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What is Net Taxable Income Calculation about?

The taxpayer had a net taxable income of P221,000. Based on the tax brackets, the tax on the first P140,000 of income was P22,500 and the tax on the excess P81,000, taxed at 25%, was P20,250. The total income tax due was P42,750.

Author

Lauriz Dillumas Machon

Language

EN