11.Cliff is a self-employed and/or professional. He provided the following information for 2020 taxable year

Gross salesP1,650,000

Cost of sales500,000

Business expenses425,000

Rental income (net)308,750

Philippine charity sweepstakes winnings500,000

Royalty income books120,000

Other royalty income - Philippines60,000

Dividend income- domestic corporations40,000

Interest income, BDO QC100,000

Interest income received from a depository bank50,000

under FCDS, Philippines

Creditable withholding tax from business income65,000

Quarterly tax payments82,500

How much is the income tax payable of Cliff?

P57,500

P10,500

P205,000

P9,500

12.Cliff is a self-employed and/or professional. He provided the following information for 2020 taxable year

Gross salesP1,650,000

Cost of sales500,000

Business expenses425,000

Rental income (net)308,750

Philippine charity sweepstakes winnings500,000

Royalty income books120,000

Other royalty income - Philippines60,000

Dividend income- domestic corporations40,000

Interest income, BDO QC100,000

Interest income received from a depository bank50,000

under FCDS, Philippines

Creditable withholding tax from business income65,000

Quarterly tax payments82,500

How much is the income tax payable of Cliff assuming he opted to taxed at 8% income tax rate?

(P9,500)

P205,000

P57,500

P10,500

13.Cliff is deriving compensation and business income. He provided the following information for 2020 taxable year

Gross compensation incomeP600,0000

Gross sales1,650,000

Cost of sales500,000

Business expenses425,000

Rental income (net)308,750

Philippine charity sweepstakes winnings500,000

Royalty income books120,000

Other royalty income - Philippines60,000

Dividend income domestic corporations40,000

Interest income, BDO QC100,000

Interest income received from a depository50,000

bank under FCDS Philippines

Creditable withholding tax from business income65,000

Quarterly tax payments82,500

How much is the income tax payable of Cliff assuming he opted to De taxed at 8% income tax rate?

P90,500

P205,000

P89,500

P57,500

14.Michael Cabarles, single, has the following income and expenses for the year 2020. He supports an eight-year-old illegitimate child.

Professional Income, net of P60,000P540,000

withholding tax

Rental income (net)47,500

Rewards as BIR informer30,000

Wagering gains50,000

Kickbacks received from suppliers of clients40,000

Interest income on time deposit (net)32,000

Dividend income from domestic corporations75,000

Professional expenses325,000

Household expenses24,000

Premium payment on health insurance4,000

Facilitation fees paid to government agencies15,000

Compute the amount of his taxable income subject to basic tax for 2018?

P415,000

P445,000

P325,000

P340,000

15.A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2020:

Gross sales, PhilippinesP5,000,000

Sales returns and allowances, Philippines500,000

Cost of sales, Philippines1,500,000

Gross sales, Ukraine3,000,000

Sales returns and allowances, Ukraine200,000

Cost of sales, Ukraine800,000

Business expenses, Philippines500,000

Business expenses, Ukraine300,000

Interest income, peso bank deposit BDO-Marikina20,000

Interest income, US dollar deposit, BDO-Mandaluyong50,000

Gain from sale of residential house and lot500,000

(selling price, P3,000,000; FMV, time of sale, P5,000,000)

Gain from sale of shares of stock listed and traded in the30,000

local stock exchange (selling price, P100,000)

Gain from sale of shares of stock not traded in the local150,000

stock exchange

How much is the total final tax on passive income?

P14,000

P7,750

P11,500

P4,000

16.A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2020:

Gross sales, PhilippinesP5,000,000

Sales returns and allowances, Philippines500,000

Cost of sales, Philippines1,500,000

Gross sales, Ukraine3,000,000

Sales returns and allowances, Ukraine200,000

Cost of sales, Ukraine800,000

Business expenses, Philippines500,000

Business expenses, Ukraine300,000

Interest income, peso bank deposit BDO-Marikina20,000

Interest income, US dollar deposit, BDO-Mandaluyong50,000

Gain from sale of residential house and lot500,000

(selling price, P3,000,000; FMV, time of sale, P5,000,000)

Gain from sale of shares of stock listed and traded in the30,000

local stock exchange (selling price, P100,000)

Gain from sale of shares of stock not traded in the local150,000

stock exchange

How much is the capital gains tax due?

P310,000

P180,000

P300,000

P322,500

17.A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2020:

Gross sales, PhilippinesP5,000,000

Sales returns and allowances, Philippines500,000

Cost of sales, Philippines1,500,000

Gross sales, Ukraine3,000,000

Sales returns and allowances, Ukraine200,000

Cost of sales, Ukraine800,000

Business expenses, Philippines500,000

Business expenses, Ukraine300,000

Interest income, peso bank deposit BDO-Marikina20,000

Interest income, US dollar deposit, BDO-Mandaluyong50,000

Gain from sale of residential house and lot500,000

(selling price, P3,000,000; FMV, time of sale, P5,000,000)

Gain from sale of shares of stock listed and traded in the30,000

local stock exchange (selling price, P100,000)

Gain from sale of shares of stock not traded in the local150,000

stock exchange

How much is the taxable net income?

P4,200,000

P4,700,000

P2,900,000

P4,280,000