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berl is a minimum wage earner who works for verrna Corporation. bel is not engaged in business. She also does not have any source of
berl is a minimum wage earner who works for verrna Corporation. bel is not engaged in business. She also does not have any source of income other than his employment. In the year 2021, Molly earned a total compensation income of P135,000. In addition, berl contributed to the SSS, Philhealth, and HDMF amounting to P5,000. She also received 13th month pay of P11,000.00. How much is Molly's income tax due?
- Graham operates a 24/7 convenience store. On the side, he also offers accounting services to his clients. In 2021, his gross sales amounted to P800,000. Graham also earned P300,000 from his accounting services of P300,000.00. He already signified his intention to be taxed at 8% income tax rate in her 1st quarter return. How much is Graham' income tax due for the year?
- Billie operates a 24/7 convenience store. On the side, he also offers accounting services to his clients. In 2021, his gross sales amounted to P800,000.Billie also earned P300,000 from his accounting services of P300,000.00. Billie failed to signify his intention to be taxed at 8% income tax rate on gross sales in his initial Quarterly Income Tax Return. He incurred cost of sales and operating expenses amounting to P600,000.00 and P200,000.00, respectively. How much is Billie' income tax due for the year?
- ABCDE Corporation has a gross receipts of P2,000,000 and direct cost of services of P1,800,000 incurred P25,000 entertainment, amusement and recreation expenses. Compute the allowable deduction for EAR expense for ABCDE Corporation
- Bailey paid P500,000 interest expense on a personal loan. He gained interest income amounting to P50,000. How much is the allowable deductible interest expense
- Sloan received a total P200,000 from his father for support. During the year, Sloan also received P150,000 total distribution from trust irrevocably designated by his grandfather in his favor. Sloan also received P120,000 income distribution from the estate of his grandmother undergoing judicial settlement. What is the total amount to be included in Sloan's gross income?
- Lexie registered his business as a BMBE. He made a total sales of P500,000 and incurred cost of sales of P400,000. He also earned P10,000 interest income from time deposits. What is the total reportable gross income?
- The following income relates to a proprietorship registered as a BMBE: Gross Income from Sales, P400,000; Dividend Income from a Domestic Corporation, P9,000; and Interest on Deposits, P6,800. How much is the total inclusion in gross income subject to regular tax?
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