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How much is the total amount of excluded/exempted income? please provide a computation. A resident citizen, 50 yrs old, married with 3 qualified dependent children
How much is the total amount of excluded/exempted income? please provide a computation.
A resident citizen, 50 yrs old, married with 3 qualified dependent children asks you to assist him in computing his taxable net income for the year 2019: P850,000 350,000 300,000 250,000 Gross professional income, net of 15% withholding tax Cost of services Professional Expenses Retirement benefits received from his previous employer that maintained a reasonable private pension plan (he served the company for 12 years Lump sum benefits received from SSS Prize in sports tournament sponsored by a group of businessmen promoting health products Gain realized from sale of bonds (maturity period is 4 years) Yield from short term bonds Interest on long-term deposits with maturity period of 5 years Philippine Lotto winnings Share in the net income of a business partnership 200,000 50,000 10,000 20,000 30,000 500,000 100,000Step by Step Solution
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