The document outlines tax rates and bases for various impositions on corporations, employers, and individuals according to sections 29, 33, and 49(c) of the tax code. Section 29 applies a 10% tax rate to taxable income of corporations for improperly accumulated earnings each calendar year. Section 33 requires employers to pay a 32% tax on the monetary value and fringe benefits of employees from January 2000 onwards. Section 49(c) taxes individuals at 6% on the gross selling price or fair market value of real property considered a capital asset under section 6(e) upon realization of its sale.
The document outlines tax rates and bases for various impositions on corporations, employers, and individuals according to sections 29, 33, and 49(c) of the tax code. Section 29 applies a 10% tax rate to taxable income of corporations for improperly accumulated earnings each calendar year. Section 33 requires employers to pay a 32% tax on the monetary value and fringe benefits of employees from January 2000 onwards. Section 49(c) taxes individuals at 6% on the gross selling price or fair market value of real property considered a capital asset under section 6(e) upon realization of its sale.
The document outlines tax rates and bases for various impositions on corporations, employers, and individuals according to sections 29, 33, and 49(c) of the tax code. Section 29 applies a 10% tax rate to taxable income of corporations for improperly accumulated earnings each calendar year. Section 33 requires employers to pay a 32% tax on the monetary value and fringe benefits of employees from January 2000 onwards. Section 49(c) taxes individuals at 6% on the gross selling price or fair market value of real property considered a capital asset under section 6(e) upon realization of its sale.
(Improperly income calendar year Accumulated (Improperly Earnings Accumulated Income Tax) earnings
Sec. 33 Employer 32% Grossed up From January
whether monetary 1, 2000 (Fringe Benefits individual, GPP value & fringe onwards Tax) or benefit Corporations
Sec. 49 ( c ) Individuals 6% Gross selling Commences
(Capital Gains price/current upon the Tax - Sale of fair market realization of Real Property value under sale considered as Sec. 6 ( e ) of Capital Asset this code by Individual