35. Rey resigned in 2023 after 15 years of service. He had the following income during...
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35. Rey resigned in 2023 after 15 years of service. He had the following income during the year: Salary, net of P80,000 withholding tax P 480,000 Mandatory contribution 38,000 40,000 1,000,000 13th month pay Separation pay Compute for the taxable income subject to progressive (regular) tax. a) P1,522,000 Ob) P1,560,000 c) P522,000 O d) P560,000 28. Compute the taxable income Oa) P390,000 Ob) P260,000 O c) P285,000 O d) P915,000 Questions 29 to 30 An employee received the following benefits: 13th month pay Profit sharing De minimis benefits 60,000.00 12,000.00 De minimis benefits within the limit 80,000.00 Excess de minimis benefits 30,000.00 Other de minimis benefits 10,000.00 Other fringe benefits 25,000.00 29. How much is the taxable 13th month pay and other benefits assuming the employee is a Rank and File Employee? Oa) P137,000 Ob) P35,000 c) P47,000 d) 0 Mr. Gonzales have the following information of his earnings during the year. Service income from his carwash business P500,000 Compensation income 350,000 Carwash supplies Salaries of carwash personnel SSS, PHIC, HDMF mandatory contributions from his employment 50,000 74,000 Oa) P850,000 Ob) P500,000 Oc) P915,000 O d) PP905,000 100,000 Groceries for family consumption Light and water billings (60% is deemed attributed to carwash business) 100,000 250,000 Interest in bank deposits Gain on sale of personal car Gain on sale of his stocks in Ramen Corporation 30,000 15. How much is the total gross income subject to regular tax? 10,000 25,000 18. How much is the total income subject to final tax? a) P10,000 b) P35,000 c) P30,000 d) P55,000 19. How much is the taxable income from business? a) P616,000 b) P291,000 c) P331,000 d) P321,000 20. How much is the total taxable compensation? a) P300,000 b) P50,000 c) P10,000 d) P365,000 Mr. B had the following data for his income tax return in 2024: Sales Gross Compensation income Cost of Sales Non taxable compensation Administrative and selling expenses Personal expenses 26. What is the net income? a) P255,000 Ob) P170,000 c) P135,000 d) P150,000 27. Compute the taxable compensation income a) P135,000 b) P30,000 c) 180,000 735,000.00 180,000.00 300,000.00 45,000.00 180,000.00 105,000.00 d) P75,000 Questions no. 31 to 34 An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales Sales, returns, and allowances Cost of Sales 4,510,000.00 110,000.00 1,980,000.00 Dividend income, net of final tax 39,600.00 Business expenses 1,760,000.00 Gain on sale of old equipment 110,000.00 Sale of scrap metal 220,000.00 Interest income on employee advances 49,500.00 Gain on sale of domestic stocks directly to a buyer 11,000.00 31. How much is the gross income subject to regular income tax? Oa) P2,640,000 Ob) P2,400,000 c) P2,420,000 d) P2,651,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 16. How much is the total allowable deductions? Oa) P234,000 Ob) P174,000 c) P224,000 d) P484,000 17. How much is the total income subject to capital gains tax? Oa) P25,000 Ob) P30,000 O O d) P65,000 c) P55,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 4. Personal expenses are a) Non- deductible by employed taxpayer Ob) Non- deductible by any taxpayer c) Deductible by employed taxpayers d) Deductible by any individual taxpayers 32. How much is the net income? a) P880,000 O b) P660,000 c) P929,500 O d) P990,000 33. How much is the taxable income subject to regular tax? a) P880,000 b) P1,039,500 c) P1,100,000 d) P945,000 34. How much is the income subject to capital gains tax? a) P11,000 b) P121,000 c) P60,500 d) P170,500 35. Rey resigned in 2023 after 15 years of service. He had the following income during the year: Salary, net of P80,000 withholding tax P 480,000 Mandatory contribution 38,000 40,000 1,000,000 13th month pay Separation pay Compute for the taxable income subject to progressive (regular) tax. a) P1,522,000 Ob) P1,560,000 c) P522,000 O d) P560,000 35. Rey resigned in 2023 after 15 years of service. He had the following income during the year: Salary, net of P80,000 withholding tax P 480,000 Mandatory contribution 38,000 40,000 1,000,000 13th month pay Separation pay Compute for the taxable income subject to progressive (regular) tax. a) P1,522,000 Ob) P1,560,000 c) P522,000 O d) P560,000 28. Compute the taxable income Oa) P390,000 Ob) P260,000 O c) P285,000 O d) P915,000 Questions 29 to 30 An employee received the following benefits: 13th month pay Profit sharing De minimis benefits 60,000.00 12,000.00 De minimis benefits within the limit 80,000.00 Excess de minimis benefits 30,000.00 Other de minimis benefits 10,000.00 Other fringe benefits 25,000.00 29. How much is the taxable 13th month pay and other benefits assuming the employee is a Rank and File Employee? Oa) P137,000 Ob) P35,000 c) P47,000 d) 0 28. Compute the taxable income Oa) P390,000 Ob) P260,000 O c) P285,000 O d) P915,000 Questions 29 to 30 An employee received the following benefits: 13th month pay Profit sharing De minimis benefits 60,000.00 12,000.00 De minimis benefits within the limit 80,000.00 Excess de minimis benefits 30,000.00 Other de minimis benefits 10,000.00 Other fringe benefits 25,000.00 29. How much is the taxable 13th month pay and other benefits assuming the employee is a Rank and File Employee? Oa) P137,000 Ob) P35,000 c) P47,000 d) 0 Mr. Gonzales have the following information of his earnings during the year. Service income from his carwash business P500,000 Compensation income 350,000 Carwash supplies Salaries of carwash personnel SSS, PHIC, HDMF mandatory contributions from his employment 50,000 74,000 Oa) P850,000 