Compute how much final tax should withheld from the prize

Reference no: EM132726316

Problem 1: Mr. Conrado won the P50,000,000 6/49 Superlotto Jackpot of the Philippine Charity Sweepstakes Office. How much final tax will be withheld?

a. P 500, 000

b. P 200, 000

c. P 100, 000

d. P 0

Problem 2: Ms. Matti won a gold medal and P50, 000 cash prize for chess competition in the Palarong Pambansa. How much final tax should be withheld from the prize?

a. P 20, 000

b. P 10, 000

c. P 5, 000

d. P 0

Reference no: EM132726316

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