Reference no: EM132933248
Question - A resident citizen businessman, married, with five (5) dependent children has the following data for the current year ended December 31, 2020:
Income and Expenses from Business:
Gross revenue from business P800,000
Cost of sales 310,000
Salaries and wages 160,000
Repairs and maintenance 20,000
Bad debts 15,000
Rent 120,000
Taxes and licenses 18,000
Utilities 60,000
Income and Expenses from Profession:
Professional income 600,000
Salaries of office personnel 180,000
Office rentals 100,000
Taxes and licenses 300
Bad debts written-off 15,000
Interest paid to brother, on loan used to finance profession 5,000
Donations to the Boy Scout of the Philippines 10,000
Dividend received from a domestic corporation 10,000
Interest income on time deposit with Banco de Oro 8,000
All expenses were properly documented and the corresponding withholding taxes were withheld.
Required -
1. How much is the total taxable income?
2. How much is income tax due?
3. How much final taxes were paid by the taxpayer on passive income?
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