Which tax rate should ms b use in computing for income tax

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Reference no: EM132821219

Ms. B is a resident citizen who has a gross compensation income of ?550,000 inclusive of 13th month pay and other bonuses amounting to ?175,000. Her mandatory contributions total to ?28,000 a year.

Problem 1: How much is Ms. B's taxable income?

a. ?522,000

b. ?697,000

c. ?347,000

d. ?432,000

Problem 2: Which tax rate should Ms. B use in computing for her income tax?

A. 20% of the excess over ?250,000

b. ?30,000 + 25% of the excess over ?400,000

c. ?130,000 + 30% of the excess over ?800,000

d. ?490,000 + 32% of the excess over ?2 million

Problem 3: What is Ms. B's income tax due?

A. ?19,400

B. ?38,000

C. ?104,250

D. ?36,400

Reference no: EM132821219

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