What is the taxable income if the taxpayer had chosen optional standarddeduction? *A citizen who is married, had the following data in 2000:Gross revenues from servicesCapital gain on sale of asset held for 2 yearsDividend from resident corporationDirect costs of the servicesP400,00010,00015,000100,0005,000Capital loss on sale of asset held for 6 months

In the context of the given question, we need to compute the taxable income of a married individual…

What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is married, had the following data in 2000: Gross revenues from services P400,000 Capital gain on sale of asset held for 2 years Dividend from resident corporation Direct costs of the services 10,000 15,000 100,000 5,000 Capital loss on sale of asset held for 6 months

What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is married, had the following data in 2000: Gross revenues from services P400,000 Capital gain on sale of asset held for 2 years Dividend from resident corporation Direct costs of the services 10,000 15,000 100,000 5,000 Capital loss on sale of asset held for 6 months

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 3BCRQ

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Similar questions

What is the taxable income if the taxpayer had chosen itemized deduction?* A citizen who is married, had the following data in 2000: Gross revenues from services Capital gain on sale of asset held for 2 years Dividend from resident corporation Direct costs of the services Capital loss on sale of asset held for 6 months P400,000 10,000 15,000 100,000 5,000
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of P180,000. Data for the taxpayer in 2020 is: Gross compensation income P200,000 Gross revenues from profession 300,000 Capital gain on asset held for 2 years 50,000 Direct costs on income from profession 120,000 How much is the taxable income: From employer-employee relationship? From profession?
An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865
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How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000
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An individual resident citizen taxpayer who owns a ten (10)-door apartment with a monthly rental of P15,000.00 for each residential unit, sold this property to another individual taxpayer. The sale shall be subject to * a presumed capital gains tax. a percentage tax. the schedular tax on taxable income. an excise tax.
1. Paul, a resident citizen, provided the following data for year current taxable year: Gross Income from business (gross of 12,000 creditable withholding tax) Business Expenses 700,000.00 300,000.00 a. How much is the income tax of Paul? b. How much is the income tax payable of Paul? c. How much is the taxable income of Paul?
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00