Mr. Uno had the following records of his horse races in the current month of 20X1: Туре of Cost of Horse Gross winnings winnings Winnings A Trifecta P90,000 P40,000 Ordinary 250,000 50,000 Double 50,000 10,000 D Ordinary 175,000 25,000 How much percentage taxes were paid by Mr. Uno?__
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- Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of $12,000. If these taxes were paid to thesame government agency, is the tax on income progressive, regressive, orproportional? How did you reach this conclusion?Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000
- Repaso is engaged in renting out 250 apartment units to small families forP13,000 per month. All units are occupied. Philippine, 2021.Determine the business tax and the business tax due. VAT; P390,000Percentage Tax ; P32,500VAT Exempt; P 0Percentage tax; P 0Ms. Locker operates a manufacturing business in California. For the year ended 30 June 2020, the following information is given:The tax adjusted trading profit, before capital allowances has been calculated to be $15 000 000.The taxpayer brought the following non-current assets during the year:Amount ($)Plant and machinery (manufacturing) 5 000 000Toyota Hilux (30% private use) 300 000Four (4) passenger motor vehicles 900 000Other Plant and machinery 300 000Factory building (new) 6 000 000Rates of Capital Allowances:Annual Allowance (%) Initial Allowance(%)Manufacturing Plant and Machinery 25% -Commercial building 2.5%Industrial Buildings 2.5% 25%Motor Vehicles 25%Other Plant and Machinery 15%Furniture and Fittings 10%Computer hardware 255Computer Software 100Required:Calculate the taxable income /assessed loss for the year ended 30 June 2020 and the tax payable if any.A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
- 1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable? 2. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of P10,000,000 inclusive of 13th month pay and other benefits in the amount of P800,000. He also owns a poultry farm which supplies the wet market in his province. Its gross sales totalled P2,000,000. The farm's cost of sales and operating expenses amounted P300,000 and P180,000, respectively. Its non-operating income amounted to P230,000. Compute his income tax due in 2019. (a) P3,691,000 (b) P3,874,760 (c) P3,901,000 (d) None of the above.Sandra Parchment is 66 years old and operates Parchment's Sports Wear. Her gross receipts andexpenses for 2020 are as follows:Income from trade $52,000,000Pension Income $3,600,000Interest income $2,300,000Dividend income $ 750,000Total Allowable Expenses $6,285, 000.00 and total purchases $32,500,000, capital allowance for the yearamounted to $650,000.00Required:Calculate her tax liability for year of assessment 2020 and her statutory deductions.
- Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and operating expenses are P600,000 and P400,000, respectively, and with non-operating income of P100,000.1. What business tax is due to her?2. How much is the income tax due to her?3. How much tax due if she availed the OSD?
