TAXATION PHILIPPINES

Compute with solution. NO SOLUTION, NO POINT.

1. Ivana is a resident citizen. She is a purely compensation income earner who earned two million pesos (Php 2,000,000) during the taxable year 2020. Determine her income tax due in 2020. (2 points)

2. Sergio Marquina, a resident Filipino citizen, is a minimum wage earner. He works for the Bangko Sentra ng Pilipinas. He is not engaged in business nor has any other source of income other than his employment. For 2020, Mr. Marquina earned a total compensation income of P200,000. He contributed to SSS, Philhealth, and HDMF amounting to P10,000 and has received 13^th month pay of P15,000. Compute his income tax due in 2020. (2 points)

3. Mr. Helsinki, a resident Filipino, owns a bookstore while he offers tax services to his clients. His gross sales in 2019 amounted to P900,000, in addition to his receipts from tax services of P200,000. He signified his intention to be taxed at 8% income tax rate in her 1^st quarter return. What is Mr. Helsinkis income tax due? (2 points)

4. Same as previous in no. 3, except that Mr. Helsinki failed to indicate in his initial Quarterly Income Tax Return his intention to be taxed at 8% income tax rate on gross sales, and he incurred cost of sales of P605,000 and operating expenses of P205,000. Compute for Mr. Helsinkis income tax due. (2 points)