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1. Ping Guerrero, a married resident citizen has four (4) qualified dependent children. He has the following data on income and expenses for the year 2018: P260,000 500,000 180,000 900,000 300,000 95,000 50,000 70,000 80,000 50,000 Salary, Philippines Gross business income, Philippines (gross sales, P1, 200,000) Business expenses, Philippines Gross business income, USA (ross sales, P1,500,000) Business expenses, USA Rental Income from a 2-storey building, net of withholding tax Interest income from bank deposit, Philippines Interest income from bank deposit, USA Interest income from domestic depository bank under E-FCDS Interest income from a debt instrument borrowed from 21 persons, Philippines, gross of 20% creditable withholding tax Interest income from a debt instrument borrowed from 20 persons, Philippines, net of withholding tax Interest income from a debt instrument borrowed from 19 persons, Philippines Royalty on books published in the Philippines Proceeds from selling the said books Won 1st prize: Montero Sport, in a raffle draw worth Won winnings from Barangay Basketball League Won winnings from Barangay Volleyball League Share from a General Professional Partnership Share from a General Business Partnership Interest from P1,000,000 individual trust funds (Term: 5 years) Royalties from cinematographic films Interest from P3,000,000 investment management accounts (Term: 5 years) After one year and one month, he pre- terminated the investment account Winnings in a contest he joined in the Philippines 60,000 60,000 100,000 800,000 3,000,000 11,000 9,000 300,000 400,000 100,000 50,000 200,000 10, 001 DL.CL n - ZOOM 1,000,000 10,000 150,000 40,000 30,000 600,000 300,000 Philippine Charity Sweepstakes Winnings Bingo prizes Gain from sale of shares of stock of a domestic corporation not traded through the Philippine stock exchange Cash Dividend received from Meralco Property Dividend received from Unilever, PH Stock Dividend received from Burn, Inc. Gain on Sale of Ping's Lot located in Imus, Cavite: CIR's assessed value: P 2,000,000 Provincial Assessor's assessed value: P1,500,000 Selling Price: P1,800,000 Cost: P1,500,000 Sale of Ping's Lot in Maldives FMV: P3,000,000 Selling Price: P2,500,000 Cost: P1,000,000 Sale of Building used in business FMV: 900,000 Selling Price: 1,000,000 Cost: P400,000 Tax payments, first three (3) quarters Question 1 How much is the taxable net income in the Philippines? Question 2 - How much is the tax payable after deducting the allowable tax credits and payments? Question 3 - How much is the total final tax on certain passive income? Question 4 - How much is the capital gains tax? 100,000 1. Ping Guerrero, a married resident citizen has four (4) qualified dependent children. He has the following data on income and expenses for the year 2018: P260,000 500,000 180,000 900,000 300,000 95,000 50,000 70,000 80,000 50,000 Salary, Philippines Gross business income, Philippines (gross sales, P1, 200,000) Business expenses, Philippines Gross business income, USA (ross sales, P1,500,000) Business expenses, USA Rental Income from a 2-storey building, net of withholding tax Interest income from bank deposit, Philippines Interest income from bank deposit, USA Interest income from domestic depository bank under E-FCDS Interest income from a debt instrument borrowed from 21 persons, Philippines, gross of 20% creditable withholding tax Interest income from a debt instrument borrowed from 20 persons, Philippines, net of withholding tax Interest income from a debt instrument borrowed from 19 persons, Philippines Royalty on books published in the Philippines Proceeds from selling the said books Won 1st prize: Montero Sport, in a raffle draw worth Won winnings from Barangay Basketball League Won winnings from Barangay Volleyball League Share from a General Professional Partnership Share from a General Business Partnership Interest from P1,000,000 individual trust funds (Term: 5 years) Royalties from cinematographic films Interest from P3,000,000 investment management accounts (Term: 5 years) After one year and one month, he pre- terminated the investment account Winnings in a contest he joined in the Philippines 60,000 60,000 100,000 800,000 3,000,000 11,000 9,000 300,000 400,000 100,000 50,000 200,000 10, 001 DL.CL n - ZOOM 1,000,000 10,000 150,000 40,000 30,000 600,000 300,000 Philippine Charity Sweepstakes Winnings Bingo prizes Gain from sale of shares of stock of a domestic corporation not traded through the Philippine stock exchange Cash Dividend received from Meralco Property Dividend received from Unilever, PH Stock Dividend received from Burn, Inc. Gain on Sale of Ping's Lot located in Imus, Cavite: CIR's assessed value: P 2,000,000 Provincial Assessor's assessed value: P1,500,000 Selling Price: P1,800,000 Cost: P1,500,000 Sale of Ping's Lot in Maldives FMV: P3,000,000 Selling Price: P2,500,000 Cost: P1,000,000 Sale of Building used in business FMV: 900,000 Selling Price: 1,000,000 Cost: P400,000 Tax payments, first three (3) quarters Question 1 How much is the taxable net income in the Philippines? Question 2 - How much is the tax payable after deducting the allowable tax credits and payments? Question 3 - How much is the total final tax on certain passive income? Question 4 - How much is the capital gains tax? 100,000