Answer the following:
a. Gross Income
-
P2,250,000
b. MCIT
2,250,000
X
2%
= 45,000
c. Normal Income Tax using OSD
2,250,000
X
60%
= 1,350,000
X
30%
= P405,000
d. Normal Income Tax using itemized deduction
1,485,000
X
30%
= P445,500
e. . Income Tax due/payable using itemized deduction
= P405,000