INCOME TAXATION (With Tax Principles & Remedies) AMPONGAN 2708. Night shift differential pay9.Interest income on Euro deposit with Metrobank10. Share in the net income of a partnership in trade11.Honorarium of a CPA as speaker in a Continuing ProfessionalDevelopment (CPD) seminarIncome received by a CPA as an independent auditor13. 13th month pay1214. Gain on sale of shares of stock (not traded)15. Winnings in a lottery sponsored by Philip Morris Philippines16. Honorarium received as President and Director of a corporation17. Dividend received as stockholder of a corporation18Travel allowance19. Productivity incentive pay20. Lotto winnings EXERCISE 8-2. CLASSIFICATION OF INCOME.REQUIREMENTS:I Classify the following income into(A) Self-EmploymentB) Passive subject to final withholding tax(C) Compensation,IL On the following income, write (Y) if the taxpayer can avail of the 8%income tax rate, and (N) if the taxpayer cannot avail of the 8% incometax rate1.Rent income of apartment2 Gain on sale of a commercial building3 Gain on sale of residential house4. Income as street vendor5 Income of a junk shop owner6. Interest on peso deposit with Bank of the Philippine Islands7. Royalty as book author

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EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author

EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author

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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