Total deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above
Total deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Total deductible income tax credit would be
P80,000
P60,000
P20,000
P0
None of the above
Income tax still due and payable per ITR.
P170,000
P250,000
P120,000
P130,000
None of the above
The total final tax would be
P22,000
P25,000
P10,000
P12,000
None of the above
![Mr. B, a resident Filipino, married having 5 dependent
children, reported the following income and expenses from
the taxable year 2019. B did not signify his intention to elect
and be taxed at the 8% final income tax.
Compensation income, net of P60,000 withholding tax
P 754,000
Overtime pay
60,000
SSS contribution (mandatory)
10,800
PhilHealth contribution (mandatory)
4,800
PAG-IBIG contribution (mandatory)
1,200
Union dues contribution
1,200
Compensation received for personal injuries
30,000
Hospitalization benefits received from SSS
5,000
13th month pay
92,000
De minimis:
Unavailed vacation leave (10 days)
35,380
Rice subsidy
48,000
Clothing allowance
10,000
Christmas bonus
10,000
CPA Professional income, net of withholding tax
380,000
Salary of audit staff
150,000
Interest expense used for CPA continuing education
25,000
Interest income, net of final tax
20,000
Dividend income, net of final tax
45,000
Royalty income - as author, net of final tax
108,000
Gain on sale of capital asset – short term
100,000
Loss on sale of capital asset - long term
48,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e2aa6d9-2ff1-4864-8f74-4b25dc58f7d8%2F7de23baf-3a07-4471-871d-95ee3fe7af19%2F4tvysra_processed.png&w=3840&q=75)
Transcribed Image Text:Mr. B, a resident Filipino, married having 5 dependent
children, reported the following income and expenses from
the taxable year 2019. B did not signify his intention to elect
and be taxed at the 8% final income tax.
Compensation income, net of P60,000 withholding tax
P 754,000
Overtime pay
60,000
SSS contribution (mandatory)
10,800
PhilHealth contribution (mandatory)
4,800
PAG-IBIG contribution (mandatory)
1,200
Union dues contribution
1,200
Compensation received for personal injuries
30,000
Hospitalization benefits received from SSS
5,000
13th month pay
92,000
De minimis:
Unavailed vacation leave (10 days)
35,380
Rice subsidy
48,000
Clothing allowance
10,000
Christmas bonus
10,000
CPA Professional income, net of withholding tax
380,000
Salary of audit staff
150,000
Interest expense used for CPA continuing education
25,000
Interest income, net of final tax
20,000
Dividend income, net of final tax
45,000
Royalty income - as author, net of final tax
108,000
Gain on sale of capital asset – short term
100,000
Loss on sale of capital asset - long term
48,500
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