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Please amswer this 5 questions. Thank you in advance Answer the following problems, show your solution. (10 points each) 1. Mr. Lopez received a total
Please amswer this 5 questions. Thank you in advance
Answer the following problems, show your solution. (10 points each) 1. Mr. Lopez received a total sum of P 42,000 from his employer consisting of the following: P5,000 reimbursements for employer's expenses paid by Mr. Lopez P15,000 payment of Mr. Lopez on his computer set purchased by his employer P22,000 monthly salary Mr. Lopez computer set cost hi, P12,000. Compute the total return on capital which can be subjected to income tax 2. Alyssa purchased a P1,500,000 life insurance policy for P100,000. During the year Alyssa died and her heirs collected the entire proceeds. How much of the proceeds are exempt from income tax? 3. Desiree sued an unscrupulous person for derogatory remarks which she considered to have besmirched his reputation. The court awarded him an indemnity of P1,000,000 inclusive of P200,000 reimbursement of Attorey's fees and P100,000 exemplary damages. Compute Henson's return on capital. 4. Kenny used to bet in PCSO Lotto. On June 3, 2014, he won the P20,000,000 jackpot prize from the 6/45 lotto. Once P20-ticket out of 10 bets took the prize. How much is Kenny's total income subject to tax? 5. Allan is a supervisory employee of AMC Corporation. He had the following items of gross income during the year: Allan was paid P800,000 Salaries Allan's P100,000 personal loan was paid by AMC Corporation as reward for excellent performance Allan's P50,000 advances to the company was paid by AMC's CEO as a gift Allan is entitled to excess representation and transportation allowances. Allan received P200,000 total allowance out of which P120,000 was disbursed by him. Compute for Allan's total income subject to income tax Answer the following problems, show your solution. (10 points each) 1. Mr. Lopez received a total sum of P 42,000 from his employer consisting of the following: P5,000 reimbursements for employer's expenses paid by Mr. Lopez P15,000 payment of Mr. Lopez on his computer set purchased by his employer P22,000 monthly salary Mr. Lopez computer set cost hi, P12,000. Compute the total return on capital which can be subjected to income tax 2. Alyssa purchased a P1,500,000 life insurance policy for P100,000. During the year Alyssa died and her heirs collected the entire proceeds. How much of the proceeds are exempt from income tax? 3. Desiree sued an unscrupulous person for derogatory remarks which she considered to have besmirched his reputation. The court awarded him an indemnity of P1,000,000 inclusive of P200,000 reimbursement of Attorey's fees and P100,000 exemplary damages. Compute Henson's return on capital. 4. Kenny used to bet in PCSO Lotto. On June 3, 2014, he won the P20,000,000 jackpot prize from the 6/45 lotto. Once P20-ticket out of 10 bets took the prize. How much is Kenny's total income subject to tax? 5. Allan is a supervisory employee of AMC Corporation. He had the following items of gross income during the year: Allan was paid P800,000 Salaries Allan's P100,000 personal loan was paid by AMC Corporation as reward for excellent performance Allan's P50,000 advances to the company was paid by AMC's CEO as a gift Allan is entitled to excess representation and transportation allowances. Allan received P200,000 total allowance out of which P120,000 was disbursed by him. Compute for Allan's total income subject to income taxStep by Step Solution
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