Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data:
Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data:
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 9DQ
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Question
- Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data:
|
Gross Sales of Mr. A from business |
P1,500,000 |
|
Gross receipts of Mrs. A from practice of profession |
900,000 |
|
Gross Rent Income (Gross Receipts) |
500,000 |
|
Cost and Expenses, business of Mr. A |
700,000 |
|
Cost and Expenses, profession of Mrs. A |
200,000 |
|
Expenses on the rental property |
200,000 |
REQUIRED: Compute for the income taxes of Mr. and Mrs. A.
2. Mr. C is a professional with gross receipts of P2,000,000 and deductible expenses of P1,100,000 or a net income of P900,000 in 2020. How much is Mr. C’s income tax for 2020.
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