ross income from the practice of profession, P1,590,000 Gross income from business, P3,500,000 Interest income from currency bank deposit at Metro Bank, P8,300 Interest income on private securities, P24,000 Dividend income from domestic corporation, P26,000 Interest income on loans to friends, P13,000 Winnings from raffle draws, P2,000 Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000 Deductible business and professional expenses, P3,842,000 How much should X report as his gross income?

Q: What is the vat payable? P43,830 P44,280 P46,680 P59,248

A: Value Added Tax The calculation of Value added tax which is taken consideration of total output…

Q: Akram has assessable trading income of £41,870 and employement income of £11,400 (gross). Tax under…

A: The question asked to compute Akram's income tax payable for 2017-18.   Income tax liabilities:…

Q: In 2020 a married couple filing jointly has AGI of $100,000. The following information applies to…

A: An itemized deduction appears to be a tax break that a person can claim on their tax return to lower…

Q: This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service)…

A: Federal tax is the tax that is collected by the U.S. government from individuals, corporations,…

Q: The accompanying graph depicts unemployment insurance benefits paid by the U.S. government as a…

A: The question is asking for the maximum amount spent on unemployment insurance as a percentage of GDP…

Q: Based on the following 20X2 events, what amount should the taxpayer include in gross income on the…

A: The Internal Revenue Service (IRS) defines gross income as "all income from whatever source derived,…

Q: Question Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio…

A: Solution Tax is  the amount that you pay to the government and by using this government provide…

Q: During 2022, Ash had the following cash receipts: Wages Interest income from U.S. Treasury bonds…

A: Gross income is comprised of your salary, dividends, capital gains, business revenue, retirement…

Q: 4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following…

A: The income tax rate for the domestic companies in Philippines is 30% for the year 2021 on the…

Q: balances follow a Normal distribution. Determine the amount owing that corresponds to the minimum of…

A: We could also calculate the amount due that relates with the lowest of the Top 10% balance. Using a…

Q: Bill has the following income and expense statement: Income Salary Bonuses Rental income Capital…

A: Taxable income is the income which is subject to taxation. In order to arrive at the taxable income,…

Q: Ai3200 49. A taxpayer received the following items of income during the taxable year 2023: Espana…

A: When an individual receives and generates income in the form of money, services or property, it is…

Q: This table shows the U.S. federal income tax rates from 2016. (Source: Internal Revenue Service)…

A: Tax liability refers to the actual amount due to the revenue collection authority by the income…

Q: a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a…

A: Here given the details provide the tax bracket details while using the excel formula lookup to find…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.