The following information are gathered from the records of Mr. Pew  resident citizen with regards to his income in 2020 from his furniture business and from employment:

Sales revenue, net                                                                                 P2,125,000.00

Revenue from services rendered                                                          300,000.00

Compensation income, net of non taxable benefits                            500,000.00

Interest income from currency deposit, net of tax                              32,000.00

Dividend income from bond investment                                               15,000.00

Gain on sale of old equipment, acquired 5 years ago                         50,000.00

Gain on sale of capital asset, holding period 2 years                          30,000.00

Loss on sale of bond investment, capital asset, 9 months                9,000.00

Gain on sale of land in Laguna, Selling price P2 million, costs P1.3 M) 700,000.00

Cost of sales and services                                                                     980,000.00

Allowable business expenses                                                                 300,000.00 

Income tax withheld from compensation                                               40,000.00

Questions:

A.      Assume Mr. Pew opted on the first quarter of 2020, the 8% income tax. Determine the following: 

1.       The final tax paid by Mr. Pew is ____________

2.      Income tax due from Mr. Pew is ____________

3.      Income tax payable is ________________

4.      Capital gain tax is ______________________ 

 

B.      Assume Mr Pew availed of the regular income tax 

5.      Income tax due from Mr. Pew is ________________

6.      Mr. Pew has to pay percentage tax of _______________

 

C.     Using the same information above, and assume further that it is earned by general partnership of Mr. Pew and Mr. Pie who shares profit and loss of 60:40 respectively, and the compensation of Mr Pew indicated therein is earned from being a part time faculty member at Centro Scholar University.

7.       Income tax due from the partnership is ____________

8.      Income tax due from Mr. Pew is _____________

9.      Distributable income of the partnership is _____________

10.  Final tax of Mr. Pew and Mr Pie is ____________

 

D.      Assume that instead , it is a general professional partnership

11.   Income tax due from the partnership ___________

12.  Taxable income  of Mr. Pew is ___________

13.  Income tax due from Mr. Pie is _________________

 

E.       Assume, that the information is earned by the general partnership during its calendar taxable year and that the partnership failed to file the return on time. The return was made July 15, 2021.

The total tax liability of the partnership is ________________________