please classified whether they belong in deductible and nondeductible expense for each condition that will be put in the income statement - canteen for all employees - mess for employees in jakarta - mess for employees working in remote area of kalimantan (borneo) - donation for flood in papua - entertainment expense in the form of food and beverages, listed in nominative list of entertainment - entertainment expense in the form of spa and golf not listed in nominative list of entertainment - employee outing and annual dinner

please classified whether they belong in deductible and nondeductible expense for each condition that will be put in the income statement - canteen for all employees - mess for employees in jakarta - mess for employees working in remote area of kalimantan (borneo) - donation for flood in papua - entertainment expense in the form of food and beverages, listed in nominative list of entertainment - entertainment expense in the form of spa and golf not listed in nominative list of entertainment - employee outing and annual dinner

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 43P

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Which of the following expenses is deductible from gross income?* a. Contribution to a newspaper fund for needy families when such newspaper organizes a drive solely for charitable purposes. b. Premiums paid by the self-employer for the life insurance of his employees c. Contribution to the construction of a chapel of a university that declares dividends to its stockholders d. Donation of prizes and awards to athletes in local and international competitions and sanctioned by their respective sport associations.
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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
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