Ob) P500,000 Oc) P915,000 O d) PP905,000 100,000 Groceries for family consumption Light and water billings (60% is deemed attributed to carwash business) 100,000 250,000 Interest in bank deposits Gain on sale of personal car Gain on sale of his stocks in Ramen Corporation 30,000 15. How much is the total gross income subject to regular tax? 10,000 25,000 Mr. Gonzales have the following information of his earnings during the year. Service income from his carwash business P500,000 Compensation income 350,000 Carwash supplies Salaries of carwash personnel SSS, PHIC, HDMF mandatory contributions from his employment 50,000 74,000 Oa) P850,000 Ob) P500,000 Oc) P915,000 O d) PP905,000 100,000 Groceries for family consumption Light and water billings (60% is deemed attributed to carwash business) 100,000 250,000 Interest in bank deposits Gain on sale of personal car Gain on sale of his stocks in Ramen Corporation 30,000 15. How much is the total gross income subject to regular tax? 10,000 25,000 18. How much is the total income subject to final tax? a) P10,000 b) P35,000 c) P30,000 d) P55,000 19. How much is the taxable income from business? a) P616,000 b) P291,000 c) P331,000 d) P321,000 20. How much is the total taxable compensation? a) P300,000 b) P50,000 c) P10,000 d) P365,000 18. How much is the total income subject to final tax? a) P10,000 b) P35,000 c) P30,000 d) P55,000 19. How much is the taxable income from business? a) P616,000 b) P291,000 c) P331,000 d) P321,000 20. How much is the total taxable compensation? a) P300,000 b) P50,000 c) P10,000 d) P365,000 Mr. B had the following data for his income tax return in 2024: Sales Gross Compensation income Cost of Sales Non taxable compensation Administrative and selling expenses Personal expenses 26. What is the net income? a) P255,000 Ob) P170,000 c) P135,000 d) P150,000 27. Compute the taxable compensation income a) P135,000 b) P30,000 c) 180,000 735,000.00 180,000.00 300,000.00 45,000.00 180,000.00 105,000.00 d) P75,000 Mr. B had the following data for his income tax return in 2024: Sales Gross Compensation income Cost of Sales Non taxable compensation Administrative and selling expenses Personal expenses 26. What is the net income? a) P255,000 Ob) P170,000 c) P135,000 d) P150,000 27. Compute the taxable compensation income a) P135,000 b) P30,000 c) 180,000 735,000.00 180,000.00 300,000.00 45,000.00 180,000.00 105,000.00 d) P75,000 Questions no. 31 to 34 An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales Sales, returns, and allowances Cost of Sales 4,510,000.00 110,000.00 1,980,000.00 Dividend income, net of final tax 39,600.00 Business expenses 1,760,000.00 Gain on sale of old equipment 110,000.00 Sale of scrap metal 220,000.00 Interest income on employee advances 49,500.00 Gain on sale of domestic stocks directly to a buyer 11,000.00 31. How much is the gross income subject to regular income tax? Oa) P2,640,000 Ob) P2,400,000 c) P2,420,000 d) P2,651,000 Questions no. 31 to 34 An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales Sales, returns, and allowances Cost of Sales 4,510,000.00 110,000.00 1,980,000.00 Dividend income, net of final tax 39,600.00 Business expenses 1,760,000.00 Gain on sale of old equipment 110,000.00 Sale of scrap metal 220,000.00 Interest income on employee advances 49,500.00 Gain on sale of domestic stocks directly to a buyer 11,000.00 31. How much is the gross income subject to regular income tax? Oa) P2,640,000 Ob) P2,400,000 c) P2,420,000 d) P2,651,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 16. How much is the total allowable deductions? Oa) P234,000 Ob) P174,000 c) P224,000 d) P484,000 17. How much is the total income subject to capital gains tax? Oa) P25,000 Ob) P30,000 O O d) P65,000 c) P55,000 16. How much is the total allowable deductions? Oa) P234,000 Ob) P174,000 c) P224,000 d) P484,000 17. How much is the total income subject to capital gains tax? Oa) P25,000 Ob) P30,000 O O d) P65,000 c) P55,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 14. Mr. A earned total gross receipts of P400,000 and paid P150,000 in expenses in his accounting practice. In same year, he also earned a total of P30,000 net gain from the sale of domestic stocks directly to the buyer and have disposed a vacant lot at a net gain of P70,000. What is the taxable income of Mr. A subject to regular tax? a) P280,000 b) P350,000 O c) P250,000 d) P320,000 4. Personal expenses are a) Non- deductible by employed taxpayer Ob) Non- deductible by any taxpayer c) Deductible by employed taxpayers d) Deductible by any individual taxpayers 4. Personal expenses are a) Non- deductible by employed taxpayer Ob) Non- deductible by any taxpayer c) Deductible by employed taxpayers d) Deductible by any individual taxpayers 32. How much is the net income? a) P880,000 O b) P660,000 c) P929,500 O d) P990,000 33. How much is the taxable income subject to regular tax? a) P880,000 b) P1,039,500 c) P1,100,000 d) P945,000 34. How much is the income subject to capital gains tax? a) P11,000 b) P121,000 c) P60,500 d) P170,500 32. How much is the net income? a) P880,000 O b) P660,000 c) P929,500 O d) P990,000 33. How much is the taxable income subject to regular tax? a) P880,000 b) P1,039,500 c) P1,100,000 d) P945,000 34. How much is the income subject to capital gains tax? a) P11,000 b) P121,000 c) P60,500 d) P170,500
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Answer Lets calculate the answers to each question Taxable income subject to progressive regular tax Salary net of withholding tax P480000 Mandatory contribution P38000 13th month pay P40000 Separatio... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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