Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income and expenses Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10.000
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- Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income and expenses Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000 How much should be the income tax withheld on compensation income?Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000 Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000 A. Determine the total business tax due and payable for the first semester B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000
- 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 aboveMr. See Pag’s is a Filipino citizen working as a sales agent in EchpiComputer Accessories Store in Las Piñas City. He earns P26,000 a month basic salary and transportation allowance of P2,000. His deductions per month include SSS P1,630, PhilHealth P350, Pag-IBIG P100 and Union Dues P50. How much is Mr. Pag’s taxable income? Answer the questions briefly.1. Is Mr. Pag liable to pay taxes in the Philippines? Why? 2. How much is his total deductions? 3. How much is his taxable income?38 PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000; depreciation, P160,000; and miscellaneous, P40,000; and net capital gain of P10,000. How much is the taxable income of Mr. PPP during the taxable year assuming that he availed himself of the Optional Standard Deduction?
- Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following from your salary: SSS – Php 5,000 Philhealth – Php 5,000 Pagibig – Php 5,000 Withholding tax on compensation – Php 10,000 Your PRC CPA License No. is…1. A, resident citizen, has the following income for year 2019: Compensation income of 1,000,000 and Other income of 200,000. What is the income tax due? 2.The minimum wage in Marawi City is 550 per day. A, a laborer, earns 900 per day. He worked for 280 days in 2019. How much is the ANNUAL income tax due of A? 3. Asta, non-resident citizen has the following income for 2019: Business income in USA of 7,000,000 and; Compensation income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta?Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset 70,000 Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 500,000 How much is the income tax payable of Ana? Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books…