h. Integrative cases 1. A resident citizen, 50 years old, married, with three (3) qualified dependent children asks you to assist him in computing his taxable net income for the year 2011: Gross professional receipts, net of 15% withholding tax P 850,000 Cost of services 350,000 Professional expenses 300,000 Retirement benefits received from his previous employer that maintained a reasonable private pension plan (he served the company for 12 years) 250,000 Lump sum benefits received from SSS 200,000 Prize in a sports tournament sponsored by a group of businessmen promoting health products 50,000 Receipt from sale of bonds (maturity period is 4 years) 10,000 Yield from short-term bonds 20,000 Interest on long term deposits with maturity period of 5 years 30.000 Philippine Lotto winnings 500,000 Share in the net income of a business partnership 100,000 Question 1 - How much was the total amount of excluded or exempted income? 2 - How much is the final withholding tax on certain income? 3 - How much is the taxable net income using OSD? 2. A resident citizen, widower, with a dependent minor brother, had the following data on income and expenses: Gross sales P 1,500,000 Cost of sales 1,000,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Separation pay from his former job (resigned) 250,000 Cash he inherited from his uncle 300,000 Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000 Amount received as return of premium (premium paid, P150,000) 200,000 Tax Informer's Reward 500,000 Interest income from Government bonds 20,000 Winnings from illegal gambling 10,000 Question 1 - How much was the total amount of excluded or exempted income? 2 - How much was the total final tax from certain income? 3 - How much was the taxable net income subject to Section 24 (A) using itemized deductions? 4 - How much was the taxable net income subject to Section 24 (A) using optional standard deduction? h. Integrative cases 1. A resident citizen, 50 years old, married, with three (3) qualified dependent children asks you to assist him in computing his taxable net income for the year 2011: Gross professional receipts, net of 15% withholding tax P 850,000 Cost of services 350,000 Professional expenses 300,000 Retirement benefits received from his previous employer that maintained a reasonable private pension plan (he served the company for 12 years) 250,000 Lump sum benefits received from SSS 200,000 Prize in a sports tournament sponsored by a group of businessmen promoting health products 50,000 Receipt from sale of bonds (maturity period is 4 years) 10,000 Yield from short-term bonds 20,000 Interest on long term deposits with maturity period of 5 years 30.000 Philippine Lotto winnings 500,000 Share in the net income of a business partnership 100,000 Question 1 - How much was the total amount of excluded or exempted income? 2 - How much is the final withholding tax on certain income? 3 - How much is the taxable net income using OSD? 2. A resident citizen, widower, with a dependent minor brother, had the following data on income and expenses: Gross sales P 1,500,000 Cost of sales 1,000,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Separation pay from his former job (resigned) 250,000 Cash he inherited from his uncle 300,000 Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000 Amount received as return of premium (premium paid, P150,000) 200,000 Tax Informer's Reward 500,000 Interest income from Government bonds 20,000 Winnings from illegal gambling 10,000 Question 1 - How much was the total amount of excluded or exempted income? 2 - How much was the total final tax from certain income? 3 - How much was the taxable net income subject to Section 24 (A) using itemized deductions? 4 - How much was the taxable net income subject to Section 24 (A) using optional standard deduction