3. The resident alien husband and wife with two dependent children. The salary andallowances of husband arising from employment: Salary of PHP 652,000, livingallowances of PHP 100,000, and housing benefits (100%) of PHP 300,000. Theteaching salary of wife: PHP 68,000. Gross dividend income from investment inshares of stock of a domestic corporation of PHP 10,000. Interest of PHP 20,000on peso bank account. Capital gain on sale of shares of PHP 5,000. Taxes withheldby employer of husband at PHP 118,000 and by employer of wife at nil. TheHusband is occupying a managerial position in the company.REQUIREMENT: COMPUTE FOR THE TOTAL TAX DUE OF HUSBAND ANDWIFE FROM THEIR COMPENSATION INCOME

A tax can be defined as the financial charge levied by the government on the taxable income earned…

Answered: Gross dividend income f ation of PHP…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information related to a married couple: (a) Resident alien husband and wife with two dependent children. (b) Salary and allowances of husband arising from employment: Salary of PHP 752,000, living allowances of PHP 100,000, and housing benefits (100%) of PHP 300,000. (c) Teaching salary of wife: PHP 168,000. (d) Gross dividend income from investment in shares of stock of a domestic corporation of PHP 10,000. (e) Interest of PHP 20,000 on peso bank account. (f) Capital gain on sale of shares of PHP 5,000. (g) Taxes withheld by employer of husband at PHP 118,000 and by employer of wife at PHP 0. (h) Husband is occupying a managerial position in the company. Compute for the income tax due of the husband and wife.
Which of the following income is subject to final tax if received by an individual taxpayer? I. Share of a partner in the net income of a business partnership. II. Cash divided received by a stockholder from a domestic corporation. III. Winnings in lotto. IV. Raffle prizes amounting to PHP 6,000 Choices: I, II and III I, III and IV I, II, III and IV III and IV
A Resident citizen husband and wife with two dependent children are going to file their 2020 income tax returns with the following details: Salary and allowances of husband arising from employment: Salary of PHP 652,000, living allowances of PHP 100,000, and housing benefits (100%) of PHP 300,000. Teaching salary of wife: PHP 68,000. Wife inherited land costing 200,000 Gross dividend income from investment in shares of stock of a domestic corporation of PHP 10,000. The interest of PHP 20,000 on the peso bank account. Capital gain on sale of shares of PHP 5,000. Taxes withheld by the employer of husband at PHP 118,000 and by the employer of wife at nil. Husband is occupying a managerial position in the company. How much is the tax due from the husband? How much is the net income of the wife?
2. Nana made a contribution of PHP 15,000 to St. Jude Parish Chruch. She had a gross income from business of PHP 500,000 and deductions (excluding contribution) of PHP 400,000. From this contribution, how much will be allowed as deduction from his gross income? a. PHP 15,000 b. PHP 10,000 c. None d. PHP 100,000
1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Home, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: Van Horne: S
24. Mrs. Manoban has a gross taxable compensation income of PHP 400,000 and personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income a. PHP 305,000 b. PHP 400,000 c. PHP 302,000 d. PHP 303,000
X , resident citizen of the Philippines, accounting manager, received the following from his employer, A Corp.: fringe benefits (vehicles) worth 100,000 (ownership transferred to X); 13th month pay of 100,000; rice subsidy of 30,000; basic salary of 1,000,000. X also received interest income from BDO bank in Phil of 10,000, gross of tax. . What is the total expenses of X’s employer, and may be allowed as deduction from its gross income? • 1,283,846 • 1,169,846 • 1,293,846 • 1,230,000 • 1,267,746 • None of the above
A married resident citizen has five qualified dependent children the following information pertains to his income and expenses in the year 2009: Salary, net of 20,000 withholding tax P 380,000 Interest income, bank deposit BPI Manila 50,000 Yield from money market placement, state investment Manila 30,000 Rent expense apartment house 36,000 health insurance premium paid 5,000 How much is the taxable compensation income?
47. In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled from his accounting records: Gross sales – Php 2,500,000 Cost of sales – Php 1,000,000 Salaries and wages – Php 100,000 Rent Expense – Php 100,000 Depreciation – Php 100,000 Utilities Expense – Php 100,000 Repairs and Maintenance – Php 100,000 Other income: Rental income – Php 1,000,000 Interest income from bank deposits in Bank of the Pelepens – Php 100,000 Dividends from ABC Corp., a DC – Php 100,000 Cash Prizes – Php 100,000 The duly filed 1st quarterly income tax return indicated that Nicanor opted 8% taxation. In addition, he provided…
A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total inclusions in gross income subject to final income tax. P 0 P15,800 P6,800 P9,000
Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.
GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000

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Gross dividend income f ation of PHP 10,000. Intere sale of shares of PHP 5,00 8,000 and by employer c