Reference no: EM132736319
Questions -
Q1) Mrs. Sanchez Mira had a gross taxable compensation income of P400,000.
She also earned an additional P2,000 by investing her money in time deposits plus P3,000 interest income from lendingmoney to a friend. Compute her taxable income.
a. P303,000
b. P302,000
c. P300,000
d. P403,000
Q2) Mr. Pamplona earned a total gross receipts of P800,000 and paidP300,000 in expenses in his accounting practice. During the same year, he also earned a total of P60,000 net gain from the sale of domestic stocks directly to a buyer. He also disposed a vacant lot at a net gain of P140,000. What is the taxable income of Mr. Pamplona?
a.P400,000
b. P460,000
c. P500,000
d. P600,000
Q3) Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable compensation income, and gross business income of P500,000 before expenses of P200,000. He also earned book royalties of P10,000 and P8,000 interest income from clients' promissory notes. Mr. Monreal has personal expenses ofP170,000 during the year. What is Mr. Monreal's taxable compensation income?
a. P30,000
b.P180,000
c. P200,000
d. P220,000
Q4) What is Mr. Monreal's net income from business?
a.P300,000
b. P308,000
c. P310,000
d. P518,000
Q5) What is Mr. Monreal's taxable income?
a.P508,000
b.P450,000
c. P558,000
d. P468,000
Q6) Mr. Bangul earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable income.
a. P473,000
b.P465,000
c. P428,000
d. P420,000
Q7) Mr. Gudani with a P75,000 personal exemption, had the following data
Philippines Abroad Gross income from sales P4,000,000 P6,000,000
Interest income on deposits 40,000 80,000
Less Deductions 2,000,000 3,600,000
Compute the taxable income if Mr. Gudani is a resident citizen.
a. P4,480,000
b.P4,520,000
c. P2,040,000
d. P2,000,000
Q8) In the immediately preceding problem, compute the taxable income if Mr. Gudani is a non-resident citizen.
a. P4,520,000
b. P4,480,000
c. P2,040,000
d. P2,000,000
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