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Compute the total final tax from certain income A resident citizen, widower, with a dependent minor brother, had the following data on income and expenses.
Compute the total final tax from certain income
A resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income Business expenses Interest from savings deposit, BPI-Makati, Philippines Prize in a literary contest he joined Prize received for achievement in literature (did not join the contest) Gain from sale of bonds (maturity is 6 years) P 500,000 200,000 50,000 100,000 10,000 5,000 Separation pay form his former job (resigned) 250,000 Cash he inherited from his uncle 300,000 Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000 Amount received as return of premium (premium paid, P150,000) 200,000 Tax informer's reward 500,000 Interest income from Government bonds 10,000 Winnings from illegal gambling 20,000
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