Question
1.Mr. Aguak earned the following prizes from two different competitions: January 4, 2017, Singing competition P12,000, February 14, 2017 Painting competition P10,100. Compute the total
1.Mr. Aguak earned the following prizes from two different competitions: January 4, 2017, Singing competition P12,000, February 14, 2017 Painting competition P10,100. Compute the total final tax that should have been withheld from the above prizes.
2.Mr. Neis, a resident alien, owns 40% of the shares of Coco Corporation, a resident corporation. Coco declared P200,000 dividends in 2014. How much final tax should be withheld from Mr. Neis' dividend income?
3.Matti won a gold medal and P50,000 cash prize for chess competition in the4. Palarong Pambansa. How much final tax should be withheld from the prize?
4.Mr. Tuao won an P800,000 prize in a national dancing competition. The organizer of the event declared that the P800,000 grand prize was "tax free." How much final tax must be remitted by the organizer to the BIR?
5.Sison Inc. is the only corporate shareholder of Surigao Inc. owning 60% of its outstanding voting shares. During the year, Surigao Inc. declared a P1,000,000dividend. Compute the final income tax to be withheld by Surigao.
6.Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie Corporation. This led the BIR to recover P20,000,000 unpaid taxes. How much net tax informer's reward shall be paid to Mr. Curandang?
7.Zamboanga Corporation, a resident corporation, is a venturer in Southern Philippine Ventures (SPV), an incorporated joint venture formed under Philippine laws. Zamboanga owns 30% interest in SPV. During 2014, SPV reported P3,000,000 profit and declared P1,000,000 in dividends. How much final tax will be withheld from the dividend distribution to Zamboanga Corporation?
8.A concerned government employee furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P500,000 tax. How much informer's tax reward after tax shall be released to the informant?
9.Mr. Siegfried, a resident citizen, received P100,000 dividend income from Vodka, Inc., a domestic corporation. How much final tax must have been withheld by Vodka, Inc.?
10.Tiong Sang Department Store conducted a sales promotion where customer purchases exceeding P1,000 in one transaction shall be entitled to a ticket for a chance to win P500,000 raffle prize. Mr. Shing won the prize. How much shall Tiong Sang withhold from the grand prize?
11.Kendrick Inc, a domestic corporation, earned $46,250 interest income on in depositary account in an FCDU Bank. $1= P50. How much final tax was withheld in Philippine peso?
12.Kendrick Inc, a resident foreign corporation, earned $46,250 interest income on in depositary account in an FCDU Bank. $1= P50. How much final tax was withheld in Philippine peso?
13.Mr. Josh participated in two different events on January 4, 2020: Ang mahiwagang boses P10,000. Sexy body foundation P11,000. Compute the total final tax that should have been withheld from the above prizes.
14.Mr. Crocodile owns a mining property in Prosperidad. He allowed a mining company to operate under a condition that he will be paid 10% royalty on the gold production. The mining company produced P8,000,000 worth of gold during the year. How much net royalties will be paid to Mr. Crocodile?
Thank you so much!
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