Juan earned P200,000 in rendering services. His total expenses are 40%. His net income is: a. P120,000 b. P200,000 c. P80,000 d. P320,000
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- A Father leaves a logacy of K^(10),700. to his son. After death duties of 8% have been pard, the money is invested for 4.25 mers at 6% Compound inferest. How much in total with the son earn from this muestment2. Nana made a contribution of PHP 15,000 to St. Jude Parish Chruch. She had a gross income from business of PHP 500,000 and deductions (excluding contribution) of PHP 400,000. From this contribution, how much will be allowed as deduction from his gross income? a. PHP 15,000 b. PHP 10,000 c. None d. PHP 100,000Khalid makes $57,000 a year. In 2021, the YPME is $61,600, YBE is $3500, contribution rate is 5.45% each. How much will he contribute in 2021 towards CPP? O $3204 O $2604 $5196 $2648
- Compute for the Income Tax for the below data: MRS. MR. Gross Sales of the Business P4,000,000 Cost of Sales and expenses of the business 1,900,000 Gross Receipts from profession P300,000 Cost and Expenses in the practice of profession 120,000. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000
- Cooper has the following income and expenses for the year: Income Salary $50,000 Interest income $ 350 Canadian Eligible Dividend income $ 500 Capital Gains $ 1,700 Expenses RRSP contribution $ 2,500 Childcare expenses $ 5,000 What is Cooper’s Total income for tax purposes? Use a dividend gross-up of 38% A. $50,050 B. $45,050 C. $44,875 D. $44,390D. benefit ENT OF EDUG ABM BM11SW-lld-2 5. Ms. Ana, a private employee, gets a monthly salary of P25,000.00, rice subsidy of P2,000.00, and a clothing allowance of P1,000.00 per month. How much will be her monthly gross income?Sarah has the following items of income: Philippines Abroad Business Income 200,000.00 100,000.00 Professional fee 100,000.00 50,000.00 Compensation Income 400,000.00 Rent Income 300,000.00 200,000.00 Interest Income 30,000.00 40,000.00
- B5. Don Ho has the following sources of income and deductions: Net employment income 34,000 Property income 6,000 Business loss 54,000 Taxable capital gain 4,000 Allowable capital loss 7,000 What is Don’s Net Income or Loss (Division B Income)? A. $40,000 Income B. $44,000 Income C. $17,000 Loss D. NilA family has a net worth of $165,000 and liabilities of $176,000. What is the amount of their assets? Group of answer choices $11,000 $165,000 $176,000 $341,000 $506,0001. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…