The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of P180,000. Data for the taxpayer in 2020 is: Gross compensation income P200,000 Gross revenues from profession 300,000 Capital gain on asset held for 2 years 50,000 Direct costs on income from profession 120,000 How much is the taxable income: From employer-employee relationship? From profession?
The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of P180,000. Data for the taxpayer in 2020 is: Gross compensation income P200,000 Gross revenues from profession 300,000 Capital gain on asset held for 2 years 50,000 Direct costs on income from profession 120,000 How much is the taxable income: From employer-employee relationship? From profession?
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 49P: During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If...
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Question
- The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of P180,000. Data for the taxpayer in 2020 is:
Gross compensation income |
P200,000 |
Gross revenues from profession |
300,000 |
|
50,000 |
Direct costs on income from profession |
120,000 |
How much is the taxable income:
- From employer-employee relationship?
- From profession?
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