Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of
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Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of active income and other income subject to regular income tax?*
2 points
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Mang Panday, a resident citizen taxpayer approached you and presented the following- Description Basic salary Overtime, holiday pays, honorarium and other allowances Non-taxable compensation (not included in the above) Rental income on his apartment for lease Royalty earned from the sale and distribution of his books- Local Dividend earned on his stocks from San Mig, Inc., a domestic corporation Gross income from a "sideline" store business Interest income earned from his banks savings account-Local banks Gross income from online selling of plants Income from the sale of his old car Income from the sale of a farm land he inherited years ago 2020 P800,000 130,000 90,000 150,000 500,000 30,000 70,000 10,000 90,000 40,000 400,000 Mang Panday, a resident citizen taxpayer approached you and presented the following- Description Basic salary Overtime, holiday pays, honorarium and other allowances Non-taxable compensation (not included in the above) Rental income on his apartment for lease Royalty earned from the sale and distribution of his books- Local Dividend earned on his stocks from San Mig, Inc., a domestic corporation Gross income from a "sideline" store business Interest income earned from his banks savings account-Local banks Gross income from online selling of plants Income from the sale of his old car Income from the sale of a farm land he inherited years ago 2020 P800,000 130,000 90,000 150,000 500,000 30,000 70,000 10,000 90,000 40,000 400,000
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We must identify the items that fall under each category to calculate the total amount of active inc... View the full answer
Related Book For
Management Science The Art of Modeling with Spreadsheets
ISBN: 978-1118582695
4th edition
Authors: Stephen G. Powell, Kenneth R. Baker
Posted Date:
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