Mr. and Mrs. Reyes are both lawyers and have 2 dependent children. Mr. Reyes has a monthly basic salary of Php. 50,000 while Mrs. Reyes has Php 55,000 monthly pay. Both receive quarterly travel allowances of Php. 25,000 and a monthly rice allowance of Php. 7,000. Mr. Reyes received an honorarium of Php. 30,000 as a resource speaker and a Php. 18,000 commission. Mrs. Reyes, on the other hand, received a Php. 46,500 commission from a lawsuit. The couple both have a Php. 90,000 withholding tax. Compute for the couple's annual income tax based on the information stated

Reference no: EM132779262

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