upervis employee of XYZ Corporation. He provided the following data for the taxable year 2022: Salaries @ P150,000 a month share SSS contributions-EE PHIC contributions-EE share Pag-ibig contributions-EE share SSS contributions-ER share PHIC contributions-ER share Pag-ibig contributions-ER share Allowances subject to liquidation Allowances NOT subject to liquidation Rice allowance P2,500 a month Christmas gift/bonus 13th month pay and midyear bonus Productivity pay covered by a CBA Monetized unused vacation leave for 15 days Monetized unused sick leave for 5 days Medical cash allowance to dependents Actual medical benefits Amount in BIR Form 2316 received from the employer for taxable year 2022 Sales Sales returns and allowances Cost of sales Operating expenses: Salaries Depreciation Rental Interest income from peso bank deposits-BDO Interest income from dollar bank deposits-BDO PCSO winnings Dividend income from domestic corporation Gain on sale of land in the Philippines held as capital asset with cost of P2,000,000, zonal value is P1,800,000 Gain on sale of shares of domestic corporation (non-listed) Gain on sale of shares of domestic corporation (listed) Total amount in BIR Forms 2307 received from buyers-1st to 3rd QTR Total amount in BIR Forms 2307 received from buyers-4th QTR Payment for BIR Form 1701Q-1st Quarter Payment for BIR Form 1701Q-2nd Quarter Payment for BIR Form 1701Q-3rd Quarter Required: P1,800,000 32,000 15,000 9,000 64,000 15,000 9,000 50,000 90,000 30,000 40,000 250,000 25,000 82,500 27,500 3,000 10,000 498,000 6,100,000 100,000 2,745,000 600,000 200,000 100,000 50,000 90,000 100,000 30,000 600,000 100,000 200,000 40,000 1. Total EXEMPT de minimis benefits 2. Total TAXABLE 13th month pay and other benefits 3. Fringe benefits tax 4. Total allowable deductions from business income of XYZ Corporation in relation to Pedro's salaries and benefits. 5. Total FWT 6. Total CGT 7. Taxable compensation income 8. Taxable business income 9. Regular income tax due 10. Total creditable taxes 21,000 25,000 30,000 45,000 11. Regular Income tax still due IF FILED AND PAID ON OR BEFORE THE DEADLINE 12. Deadline of filing of Pedro's annual ITR for taxable year 2022 13. Surcharge if Pedro paid his 2022 ITR one day late. 14. Interest if Pedro paid his 2022 ITR one day late. 15. Compromise penaty if Pedro paid his 2022 ITR one day late. 16. Is Pedro qualified to substituted filing of ITR? 17. What is the appropriate BIR Form for this kind of ITR? 18. Is Pedro required to submit an audited financial statement as an attachment to his ITR?
upervis employee of XYZ Corporation. He provided the following data for the taxable year 2022: Salaries @ P150,000 a month share SSS contributions-EE PHIC contributions-EE share Pag-ibig contributions-EE share SSS contributions-ER share PHIC contributions-ER share Pag-ibig contributions-ER share Allowances subject to liquidation Allowances NOT subject to liquidation Rice allowance P2,500 a month Christmas gift/bonus 13th month pay and midyear bonus Productivity pay covered by a CBA Monetized unused vacation leave for 15 days Monetized unused sick leave for 5 days Medical cash allowance to dependents Actual medical benefits Amount in BIR Form 2316 received from the employer for taxable year 2022 Sales Sales returns and allowances Cost of sales Operating expenses: Salaries Depreciation Rental Interest income from peso bank deposits-BDO Interest income from dollar bank deposits-BDO PCSO winnings Dividend income from domestic corporation Gain on sale of land in the Philippines held as capital asset with cost of P2,000,000, zonal value is P1,800,000 Gain on sale of shares of domestic corporation (non-listed) Gain on sale of shares of domestic corporation (listed) Total amount in BIR Forms 2307 received from buyers-1st to 3rd QTR Total amount in BIR Forms 2307 received from buyers-4th QTR Payment for BIR Form 1701Q-1st Quarter Payment for BIR Form 1701Q-2nd Quarter Payment for BIR Form 1701Q-3rd Quarter Required: P1,800,000 32,000 15,000 9,000 64,000 15,000 9,000 50,000 90,000 30,000 40,000 250,000 25,000 82,500 27,500 3,000 10,000 498,000 6,100,000 100,000 2,745,000 600,000 200,000 100,000 50,000 90,000 100,000 30,000 600,000 100,000 200,000 40,000 1. Total EXEMPT de minimis benefits 2. Total TAXABLE 13th month pay and other benefits 3. Fringe benefits tax 4. Total allowable deductions from business income of XYZ Corporation in relation to Pedro's salaries and benefits. 