How much final tax must be remitted by the organizer

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Problem 1: Matti won a gold medal and P50,000 cash prize for chess competition in the4. Palarong Pambansa. How much final tax should be withheld from the prize?

Problem 2: Mr. Tuao won an P800,000 prize in a national dancing competition. The organizer of the event declared that the P800,000 grand prize was "tax free." How much final tax must be remitted by the organizer to the BIR?

Problem 3: Sison Inc. is the only corporate shareholder of Surigao Inc. owning 60% of its outstanding voting shares. During the year, Surigao Inc. declared a P1,000,000dividend. Compute the final income tax to be withheld by Surigao.

Reference no: EM132786953

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