Answered: xable Year 2023

Business

Accounting

xable Year 2023

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions

Section: Chapter Questions

Problem 49P: During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If...

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Question

X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following:

Sales, P1,000,000;
Cost of sales and expenses, P600,000
Lotto winnings, USA, P20,000.

Also, X claimed in his income tax return a personal exemption of 50,000, as head of the family.

How much is the basic income tax due of X for the Taxable Year 2023?

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During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?