5. Total FWT 6. Total CGT 7. Taxable compensation income 8. Taxable business income 9. Regular income tax due 10. Total creditable taxes 21,000 25,000 30,000 45,000 11. Regular Income tax still due IF FILED AND PAID ON OR BEFORE THE DEADLINE 12. Deadline of filing of Pedro's annual ITR for taxable year 2022 13. Surcharge if Pedro paid his 2022 ITR one day late. 14. Interest if Pedro paid his 2022 ITR one day late. 15. Compromise penaty if Pedro paid his 2022 ITR one day late. 16. Is Pedro qualified to substituted filing of ITR? 17. What is the appropriate BIR Form for this kind of ITR? 18. Is Pedro required to submit an audited financial statement as an attachment to his ITR?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:Pedro Penduko, owner of a merchandising company and at the same time a supervisory
employee of XYZ Corporation. He provided the following data for the taxable year 2022:
Salaries @ P150,000 a month
SSS contributions-EE share
PHIC contributions-EE share
Pag-ibig contributions-EE share
SSS contributions-ER share
PHIC contributions-ER share
Pag-ibig contributions-ER share
Allowances subject to liquidation
Allowances NOT subject to liquidation
Rice allowance P2,500 a month
Christmas gift/bonus
13th month pay and midyear bonus
Productivity pay covered by a CBA
Monetized unused vacation leave for 15 days
Monetized unused sick leave for 5 days
Medical cash allowance to dependents
Actual medical benefits
Amount in BIR Form 2316 received from the employer for taxable year
2022
Sales
Sales returns and allowances
Cost of sales
Operating expenses:
Salaries
Depreciation
Rental
Interest income from peso bank deposits-BDO
Interest income from dollar bank deposits-BDO
PCSO winnings
Dividend income from domestic corporation
Gain on sale of land in the Philippines held as capital
asset with cost of P2,000,000, zonal value is P1,800,000
Gain on sale of shares of domestic corporation (non-listed)
Gain on sale of shares of domestic corporation (listed)
Total amount in BIR Forms 2307 received from buyers-1st to 3rd QTR
Total amount in BIR Forms 2307 received from buyers-4th QTR
Payment for BIR Form 1701Q-1st Quarter
Payment for BIR Form 1701Q-2nd Quarter
Payment for BIR Form 1701Q-3rd Quarter
Required:
1. Total EXEMPT de minimis benefits
2. Total TAXABLE 13th month pay and other benefits
3. Fringe benefits tax
5. Total FWT
6. Total CGT
7. Taxable compensation income
8. Taxable business income
P1,800,000
32,000
15,000
9,000
9. Regular income tax due
10. Total creditable taxes
64,000
15,000
9,000
50,000
90,000
30,000
40,000
250,000
25,000
82,500
27,500
3,000
10,000
498,000
6,100,000
100,000
2,745,000
4. Total allowable deductions from business income of XYZ Corporation in relation
to Pedro's salaries and benefits.
600,000
200,000
100,000
50,000
90,000
100,000
30,000
600,000
100,000
200,000
40,000
21,000
25,000
30,000
45,000
11. Regular Income tax still due IF FILED AND PAID ON OR BEFORE THE DEADLINE
12. Deadline of filing of Pedro's annual ITR for taxable year 2022
13. Surcharge if Pedro paid his 2022 ITR one day late.
14. Interest if Pedro paid his 2022 ITR one day late.
15. Compromise penaty if Pedro paid his 2022 ITR one day late.
16. Is Pedro qualified to substituted filing of ITR?
17. What is the appropriate BIR Form for this kind of ITR?
18. Is Pedro required to submit an audited financial statement as an attachment to his ITR?
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT