Final answer:
Mrs. Gomez must pay P 6,750.36 in taxes at a 12% tax rate on her taxable income of P 56,253.00. Tax calculation is straightforward: multiply the income by the tax rate.
Step-by-step explanation:
Mrs. Gomez will have to pay P 6,750.36 in taxes for the year if her taxable income is P 56,253.00 with a tax rate of 12%.
To calculate the taxes, you simply multiply the taxable income by the tax rate. Therefore, her tax liability would be P 56,253.00 x 0.12 = P 6,750.36. Taxes can often seem complicated but they are just a percentage of the taxable income. This formula can be used for anyone trying to figure out their tax payments, just change the income and tax rate accordingly.
Understanding how to calculate these taxes is critical as it helps with financial planning and ensures compliance with tax laws. Personal finance is often based on knowing exactly what expenses you have and tax is one of the main yearly expenses for most people.