EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author
EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author
Chapter1: An Introducti On To Taxation And Understa Nding The Federal Tax Law
Section: Chapter Questions
Problem 48DQ
Related questions
Question
Transcribed Image Text:INCOME TAXATION (With Tax Principles & Remedies) AMPONGAN 270
8. Night shift differential pay
9.
Interest income on Euro deposit with Metrobank
10. Share in the net income of a partnership in trade
11.
Honorarium of a CPA as speaker in a Continuing Professional
Development (CPD) seminar
Income received by a CPA as an independent auditor
13. 13th month pay
12
14. Gain on sale of shares of stock (not traded)
15. Winnings in a lottery sponsored by Philip Morris Philippines
16. Honorarium received as President and Director of a corporation
17. Dividend received as stockholder of a corporation
18
Travel allowance
19. Productivity incentive pay
20. Lotto winnings
Transcribed Image Text:EXERCISE 8-2. CLASSIFICATION OF INCOME.
REQUIREMENTS:
I Classify the following income into
(A) Self-Employment
B) Passive subject to final withholding tax
(C) Compensation,
IL On the following income, write (Y) if the taxpayer can avail of the 8%
income tax rate, and (N) if the taxpayer cannot avail of the 8% income
tax rate
1.
Rent income of apartment
2 Gain on sale of a commercial building
3 Gain on sale of residential house
4. Income as street vendor
5 Income of a junk shop owner
6. Interest on peso deposit with Bank of the Philippine Islands
7. Royalty as book author
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT