29. Andrew was hit by a jeepney. He paid P100,000 for hospitalization expenses. He sued the jeepney driver and was awarded by the court a total indemnity of P340,000 divided as follows;P200,000 indemnity for his pain, anguish and suffering, P40,000 for his lost salaries, andP100,000 as reimbursement for his hospital bills. Which of the following will be subject to regular income tax * а. Р 340,000 b. P 40,000 О с.Р 100,000 O d. P 140,000

29. Andrew was hit by a jeepney. He paid P100,000 for hospitalization expenses. He sued the jeepney driver and was awarded by the court a total indemnity of P340,000 divided as follows;P200,000 indemnity for his pain, anguish and suffering, P40,000 for his lost salaries, andP100,000 as reimbursement for his hospital bills. Which of the following will be subject to regular income tax * а. Р 340,000 b. P 40,000 О с.Р 100,000 O d. P 140,000

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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J5.
Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?
Heidi will earn $80,965 in wages this year. • She contributed $2,000 to an IRA. • She received a gift from her parents to put a down payment on a new car totaling $5,000. • Heidi takes the larger of her itemized deductions or the standard deduction. • She donated $1,000 to a qualified charity. 2019 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Taxable income
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1.
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