PROBLEM 15 A practicing Certified Public Accountant, who is single, has a younger brother as dependent. He had the following data in 2019: Income from employment Jan. to Sept. 2019

Basic salary (net of P2, 750 Tax Withheld) P64,200 Allowances (net of 5% Tax Withheld) 25,000 Gain from sale of personal car 13,600 Income/Expenses from practice of profession July to December 2019: Professional Fees (net of 10% tax withheld) P863,000 Rental Income on business property (net of 5% tax withheld) 42,000 Interest Income on bank deposit-Phil. 5,700 Business Expenses 549,000 Required: Compute for the Taxable Net Income and the Income tax payable after tax credit.

PROBLEM 16 A resident citizen individual, who is a head of family, provided the following commercial information for the year 2019 as reflected from its accounting records: Gross Income-Phil. P600,000 Gross Income-Malaysia 350,000 Gross Income-USA 400,000 Business Expense-Phil. 300,000 Business Expense-Malaysia 150,000 Business Expense-USA 300,000 Income tax paid-Malaysia 21,700 Income tax paid-USA 35,600 Priors quarters income tax paid 27,600 Required: Compute the Taxable Net Income and the income tax still due after the tax credit, if the taxpayer opted to treat the foreign income tax as: a. Part of Tax Credit b. Part of Allowed Deductions from Gross Income