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A. 1.Calvin, employed, derives the following income during the...

A.

1.      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?__________

 

2.      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?_________________

 

3.      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.____________

 

4.      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._______________

 

5.      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?_______

6.      If Percy Corp. is an RFC, compute the gross income subject to RIT.____________

7.      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?___________

 

8.      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?__________

9.      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?______________

10.   What is the gain to be included in gross income subject to regular income tax if the taxpayer is a resident foreign corporation?_________

11.   What is the gain to be included in gross income if the taxpayer is a resident alien?___________

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