Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax?
Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax?
A. P690,000
B. P540,000
C. P530,000
D. P500,000
![Mang Panday, a resident citizen taxpayer approached you and presented the following-
Description
2020
Basic salary
P800,000
Overtime, holiday pays, honorarium and other allowances
130,000
Non-taxable compensation (not included in the above)
90,000
Rental income on his apartment for lease
150,000
Royalty earned from the sale and distribution of his books- Local
500,000
Dividend earned on his stocks from San Mig, Inc., a domestic
corporation
30,000
Gross income from a "sideline" store business
70,000
Interest income earned from his banks savings account-Local banks
Gross income from online selling of plants
10,000
90,000
Income from the sale of his old car
40,000
Income from the sale of a farm land he inherited years ago
400,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F898b158b-b15a-4df7-9576-4ee46956b41d%2Ff0e4c9b1-d4ab-4615-958c-09bf06807b51%2Fyu2uuoe_processed.png&w=3840&q=75)
Transcribed Image Text:Mang Panday, a resident citizen taxpayer approached you and presented the following-
Description
2020
Basic salary
P800,000
Overtime, holiday pays, honorarium and other allowances
130,000
Non-taxable compensation (not included in the above)
90,000
Rental income on his apartment for lease
150,000
Royalty earned from the sale and distribution of his books- Local
500,000
Dividend earned on his stocks from San Mig, Inc., a domestic
corporation
30,000
Gross income from a "sideline" store business
70,000
Interest income earned from his banks savings account-Local banks
Gross income from online selling of plants
10,000
90,000
Income from the sale of his old car
40,000
Income from the sale of a farm land he inherited years ago
400,000
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