Reference no: EM133091860

ACCOUNTING ED. 05- INCOME TAXATION

EXERCISE - FILLING OUT OF BIR FORM 1700

Mr. Jodie San Diego, is a private employee (resident citizen) had the following remuneration and various income in 2019:

Gross compensation income	P 450,000
Personal and living expenses	80,000
SSS premiums contribution	3,600
Philihealth contributions	2,400
Pag-ibig contributions	2,000
Union dues	1,000
Fixed RATA	12,000
Cost of living allowance	24,000
13 th month pay	28,000
Christmas gift	5,000
Laundry allowance ( P 500/ month)	8,000
Dividend income from a  domestic corporation	10,000
Interest income from bank deposits	2,500
Business income	200,000
Capital gain on sale of personal car	20,000
Capital gain on the sale of stocks directly to a buyer	40,000
Dividend income from a foreign corporation	15,000
Sale of land with fair value of ( personal)	15,000,000
Prize as most outstanding citizen for the year	100,000
Prize in a raffle	7.500

Notes

1. Mr. San Diego requested  your help to fill out the BIR Form 1700.
2. Assume the following:
3. He resides in Legazpi City, happily married with 5 children.
4. His wife is  a plain housewife.

REQUIRED:

1. Fill out BIR Form 1700 based on the above data, using a dark pen and  with a legible handwriting. And attach it to gdocs that I will create.

2. Select one member of the group and fill out all the preliminary data needed in the form considering the notes above.

3. Only one will submit the form, but make sure the other members are included in the list as well as in the attachment of the output.

4. Submit not later than Dec. 19, 2021.