Question

Mr. and Mrs. Suralbo earned a net taxable income of P568,986. Find the income tax due.

Answer 1

Answer:

$198,000

Step-by-step explanation:

Since Mr. and Mrs. Suralbo are married and filing jointly, they would fall into the tax slab of 35% as their taxable income ranges between $414,701 to $622,050.

Taxable income = $568,986

Tax rate = 35%

Income tax due = $568,000 * 35/100

= $198,000

Thus, the income tax due for Mr. and Mrs. Suralbo would be $198,000.