Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8, 2018. His income tax is
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A: $1 = Php 45 Cost paid by PCSI = P123,200 Received by PCSI = $70
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Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8, 2018. His income tax is:
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- David is a CPA and enjoys playing the lottery. This year David won 10,000 in lottery scratch-off tickets. He spent 200 purchasing the tickets. Which statement is true regarding Davids winnings? a. David must include 9,800 in gross income. b. David must include the 10,000 in gross income and can deduct 200 as an itemized deduction not subject to the 2%-of-AGI limitation. c. David must include 10,000 in gross income and can deduct 200 as an adjustment to AGI. d. Davids winnings are not taxable.Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Tray is a full-time employee of the corporation and receives a salary of 60,000 per year. He also receives a bonus equal to 10% of all collections from diems he serviced during the year. Determine the tax consequences of the following events to the corporation and to Troy: a. On December 31, 2019, Troy was visiting a customer. The customer gave Troy a 10,000 check payable to the corporation for appraisal services Troy performed during 2019. Troy did not deliver the check to the corporation until January 2020. b. The facts are the same as in part (a), except that the corporation is an accrual basis taxpayer and Troy deposited the check on December 31, but the bank did not add the deposit to the corporations account until January 2020. c. The facts are the same as in part (a), except that the customer told Troy to hold the check until January 2020 when the customer could make a bank deposit that would cover the check.Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
- Tacurong, a resident citizen, won $1,000,000 from the US lottery. Is the lottery winning subject to final tax of 20%? Yes or No?B, a resident citizen, received a statutory minimum wage of P250,000. He also earns P100,000 from his fishball cart. Compute his income tax due.In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Compute fringe benefit tax and provide the journal entry.
- Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro registered as a VAT-taxpayer. In March 2020, he earned P45,000 compensation income, gross receipts from taxi of P60,000 and receipts from professional fees of P250,000. How much of the total receipts is exempt from business tax? PP310,000 P60,000 P250,000 P45,000Dennis is a 20-year-old university student working part time in Canada as a Skip the Dishes delivery boy. In 2021, he earned an income of $13,500 from doing Skip the Dishes deliveries. How much federal tax should Dennis pay for 2022 income?Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?
- EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020: To his brother in Canada, a Volvo car valued at P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000. Round your answer to the nearest peso. (e.g. 101.50 = 102) How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?Years ago, KR bought a parcel of land in Muntinlupa for only PhP65,000. He donated the land to his son, KO, in 2018 when the property had a fair market value of PhP75,000, and paid the corresponding donor's tax. KO, in turn, sold the property in 2019 to KA for PhP 6.5 million and paid the capital gains tax, documentary stamp tax, local transfer tax, and other fees and charges. KA, in turn, donated the land to 'Preliminary School' last August 30, 2021 to be used as the site for additional classrooms. No donor's tax was paid, because KA claimed that the donation was exempt from taxation. At the time of the donation to Preliminary School, the land had a fair market value of PhP 65 million. 1.1. Is KA liable for Donor's Tax?Marc, a single taxpayer, earns $60,400 in taxable income and $5,040 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his effective tax rate? (Use tax rate schedule.)