Case 12Mr. and Mrs. J, both citizens of the Philippines, with five qualified dependentchildren, had the following data for 2001:Mr. J:Gross income, businessExpenses related to the businessMrs. J:Gross income, practice of professionExpenses, practice of professionIncome tax withheld on the professional incomeMr. and Mrs. J:Gross income from rental propertyExpenses on the rental propertyIncome tax withheld on the rents800,000500,000900,000550,00090,000400,000100,00020,000By agreement, Mr. J claims the additional exemptionsHow much was the income tax due from Mr. and Mrs. J at the end of the year?

Income Tax rates as per Bureau of Internal Revenue [BIR] are progressive starting…

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and Mrs. oth citizens of the Philippines with

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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Case 12
Mr. and Mrs. J, both citizens of the Philippines, with five qualified dependent
children, had the following data for 2001:
Mr. J:
Gross income, business
Expenses related to the business
Mrs. J:
Gross income, practice of profession
Expenses, practice of profession
Income tax withheld on the professional income
Mr. and Mrs. J:
Gross income from rental property
Expenses on the rental property
Income tax withheld on the rents
800,000
500,000
900,000
550,000
90,000
400,000
100,000
20,000
By agreement, Mr. J claims the additional exemptions
How much was the income tax due from Mr. and Mrs. J at the end of the year?

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