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- 24. Use the following information to answer the next two questions a) b) Bill has the following income and expense statement: C d) Income Salary Bonuses Rental income Capital gains Canadian dividends EI benefits Expenses Pension adjustment $0 Childcare expenses $1,500 RRSP contribution $2,700 Charitable donation $500 What is Bill's taxable income for Year 2? Year 2 $22,550.50 $27,400.00 $27,340.00 $31,987.45 $15,000 $500 $200 $16,000 $31500 Year 1 $67,000 $8,000 $600 $200 $2,600 $1,500 $5,200 $500 income - Expenses 31500 $4700 27340 $4700 = $27340C-D. Use the following information for the next two questions:Mr A, employed in the private sector, received the following benefits during the year: Rice subsidy of one 50 kg sack of rice per month worth P2,500 Uniform and clothing allowance, P8,000 for the year Medical benefits for hospitalization during the year, P38,000 Laundry allowance, PI,000 per month Omega wristwatch worth P230,000 received as a loyalty award for having worked for the company in the last 25 years. 13 month pay, P40,000 Christmas bonus, P6,000Question: C. How much is Mr. X's taxable "13" month pay and Other Benefits?Answer: Question: D. If Mr X's total "take-home pay (excluding the benefits above) for the year was 480,000, how much is Mr X's tax due for the year?Answer:Please answer with reason for all why the option is correct and why the other options are incorrect A well-known soccer player was paid a lump sum of $400,000 to encourage her to join a sport TV talk show. He accepted the offer and received an annual salary of $100k in addition to the lump sum payment. Which of the following statements is true: i)The lump sum payment of $400,000 is assessable income.ii)The lump sum payment and annual salary are assessable income. iii).The annual salary is assessable income and the lump sum payment is not assessable income. a(iii)is correctb(ii) is correct c(i)iscorrectd(i) and (ii) are correct
- 5. Lia is a cash basis self-employed air-conditioning repairman with 2022 gross business receipts of P2,000,000. Lia's cash disbursement were as follows: Air conditioning parts 250,000 Facebook Advertisement 20,000 Estimated national income taxes on self-employment income 10,000 Internet bill 34,000 Allowed charitable contribution 170,000 What amount should Lia declare as taxable income? A. P1,516,000 B. P1,526,000 C. P1,526,400 D. P1,686,000H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.29. Andrew was hit by a jeepney. He paid P100,000 for hospitalization expenses. He sued the jeepney driver and was awarded by the court a total indemnity of P340,000 divided as follows;P200,000 indemnity for his pain, anguish and suffering, P40,000 for his lost salaries, andP100,000 as reimbursement for his hospital bills. Which of the following will be subject to regular income tax * a. P 340,000 b. P 40,000 O c. P 100,000 O d. P 140,000
- . A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:Problem Solving. 1. Engineer Delta earned a total project fees during the period in the amount of P1,250,000. In computing for his taxable income, he decided to use the optional standard deduction of 40%. How much is the amount allowed to be deducted from his total income? 2. How much is Engineer Delta's income tax due? 3. How much is Engineer Delta's taxable professional income for the period?Mr. Arturo is in a quandary and approached you to help him identify which of the following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 a. P710,000 b. P660,000 c. P570,000 d. P320,000
- 11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed?Patrick's monthly take-home pay is $5,000. His net worth is $125,000. He estimated that he would receive monthly Social Security benefits worth $1,000 and monthly company disability benefits $2,000 if he becomes disabled. The additional disability benefits that he needs to arrange for equals about O a. $7,000 O b. $2,000 O c. $6,000 O d. $5.000 Qe $3.000Ma1. 1. Kay terminated employment with Atria Corp after completing four years of service. Atria sponsors a 401(k) profit sharing plan (non-safe harbor) with a dollar for dollar match up to 6% of compensation in which Kay had an account balance of $60,000. Of that account balance, $20,000 was attributable to Atria’s noncontributory contributions and, $30,000 was attributable to Kay’s deferral contributions and $10,000 to the employer match on those deferral contributions. At this time, considering Kay has terminated employment and that Atria’s 401(k) profit sharing plan follows the least generous graduated vesting schedule permitted under PPA 2006, what is Kay’s vested account balance in the 401(k) profit sharing plan? a. $54,000 b. $60,000 c. $48,000 d. $36,000
