Will this amount form part of Jinkee’s gross income? Why or why not?
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Consider this situation: Jinkee Pacquiao filed charges against Agot Isidro for the
latter’s “noveau” statement against the former on Instagram. Jinkee received
compensation from such charges amounting to ₱50,000. Will this amount form
part of Jinkee’s gross income? Why or why not?
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- First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President for Finance which included a car plan worth P3,000,000 in its compensation The company purchased the vehicle and registered the same in favor of Francis. Assuming further that Francis is a non-resident alien not engaged in trade or business, how much is the fringe benefits tax?During 2020, Jackie sent her brother Junnie $2,500 via a telegraphic transfer through El Banco Prieto. The bank’s remittance clerk made a mistake and credited Junnie with $250,000 which he promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Junnie refused to do so. The BIR entered the picture and investigated Junnie. Would the BIR be correct if it determines that he earned a taxable income under the facts? No, it was not her fault that the funds in excess of $2,500 were credited to him. Yes, income is a taxable income regardless of the source No, he had no income because he had no right to the mistakenly credited funds. No, the funds in excess of $2,500 were in effect donated to her.Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro registered as a VAT-taxpayer. In March 2020, he earned P45,000 compensation income, gross receipts from taxi of P60,000 and receipts from professional fees of P250,000. How much of the total receipts is exempt from business tax? PP310,000 P60,000 P250,000 P45,000
- Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?Sean sued an unscrupulous person for derogatory remarks which he considered to have besmirched his reputation. The court awarded him an indemnity of P2,000,000 inclusive of P200,000 reimbursement for Attorney’s fees and P100,000 exemplary damages. Compute Jake’s total return on capital.LO.2 Leigh sued an overzealous bill collector and received the following settlement: a. What effect does the settlement have on Leighs gross income? b. Assume that Leigh also collected 25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leighs employer and other creditors. Is this 25,000 included in Leighs gross income? Explain.
- Mr. Sia is working as a freelance professional in SDN Corporation. He is earning professional fees amounting to Php60,000.00 per month and is a Non-VAT registered. a. During the filing of his First Quarter Income Tax Return, which method of computing income tax is more advantageous? Justify your answer. b. During the filing of his Annual Income Tax Return, which method of computing income tax is more advantageous? Justify your answer.Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $490 for the meal and separately paid $170 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense? Multiple Choice $660 $330 $490 $85 None—the meals and entertainment are not deductible except during travel.Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?
- Jaime is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, he intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: Capitalization Shifting Evasion Avoidance 1st statement – The Legislative Department levies the taxes. 2nd statement – The Executive Department, through the Department of Finance’s line agency, the Bureau of Internal Revenue makes the assessment and collection of internal revenue taxes. Only the 1st statement is true Only the 2nd statement is true Both statements are true Both statements are falseVladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted? Group of answer choices Yes, just because. No, no jurisdiction. Yes, it is a necessary and ordinary expense. No, deductions are not allowed for compensation income earner.Joshua was sideswiped by Vernon in a vehicular accident on June 1, 2022. Consequently, he incurred and paid medical expenses of PHP 400,000 and legal fees of PHP 200,000 during the year. During the following month, he accepted the settlement offered by Vernon amounting to PHP 800,000. How much is the amount of income taxable to Joshua in 2022 0 800,000 100,000 200,000