Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost of sales 250,000 Operating expenses 190,000 Interest income on bank deposits- BPI 10,000 Zhie also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of zhie which is subject to regular income
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- 1. John reports the following business transactions: Gross sales - P850,000 Sales discounts - 25,000 Cost of sales - 250,000 Operating expenses - 190,000 Interest income on bank deposits- BPI - 10,000 John also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of John which is subject to regular income tax: a. P680,000 b. P690,000 c. P705,000 d. P870,000 2. The negligence of AC, driver of a certain bus company, resulted in the death of JP's wife, physical injuries to JP that prevented him from working for a month, and the total wreck of JP's brand new car which he had bought for P400.000. In the action for damages filed by JP against the bus company, the court awarded the following: • P30,000 for JP's injuries consisting mainly in the loss of his right hand; • P45,000 for JP's loss of one month salary: • P25,000 for the death of his wife: • P100,000 moral damages on account of the…Grace has the following transactions. Gross sales-840,000 php Sales discounts- 25,000 php Cost of sales- 250,000 php Operating Expenses-190,000 php Interest income on bank deposit-BDO Part time employment- 410,000 php, 105,00 is excluded in taxation What is the taxable income which is subject to regular income tax?870,000; 680,000; 690,000; 705,000Maria reports the following transactions Gross sales-840,000; sales discount-25,000; cost of sales-250,000; operationg expenses-190,000; interest income on bank deposit-10,000 What is the net taxable income? P565,000 P400,000 P385,000 P375,000 what is the taxable income? P565,000 P400,000 P385,000 P375,000
- A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?20. Which of the following is subject to tax? P6,000 representing his unused vacation ieave credits of ninë working days; b. Traveling expenses of P15,000 received by an employee who was sent on a business trip to Davao City; C. Representation expenses of P5,000 a month which are not subject to liquidation; d. Tips received by waitresses which are remitted to their employer. а. С. CS Scanned with CamScanner1. Darna, employed, derived the following income during the year: P 400,000 40,000 20,000 50,000 Gross Salaries 13 Month pay and other benefits SSS, PhilHealth and Pag-Ibig Contributions Deductions for loans repayments Deductions for withholding tax 60,000 Compute the compensation income to be reported in the annual income tax return.
- A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total inclusions in gross income subject to final income tax. P 0 P15,800 P6,800 P9,000JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the determinationof the said net income were:Non-deductible expenses ₱ 319,200Accrued warranty expenses ₱ 54,000Rental payments made in advance ₱ 210,000Advance collections from customers ₱ 171,500Non-taxable income ₱ 125,800Provision for probable losses ₱ 65,000The income tax rate is 30% and is not expected to change in the future. Required: 4. What is the total deferred tax liability to be presented in the 2021 Statement of Financial Position?5. Assuming that the expected income tax rate for the following year is 32%, what is the total taxexpense?6. Assuming that the expected income tax rate for the following year is 32%, what is the total deferredtax liability?
- JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the determinationof the said net income were:Non-deductible expenses ₱ 319,200Accrued warranty expenses ₱ 54,000Rental payments made in advance ₱ 210,000Advance collections from customers ₱ 171,500Non-taxable income ₱ 125,800Provision for probable losses ₱ 65,000The income tax rate is 30% and is not expected to change in the future. Required:1. How much is the current tax expense?2. How much is the total tax expense?3. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total exclusion in gross income for purposes of computing regular income tax. P400,000 P415,800 P15,800 P 047. In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled from his accounting records: Gross sales – Php 2,500,000 Cost of sales – Php 1,000,000 Salaries and wages – Php 100,000 Rent Expense – Php 100,000 Depreciation – Php 100,000 Utilities Expense – Php 100,000 Repairs and Maintenance – Php 100,000 Other income: Rental income – Php 1,000,000 Interest income from bank deposits in Bank of the Pelepens – Php 100,000 Dividends from ABC Corp., a DC – Php 100,000 Cash Prizes – Php 100,000 The duly filed 1st quarterly income tax return indicated that Nicanor opted 8% taxation. In addition, he provided…