Preliminary data needed in the form considering the notes

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Reference no: EM133085464

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 incomes 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.

Reference no: EM133085464

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