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Marco Polo, How much is the total income not subject to tax?

Marco Polo, How much is the total income not subject to tax?

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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Marco Polo, How much is the total income not subject to tax?

Marco Polo presented to you the following income for the year: Basic salary (net of withholding tax) Withholding tax on basic salary Director's fee P900,000 300,000 200,000 Business income: Retail business 250,000 Apartment rental (net) Business Expenses 190,000 125,000 Cash dividend: from a domestic corporation from a resident corporation Stock dividend from a domestic corporation Interest from savings deposit Royalties from book publications Prizes from contest won PCSO winnings 13th month pay Christmas bonus Mid-year bonus Damages received from injuries and sickness 50,000 50,000 25,000 20,000 50,000 50,000 50,000 100,000 30,000 50,000 85,000 Proceeds from the life insurance coverage of his deceased father 300,000 How much is the total income not subject to tax?
Transcribed Image Text:Marco Polo presented to you the following income for the year: Basic salary (net of withholding tax) Withholding tax on basic salary Director's fee P900,000 300,000 200,000 Business income: Retail business 250,000 Apartment rental (net) Business Expenses 190,000 125,000 Cash dividend: from a domestic corporation from a resident corporation Stock dividend from a domestic corporation Interest from savings deposit Royalties from book publications Prizes from contest won PCSO winnings 13th month pay Christmas bonus Mid-year bonus Damages received from injuries and sickness 50,000 50,000 25,000 20,000 50,000 50,000 50,000 100,000 30,000 50,000 85,000 Proceeds from the life insurance coverage of his deceased father 300,000 How much is the total income not subject to tax?
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