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Income taxation-Practical Activity

1) Mrs. Sy is employed as a bank manager. Her husband is unemployed for three


years now. They have four children;the eldest is 25 years old, the second is 21 years
old, the third is 18 years old and the youngest is 13 years old. Additional informations
are the following:
a)
b)
c)
d)

Monthly salary 18,000;


Monthly allowance 3,000;
Annual Commission 120,000; and,
Withholding Tax 60,000

Base on the given informations, compute the following:


a.
b.
c.
d.
e.
f.

Gross Compensation income for the year 2016;


Personal exemption
Additional Exemptions
Taxable Income
Tax due
Tax payable/refundable, if any.

2) Mr. Muricio, a darn good looking Filipino citizen, is a bank employee. He had four
children wherein one is still in elementary while the others are all high school
students. Mrs. Muricio, the wife, is engaged into a retail business. For the year 2016,
Mrs. Muricio had a gross income of One Million Pesos. Mr. Muricio, on the other hand,
had a gross income of Three Hundred Thousand Pesos. In addition to Mr. Muricios
gross income, he received the following allowances in monthly basis for the year
2016:
a. Medicine allowance 5,000
b. Transportation and food allowance 2,500
c. Tax withheld per month 3,250
In addition to the above-mentioned information, Mr. Muricio received a 13th
month pay equivalent to his monthly salary.
Base on the given informations, compute the following:
a.
b.
c.
d.
e.
f.

Gross Compensation income for the year 2016;


Personal exemption
Additional Exemptions
Taxable Income
Tax due
Tax payable/refundable, if any.