Reference no: EM132824362
Questions -
Q1. Calvin, employed, derives the following income during the year:
|
Gross salaries
|
P400,000
|
|
13th month pay and other benefits
|
40,000
|
|
SSS, Philhealth, Pag-ibig Contributions
|
20,000
|
|
Deductions for loan repayments
|
50,000
|
|
Deductions for withholding tax
|
60,000
|
Compute the compensation income to be reported in the annual income tax return?
Q2. Cora resigned in 2018 after 12 years of service. She had the following income during the year:
Salary, net of P80,000 withholding tax P20,000 SSS, P18,000 philhealth P480,000
Separation pay 1,000,000
Compute the gross income subject to regular tax?
Q3. Mr. Blue, a supervisory employee, received the following income in 2018:
Gross compensation income, before contributions Of SSS, Philhealth ad HDMF totaling P124,000 P800,000
Fringe benefits 200,000
Gain from redemption of shares in a mutual fund 100,000
Commission income 150,000
Gain on sale of stocks through PSE 400,000
Determine the total income to be reported by Mr. Blue in gross income.
Q4. Israel Corporation, engaged in the sales of goods, reported the following summarized financial statements:
Sales P3,500,000
Cost of sales 2,000,000
Gross profit P1,500,000
Commission income on consignment 200,000
Interest income from customers 20,000
Interest income, net of final tax 10,000
Dividend income 50,000
Total income P1,780,000
Admin and Selling Expenses 1,000,000
Net income P780,000
Compute the total gross income subject to regular tax.
Q5. Percy Corp., a domestic Corporation, reported the following income in 2018:
|
|
Philippines
|
Abroad
|
|
Service fees
|
P400,000
|
P300,000
|
|
Interest income-bank
|
40,000
|
70,000
|
|
Royalties-franchise
|
80,000
|
30,000
|
Compute the total gross income subject to RIT?
Q6. If Percy Corp. is an RFC, compute the gross income subject to RIT.
Q7. Andy leases a building to a client. During the year, he received the following remittance from the lessee:
Rental, net of 5% creditable withholding tax P1,900,000
Real property tax of the leased building 50,000
Reimbursement for utilities used by the lessee paid by Andy 200,000
How much will be included in gross income subject to RIT?
Q8. Ms. Villar, a professional practitioner, received the following from his clients:
Advances for future services to be rendered P30,000
Collections for past services rendered 70,000
Reimbursements for client expenses 40,000
Reimbursements for out-of-pocket expenses 10,000
How much will be included in the gross income subject to regular tax?
Q9. Shown below is a compilation of the gain on the sale of real properties:
|
Real properties classified as
|
Philippines
|
Abroad
|
|
Ordinary assets
|
P300,000
|
P800,000
|
|
Capital
|
400,000
|
200,000
|
What is the amount of income to be included in gross income subject to regular tax assuming the taxpayer is a domestic corporation?
Q10. What is the gain to be included in gross income subject to regular income tax if the taxpayer is a resident foreign corporation?
Q11. What is the gain to be included in gross income if the taxpayer is a resident alien?