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1. Jacqueline Cruz generated annual compensation income of P 455,000, net of statutory payments. Tax exempt 13th month pay and other bonuses-P30,000. Determine the tax
1. Jacqueline Cruz generated annual compensation income of P 455,000, net of statutory payments. Tax exempt 13th month pay and other bonuses-P30,000. Determine the tax due of Jacqueline Cruz based on the following possible tax status of Jacqueline: a. Jacqueline is single with no dependent. b. Jacqueline is single with one qualified dependent. c. Jacqueline is married with one qualified dependent. d. Jacqueline is married with three qualified dependents. e. Jacqueline is married with five dependents. Based on the following tax table, the P 435,000 taxable income is taxed in bracket number 6. The fax due is as follows: P 50,000 + 30% (435,000 - 250,000) P 50,000 + 30% (185,000) P 50,000 + 55,500 P 105,500 Graduated Income Tax for Individuals or or or 5% On taxable income of: Tax is: 1. not over P 10,000 2. over P 10,000 but not over P 30,000 P500 + 10% of excess over P 10,000 3. over P 30,000 but not over P 70,000 P 2,500 + 15% of excess over P 30,000 4. over P 70,000 but not over P 140,000 P 8,500 + 20% of excess over P 70,000 5. over P 140,000 but not over P 250,000 P 22,500 + 25% of excess over P 140,000 6. over P 250,000 but not over P 500,000 P 50,000 + 30% of excess over P 250,000 7. over P 500,000 P 125,000 + 32% of excess of P 500,000
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