Reference no: EM132557554
Question - A resident citizen, widower, with a dependent minor brother, had the following data on income and expenses for 2018:
Gross Sales P1,500,000
Cost of Sales 1,000,000
Business Expenses 200,000
Interest from savings deposit, BPI-Makati, Philippines 50,000
Prize in a literary contest he joined 100,000
Prize received for achievement in literature (did not join the contest) 10,000
Gain from sale of bonds (maturity is 6 years) 5,000
Separation pay from his former job (resigned) 250,000
Cash he inherited from his uncle 300,000
Proceeds of his wife's life insurance (irrevocable beneficiary) 1,000,000
Amount received as return of premium (premium paid, P150,000) 200,000
Tax informer's reward 500,000
Philippine Charity Sweepstakes winnings 10,000
Interest income from government bonds 20,000
Winnings from illegal gambling 10,000
Required -
1) How much is the total amount of excluded or exempt income?
2) How much is the final tax on certain income?
3) The taxpayer failed to indicate in his first quarter return the option to be taxed at 8%, how much is the income tax due?
4) The taxpayer signified in his first quarter return to opt for the 8% income tax rate, how much us the income tax due?
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