PART III-Problem Solving 1. X earned P680,000 compensation income but incurred P230,000 net loss in his business. He also earned an additional P25,000 by investing her money in time deposit plus P32,000 interest income from lending money to a friend. What is his taxable income assuming he incurred personal expenses of P125,000. 6. X earned total gross receipts of P1,200,000 and paid P350,00 in expenses in his accounting practice. He also earned an additional P245,000 commission from selling cellular cards and P790,000 dividends from domestic corporation. During the same year, he also earned a total of P460,000 net gain from the sale of domestic stocks directly to a buyer. Compute his taxable income and tax due/payable? ***Items # 2-5 are based on the following data: X derived the following income in 2024 Business Income P200,000 Compensation Income 300,000 Interest Income from 5/6 lending to clients 100,000 Interest Income from Bank deposits Royalty income 20,000 100,000 Capital gain on sale of personal car 20,000 Capital gain on sale of stocks directly to buyer 20,000 Ordinary gain on sale of old furniture Dividend income 10,000 50,000 7. X earned gross compensation income of P400,000, inclusive of P 80,000 non-taxable compensation income, and gross business income of P300,000 before expenses of P125,000. He also earned royalties from musical composition of P50,000 and P24,000 interest income from clients promissory notes. He has personal expenses of P100,000 during the year. What is his tax due/payable? 2. Compute the total passive income subject to final tax. 8. X earned P180,000 compensation income exclusive of P30,000 non-taxable compensation and net income from business of P220,000. He also earned an additional P10,000 prizes from singing competition and P85,000 royalties from abroad. He also disposed a vacant lot at a net gain of P280,000. What is his tax due/payable assuming he incurred personal expenses of P125,000. 3. Compute the capital gain subject to capital gains tax. 4. Compute the total income subject to regular tax. 9. X earned P510,000 compensation income but incurred loss in his business of P165,000. He also earned P170,000 royalty income from abroad and P145,000 dividend income from a foreign corporation. Additionally, he earned an ordinary gain on sale of old office furniture of P75,000. What is his tax due/payable? 5. Compute the income tax due/payable using the tax table. 10. X earned P2,510,000 business income. He also earned P190,000 interest income from lending to clients and P330,000 interest from bank deposits. Additionally, he earned P60,000 capital gain on sale of personal car. What is his tax due/payable?