Property Tax
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A property tax is essentially tax on a property’s value. The jurisdiction’s governing authority levies the tax on the property where the said property is located. This can be a county, a federated state, a geographical region, a municipality or national government.
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- A taxpayer registered in 2010 made available the following financial information for TY2021 Balance Sheet:Asset – Php 50,000,000Liability – Php 30,000,000Stockholders' Equity – Php 20,000.000 Income StatementGross sales – Php 100,000,000Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?a. 800,000b. 400,000c. 2,500,000d. 0what is the income tax due if Sandbox is a private proprietary educational institution? P7,000 P3,500 P70,000 P35,000A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.000
- A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return? Group of answer choices a. RDO in Makati b. RDO in Manila c. RDO in…
- On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return?ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.If Your Taxable Income Is Up to $19,050 $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 $500,000 Over $500,000 Standard deduction for individual: $12,000 You Pay This Amount on the Base of the Bracket $ $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married…
- JB has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000 P370, 000 Professional fee as CPA, net 10% of P50, 000 P270, 000 Per Diem as a board of director P200, 000 Thirteenth month pay P35, 000 First prize in essay writing contest P50, 000 Sale of house and lot (capital asset) P500, 000 What is the total tax amount due if MY will be using normal tax rate (tax table) for profession?ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. B. If it is private educational institution, Compute for its income tax due after tax credit. C. If it is a non-profit hospital, Compute for its income tax credit.MY has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000 P370, 000 Professional fee as CPA, net 10% of P50, 000 P270, 000 Per Diem as a board of director P200, 000 Thirteenth month pay P35, 000 First prize in essay writing contest P50, 000 Sale of house and lot (capital asset) P500, 000 What is the amount of gross taxable compensation income subject to normal tax? What is the total tax amount due if MY will be using normal tax rate (tax table) for profession?
