Reference no: EM133184760
Question 1 - X, a resident citizen had the following data in the year 2021:
Gross income from the practice of profession, P1,590,000
Gross income from business, P3,500,000
Interest income from currency bank deposit at Metro Bank, P8,300
Interest income on private securities, P24,000
Dividend income from domestic corporation, P26,000
Interest income on loans to friends, P13,000
Winnings from raffle draws, P2,000
Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000
Deductible business and professional expenses, P3,842,000
How much should X report as his gross income?
Question 2 - X, resident citizen, was hired by ABC Corp as an independent consultant. There is no employer-employee relationship between X and ABC Corp. The contract price is P500,000. In 2020, X rendered services worth 400,000 to ABC. Expenses incurred by X and ABC, in relation to their respective operations are P40,000 and P100,000, respectively.
In addition, X received 80,000 from Z as rental fee for 2020.
During the year, X rendered services to another corporation, C Corp, where X earned P200,000, as compensation income. X is an employee of C Corp.
X opted to be subject to 8% optional income tax rate. How much is X's income tax due for the year?
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