Interest from City of Bloomington Bonds 500 1,500 Interest received on the U.S. Government bonds Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000
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- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:
- Isla runs a bicycle shop in Wellington. During the tax year ending 30 June 2021, her records indicate: Receipts: 135,000 Bicycle Sales 35,000 Spare parts and accessory sales 15,000 Compensation receipt (see note A) 250,000 Proceeds for sale of land (see note B) 1,000 Net interest received from an overseas interest-bearing term deposit (see note C) 5,000 Exempt Income 6,000 Cash dividend income (see note D) 25,000 Net salary and wages (see note E) Payments: 55,000 Purchases of bicycles, spare parts and accessories (see note F) 12,000 Materials (see note G) 39,000 Utilities and rent for the business premises 3,000 Repairs to storage room 1,000 Donation to Oxfam (Deductible gift recipient) ADDITIONAL INFORMATION: (A) - Compensation for damaged trading stock after a storage room was broken into (B) - Isla sold some land purchased in 1984 for $85,000. In 2002 Isla spent $15,000 building new fences for 85% of the boundary after a fire damaged the…First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President for Finance which included a car plan worth P3,000,000 in its compensation The company purchased the vehicle and registered the same in favor of Francis. Assuming further that Francis is a non-resident alien not engaged in trade or business, how much is the fringe benefits tax?Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. P34,000 36,000 P32,000 P108,000
- Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000a. Indicate whether the following income sources must be included or may be excluded from gross income and why? Insurance proceeds for loss of finger Prizes Embezzlement proceeds Interest on all savings deposits Child support Interest on Series HH bonds Receipt of alimony by divorced husband - divorce agreement executed in 2018 Income produced from property acquired by gift Gifts and inheritances Scholarship grants for tuition Compensation for injuries or sickness Interest income on bonds issued by State of Ohio Life insurance proceeds from a group planNicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija - Php 10,000,000 Other Exclusive properties - Php 2,000,000 Community Deductions: Funeral Expenses - Php 500,000 Other Valid Deductions - Php 1,000,000 Medical Expenses - Php 1,000,000 Case 1: Assuming Nicanor is head of the family, how much is the estate tax due? Case 2: Assuming Nicanor is head of the family, how much is the net distributable estate? Case 3: How much is the estate tax due?
- 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.Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?A trust was set up by Mr. Jagadeet Singh for the benefit of his beneficiaries. Under the trust deed, Sakinah, a resident of Malaysia for income tax purposes was appointed as a trustee for the trust body. The trust deed contains the following terms:i. Sharan, the widow is to be paid RM1,000 per month throughout her life until she remarries.ii. The trustee, Sakinah is allowed for RM10,000 per annum for services rendered in administering the trust body.iii. One-fourth of the income is to be paid to his only daughter, Singasari and the remaining balance is to be distributed to his two sons, Sacchin and Ramshin for their maintenance and education purposes at the discretion of the trustee.iv. The amount paid to Sacchin and Ramshin for the year of assessment 2020 is RM10,000 and RM15,000 respectively.v. An accumulation amount of RM500 per month is to be paid for his only grandchild, Ninani who was born in June 2019. The amount is paid starting from July 2020 until she reaches 20 years…
