Mariang is a Pilipinas Got Talent champion. She won P2million as cash prize, a house and lot at ABC Homes in Baguio City with the total fair value of P5 million, and a recording contract with Sony Music Inc. for P10 million in two years. How much his income tax, if any?

Mariang is a Pilipinas Got Talent champion. She won P2million as cash prize, a house and lot at ABC Homes in Baguio City with the total fair value of P5 million, and a recording contract with Sony Music Inc. for P10 million in two years. How much his income tax, if any?

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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Hope you could help me with taxation, thank you! :)

Mariang is a Pilipinas Got Talent champion. She won P2million as cash prize, a house and lot at
ABC Homes in Baguio City with the total fair value of P5 million, and a recording contract with
Sony Music Inc. for P10 million in two years. How much his income tax, if any?

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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