Answered: red in Cavite, P120,000. The sale was…

red in Cavite, P120,000. The sale was perfected in Hong Kong. Business income of a service business in Ireland, P600,000. Interest income from a resident debtor collec

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 16DQ

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During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax? 720,000 800,000 1,650,00 1,730,000
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000
Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income and expenses Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10.000
How much is the income from sources within?Gross Income from the practice of profession as CPA in the Philippines, P220,000;Rent on a building located in Makati, net of 5% withholding tax, P95,000;Rent on a commercial building located in USA, P70,000;Interest income, debtor resides in Hongkong, P10,000;Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;Royalties received from Ford Motors for use of patents in the USA, P30,000;Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;
sir, the owner of a carving wood craft business with a gross income (turnover) of Rp.1,200,000,000.00 per year. Pak Sandi will pay taxes on his business based on the latest income tax collection regulations. The amount of income tax payable per year that must be paid is
Jady imported a brand new luxury car from the USA for personal use of Paula. Total landed costs was P15,000,000 exclusive of customs duties of P3,000,000, excise tax of P2,000,000, and facilitation cost of P1,000,000. The VAT payable should be: a. 240,000 b. 360,000 c. 1,800,000 d. 2,400,000
C-D. Use the following information for the next two questions:Mr A, employed in the private sector, received the following benefits during the year: Rice subsidy of one 50 kg sack of rice per month worth P2,500 Uniform and clothing allowance, P8,000 for the year Medical benefits for hospitalization during the year, P38,000 Laundry allowance, PI,000 per month Omega wristwatch worth P230,000 received as a loyalty award for having worked for the company in the last 25 years. 13 month pay, P40,000 Christmas bonus, P6,000Question: C. How much is Mr. X's taxable "13" month pay and Other Benefits?Answer: Question: D. If Mr X's total "take-home pay (excluding the benefits above) for the year was 480,000, how much is Mr X's tax due for the year?Answer:
Yolanda is a cash basis taxpayer with the following tranasctions during the year: Cash received from sales of products $70,000 Cash paid for expenses (except rent and interest) $40,000 Rent prepaid on a leased building for 18 monts beginning December 1 $48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year.
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $70,000 Cash paid for expenses (except rent and interest) 40,000 Rent prepaid on a leased building for 18 months beginning December 1 48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year. If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar. Sales income Expenses: Other than rent and interest Rent Interest Net income please answer do not image format
. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:
ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then collecting them. Last year, she purchased a $30,000 account receivable for $25,000. This year, the account was settled for $25,000. How much loss can Peggy deduct and in which year? a.$5,000 for the prior year. b.$5,000 for the prior year and $5,000 for the current year. c.$5,000 for the current year. d.$-0- for the current year.
Jackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his importation. Cost of Goods - 1,350,000 Arrastre Charge - 30,000 Facilitation Fee - 25,000 Freight Charge - 45,000 Wharfage Fee - 5,000 Insurance - 10,000 Customs Duties - 5% How much is the dutiable value?