Compute for the taxable income in each of the following cases. Show your computation.Thank you in advance. 1. Mr. Naval, a single with no qualified dependent, earns compensation income ofP200,000 during a taxable year. How much is the taxable income of Mr. Naval?2. Ms. Sarroca, a single mother with three children ages 22, 12 and 1, earns compensationincome of P700,000 during the year. How much is the taxable income of Ms. Sarroca.3. Mrs. Bormeo, married and a mother of a 3 year-old child, earns compensation incomeof P300,000 during a taxable year. Mr. Borromeo is also earning income and does notwaive his right over the additional exemption. How much is the taxable income of Mrs.Borromeo?4. Mr. Pinlac, a father of threeages 30,18 and 3, earns compensation income ofP400,000 during the year. The 30 years old child's is crazy and depends chiefly on hisdaddy for support. The 18 years old child is a genius - he is an internet mogul, havinginvented Netbook, and is earning millions of dollars. During the year, Mr. Pinlac tookhealth insurance for his children at an annual premium of P3,000. How much is thetaxable income of Mr. Pinlac?5. Ms. Emerald, a single mother of a 13-year-old child, earns compensation income of P220,000during a taxable year. During the year, Ms. Emerald took hospitalization insurance for her childat an annual premium of P2,200. How much is the taxable income of Ms. Emerald?

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Answered: 1. Mr. Naval, a single with no…

1. Mr. Naval, a single with no qualified dependent, earns compensation income of P200,000 during a taxable year. How much is the taxable income of Mr. Naval?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Compute for the taxable income in each of the following cases. Show your computation.

Thank you in advance.

1. Mr. Naval, a single with no qualified dependent, earns compensation income of
P200,000 during a taxable year. How much is the taxable income of Mr. Naval?
2. Ms. Sarroca, a single mother with three children ages 22, 12 and 1, earns compensation
income of P700,000 during the year. How much is the taxable income of Ms. Sarroca.
3. Mrs. Bormeo, married and a mother of a 3 year-old child, earns compensation income
of P300,000 during a taxable year. Mr. Borromeo is also earning income and does not
waive his right over the additional exemption. How much is the taxable income of Mrs.
Borromeo?
4. Mr. Pinlac, a father of three
ages 30,18 and 3, earns compensation income of
P400,000 during the year. The 30 years old child's is crazy and depends chiefly on his
daddy for support. The 18 years old child is a genius - he is an internet mogul, having
invented Netbook, and is earning millions of dollars. During the year, Mr. Pinlac took
health insurance for his children at an annual premium of P3,000. How much is the
taxable income of Mr. Pinlac?
5. Ms. Emerald, a single mother of a 13-year-old child, earns compensation income of P220,000
during a taxable year. During the year, Ms. Emerald took hospitalization insurance for her child
at an annual premium of P2,200. How much is the taxable income of Ms. Emerald?

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