Mr. M received the following earnings during the year: WinningsP8,000Prizes40,000Capital gain from the sale of land; FMV 2M, Cost 1.7M400,000Salary, net of withholding tax of P30,000Professional fee, net of 10% withholding tax300,000495,000a.) How much of the income above is considered income subject to regular tax?

The prizes and winning amount both are included as ordinary income and therefore subject to regular…

Winnings Prizes P8,000 40,000 Capital gain from the sale of land; FMV 2M, Cost 1.7M Salary, net of withholding tax of P30,000 Professional fee, net of 10% withholding tax a.) How much of the income above is considered income subject to regular tax? 400,000 300,000 495,000

Winnings Prizes P8,000 40,000 Capital gain from the sale of land; FMV 2M, Cost 1.7M Salary, net of withholding tax of P30,000 Professional fee, net of 10% withholding tax a.) How much of the income above is considered income subject to regular tax? 400,000 300,000 495,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 1BCRQ

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Question

Mr. M received the following earnings during the year:

Winnings
P8,000
Prizes
40,000
Capital gain from the sale of land; FMV 2M, Cost 1.7M
400,000
Salary, net of withholding tax of P30,000
Professional fee, net of 10% withholding tax
300,000
495,000
a.) How much of the income above is considered income subject to regular tax?

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