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33. How much is the total final tax on passive income? a. P14,000 b. P7,750 c. P4,000 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 c. P2,900,000 d. P4,200,000

33. How much is the total final tax on passive income? a. P14,000 b. P7,750 c. P4,000 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 c. P2,900,000 d. P4,200,000

FINANCIAL ACCOUNTING
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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Kickbacks received from suppliers of clients Interest income on time deposit (net) Dividend income from domestic corporations Professional expenses Household expenses, Premium payment on health insurance Facilitation fees paid to government agencies a. P325,000 b. P340,000 Compute the amount of his taxable income subject to basic tax for 2021? c. P415,000 d. P445,000 Gross sales, Ukraine Sales returns and allowances, Ukraine Cost of sales, Ukraine Use the following data for the next three (3) questions: A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2021: Gross sales, Philippines Sales returns and allowances, Philippines Cost of sales, Philippines Business expenses, Philippines Business expenses, Ukraine Interest income, peso bank deposit BDO-Marikina Interest income, US dollar deposit, BDO-Mandaluyong Gain from sale of residential house and lot (selling price, P3,000,000; FMV, time of sale, P5,000,000) Gain from sale of shares of stock listed and traded in the local stock exchange (selling price, P100,000) Gain from sale of shares of stock not traded in the local stock exchange 33. How much is the total final tax on passive income? a. P14,000 c. P4,000 b. P7,750 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 40,000 32,000 75,000 325,000 24,000 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 4,000 15,000 c. P2,900,000 d. P4,200,000 P5,000,000 500,000 1,500,000 3,000,000 200,000 800,000 500,000 300,000 20,000 50,000 500,000 30,000 150,000 N
Transcribed Image Text:Kickbacks received from suppliers of clients Interest income on time deposit (net) Dividend income from domestic corporations Professional expenses Household expenses, Premium payment on health insurance Facilitation fees paid to government agencies a. P325,000 b. P340,000 Compute the amount of his taxable income subject to basic tax for 2021? c. P415,000 d. P445,000 Gross sales, Ukraine Sales returns and allowances, Ukraine Cost of sales, Ukraine Use the following data for the next three (3) questions: A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2021: Gross sales, Philippines Sales returns and allowances, Philippines Cost of sales, Philippines Business expenses, Philippines Business expenses, Ukraine Interest income, peso bank deposit BDO-Marikina Interest income, US dollar deposit, BDO-Mandaluyong Gain from sale of residential house and lot (selling price, P3,000,000; FMV, time of sale, P5,000,000) Gain from sale of shares of stock listed and traded in the local stock exchange (selling price, P100,000) Gain from sale of shares of stock not traded in the local stock exchange 33. How much is the total final tax on passive income? a. P14,000 c. P4,000 b. P7,750 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 40,000 32,000 75,000 325,000 24,000 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 4,000 15,000 c. P2,900,000 d. P4,200,000 P5,000,000 500,000 1,500,000 3,000,000 200,000 800,000 500,000 300,000 20,000 50,000 500,000 30,000 150,000 N
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