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answer the following Task (Individual) Refer to the BIR withholding tax table. Determine the withholding income scenario: tax deduction for each pay period of the

answer the following

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Task (Individual) Refer to the BIR withholding tax table. Determine the withholding income scenario: tax deduction for each pay period of the taxpayers in the following Maria Dela Vega is paid a monthly compensation of P 20,000 (net of mandatory contributions). Maria is a single parent of a 10 year old girl Lawrence Sison's salary is P18,000 (net of mandatory contributions) paid semi-monthly. Lawrence is single with no qualified dependents Luz Martinez paid a weekly salary of P2,500 (net of mandatory contributions of SSS, Philhealth and Pag-ibig fund). Luz is a widow with five children ages 4 to 15 years old. Post - Test I (Individual) 1 point each number Instruction: Research sentence carefully and determine whether the statement is True or False. Write your answers on the line provided before the number. A Filipino citizen residing in the Philippines is levied taxes for Income derived inside the Philippines only. Income tax is a tax on the net income or the entire income realized in one taxable year. The Philippine individual income tax is characterized by increasing tax rate as the tax base increases. All individual taxpayers are granted a personal exemption of P50,000 and additional exemptions of P50,000 for each qualified dependent up to a maximum of four dependents. LD In substituted filing the employer files the BIR Form 1700 for their employees. A taxpayer that derived income solely from business is required to file BIR Form 1700. Optional standard deduction scheme allows the business to claim deduction of 40% of gross sales A mixed income earner is a taxpayer who is engaged in business and also practice of profession. A taxpayer deriving mixed income will also use BIR Form 1701. The Internal Revenue Service is the primary implementing agency in charge of tax collections in the Philippines

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