Scribd
Upload
85 views

Answer Key (MTIM)

1. Leah had a gross income of P850,000 from her profession. She had passive income of P100,000 from interest on a bank deposit. Her net income was P550,000 after deducting P300,000 in professional expenses. 2. A resident citizen had a taxable net income of P6,400,000 in 2019 from business income in the Philippines and Japan of P2,500,000 and P4,900,000 respectively, after deducting business expenses of P1,000,000. 3. Ms. Ariana's taxable sales or receipts from her convenience store and bookkeeping services was P1,150,000 in 2019. Her non

Uploaded by

Mohammad Ampaso
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
85 views

Answer Key (MTIM)

1. Leah had a gross income of P850,000 from her profession. She had passive income of P100,000 from interest on a bank deposit. Her net income was P550,000 after deducting P300,000 in professional expenses. 2. A resident citizen had a taxable net income of P6,400,000 in 2019 from business income in the Philippines and Japan of P2,500,000 and P4,900,000 respectively, after deducting business expenses of P1,000,000. 3. Ms. Ariana's taxable sales or receipts from her convenience store and bookkeeping services was P1,150,000 in 2019. Her non

Uploaded by

Mohammad Ampaso
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Answer key

1. Leah, a resident alien, had the ff. data for a taxable year:
Gross income from profession - P850,000
Interest on Philippine currency bank deposit - 100,000
Gain of sale on land in the Philippines held as capital asset
on a selling price of 1,000,000 when the fair market value
was 1,000, 000 - 500,000
Expenses in the practice of profession - 300,000

Question 1: How much is the passive income? 100,000

2. How much is the final tax? (100,000*.20 = 20,000)


3. A resident citizen asked you to assist him in the preparation of his tax return for his income in
2019. He is provided you the ff. information:
Gross business income, Philippines - 2, 500, 000
Gross business income, Japan - 4, 900, 000
Business expenses, Philippines - 150, 000
Business expenses, Japan - 850, 000
Interest on Philippine currency bank deposit - 100,000
Gain of sale on land in the Philippines held as capital asset
on a selling price of 2,000,000 when the fair market value
was 2,000, 000 - 500,000
Question 1: How much was the taxable net income in 2019? 6,400,000
4. How much was the business expense in 2019? 1,000,000
5. How much was income tax due 2019? 1,898,000
6. Ms. Ariana operates a convenience store while she offers bookkeeping services to her clients. In
2018, her gross sales amounted to P900,000.00, in addition to her receipts from bookkeeping
services of P500,000.00 and incurred costs and expenses of P200,000 and P80,000, respectively.
How much is her tax due using the 8% tax rate?

How much was the taxable sales or receipts in 2019? 1,150,000

7. How much was non-taxable portion in 2019? 250,000


8. How much was the tax payable in 2019? 92,000
9. Mr. WBV, an officer of AMBS International Corp., earned in 2018 an annual compensation of
1,200,000inclusive of 13th month and other benefits in the amount of P120,000. Aside from
employment income, he owns a farm, with gross sales of 3,500,000 His cost of sales and
operating expenses are P1,000,000 and P600,000, respectively, and with nonoperating income
of P100,000. How much was the non-taxable portion if Mr. WBV? 0
10. How much was the tax payable in 2018? 820,000

You might also like