REQUIRED:a. Determine the taxable income of Mr. De Guzman.b. Determine the taxable income of Mrs. De Guzman.c. Determine the consolidated income tax payable of Mr. and Mrs. De Guzman Income Taxes of Spouses2-6.Mr. and Mrs. De Guzman, residents of Quezon City with three (3)qualified dependent children, provided the following data for 2021 taxableyear:Husband &WifeHusbandWifeP850,000P650,000Compensation incomePersonal and family expenses(including premium payment forlife and fire insurance of P2,000each)Premium payment forhealth/hospitalization insurance30,00020,0005,0005,000 Chapter Exercises- IulivilualIncome from practice ofprofessionExpenses - practice ofprofessionIncome from trading businessExpenses from trading business800,000320,000250,000100,000REQUIRED:a. Determine the taxable income of Mr. De Guzmanb. Determine the taxable income of Mrs. De GuzmanDetermine the consolidated income tax payable of Mr. andMrs. De GuzmanC.

There are few incomes that are combined in nature and that should be combined with individual…

Answered: REQUIRED: a. Determine the taxable…

REQUIRED: a. Determine the taxable income of Mr. De Guzman. b. Determine the taxable income of Mrs. De Guzman. c. Determine the consolidated income tax payable of Mr. and Mrs. De Guzman

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 57P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

REQUIRED:
a. Determine the taxable income of Mr. De Guzman.
b. Determine the taxable income of Mrs. De Guzman.
c. Determine the consolidated income tax payable of Mr. and Mrs. De Guzman

Income Taxes of Spouses
2-6.
Mr. and Mrs. De Guzman, residents of Quezon City with three (3)
qualified dependent children, provided the following data for 2021 taxable
year:
Husband &
Wife
Husband
Wife
P850,000
P650,000
Compensation income
Personal and family expenses
(including premium payment for
life and fire insurance of P2,000
each)
Premium payment for
health/hospitalization insurance
30,000
20,000
5,000
5,000

Chapter Exercises- Iulivilual
Income from practice of
profession
Expenses - practice of
profession
Income from trading business
Expenses from trading business
800,000
320,000
250,000
100,000
REQUIRED:
a. Determine the taxable income of Mr. De Guzman
b. Determine the taxable income of Mrs. De Guzman
Determine the consolidated income tax payable of Mr. and
Mrs. De Guzman
C.

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