Assignment: Problem 01. The data in the Philippines of a married couple for the current year 2021 are as follows: a. Net Income from employment of husband (after tax withheld P2,875) b. Net Income from employment of wife (net of tax withheld P3,600) c. Interest income on bank deposits d. Royalty income (net of final income tax) e. Dividend income of husband from a resident foreign corporation P380,150 420,250 8,000 65,000 3,500 3,600 f. Health hospitalization insurance premiums g. Qualified dependent children, 3 legitimate and 1 legally adopted Compute the 1. taxable net income, 2. income tax credit, 3. income tax payable after tax credit. Problem 02. A married resident, a sole proprietor, had the following business data in the year 2021: Gross profit from sales Deductible business expenses Non-deductible business expenses Interest income on trade receivables Interest income on bank deposits Prizes, winnings from contest in Philippines. Dividend income from foreign corporations. Income tax paid in the year Excess tax credit in prior year Determine the following items: In Denmark Philippines P850,000 P650,000 400,000 300,000 125,000 63,500 15,000 20,000 7,500 5,000 65,000 25,000 5,000 10,000 0 45,000 15,600 0 If a resident alien, 4) the taxable net income, 5)total income tax credit allowed are? If a resident citizen, 6.) the income tax due before and 7.) after the tax credits are? If a resident citizen and the income tax abroad is treated as deductible business expense, the 8.) taxable net income and 9. income tax due after tax credits are?