Marco Polo, How much is the total income not subject to tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Marco Polo, 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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