Typewritten only and i'll upvote. 3. A resident alien couple with two (2) dependent children. The husband receives an annual salary ofP652,000, living allowances of P100,000, and a housing benefit of P300,000 (100%). His wife receivesP68,000 from her teaching profession. The husband receives the following: gross dividend income frominvestment in shares of stock of a domestic corporation, P10,000; interest from a peso bank account,P20,000; capital gain on sale of shares, P5,000; and taxes withheld by the employer of the husband atP118,000 and by the employer of the wife. How much will be the total gross annual income of the husbandand wife?

Gross income is the income which has been earned by the person during the year and gross income for…

Answered: P118,000 and by the employer of the…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions

Section: Chapter Questions

Problem 32P

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P118,000 and by the employer of the wife. How much will be the total gross annual income of the husband and wife?