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    Activity / Assignment: Answer and Solution

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    Ma. Alexandria Palma
    Susan Dimagiba presented her income for the year which included various sources such as basic salary, business income, dividends, bonuses, and insurance payouts. The document determines Susan's (a) gross income subject to graduated tax rate, (b) total final tax on passive income sources, (c) total income not subject to tax, and (d) total income tax due. Susan's gross income subject to graduated tax is P176,500. Her total final tax on passive income is P38,000. The total income not subject to tax is P1,765,000 - P810,000 = P955,000. Susan's total income tax due is P176,500.

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    Activity / Assignment: Answer and Solution

    Uploaded by

    Ma. Alexandria Palma
    1K views3 pages
    Susan Dimagiba presented her income for the year which included various sources such as basic salary, business income, dividends, bonuses, and insurance payouts. The document determines Susan's (a) gross income subject to graduated tax rate, (b) total final tax on passive income sources, (c) total income not subject to tax, and (d) total income tax due. Susan's gross income subject to graduated tax is P176,500. Her total final tax on passive income is P38,000. The total income not subject to tax is P1,765,000 - P810,000 = P955,000. Susan's total income tax due is P176,500.

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    TAXATION

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    CBTAX01-ACTIVITY-6-20197706_PALMA, MA. ALEXANDRIA S.

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    Susan Dimagiba presented her income for the year which included various sources such as basic salary, business income, dividends, bonuses, and insurance payouts. The document determines Susan's (a) gross income subject to graduated tax rate, (b) total final tax on passive income sources, (c) total income not subject to tax, and (d) total income tax due. Susan's gross income subject to graduated tax is P176,500. Her total final tax on passive income is P38,000. The total income not subject to tax is P1,765,000 - P810,000 = P955,000. Susan's total income tax due is P176,500.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views3 pages

    Activity / Assignment: Answer and Solution

    Uploaded by

    Ma. Alexandria Palma
    Susan Dimagiba presented her income for the year which included various sources such as basic salary, business income, dividends, bonuses, and insurance payouts. The document determines Susan's (a) gross income subject to graduated tax rate, (b) total final tax on passive income sources, (c) total income not subject to tax, and (d) total income tax due. Susan's gross income subject to graduated tax is P176,500. Her total final tax on passive income is P38,000. The total income not subject to tax is P1,765,000 - P810,000 = P955,000. Susan's total income tax due is P176,500.

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    CHAPTER 6 – ACTIVITY / ASSIGNMENT

    1. Susan Dimagiba presented to you the following income for the year:
    Basic salary P 900,000
    Withholding tax on basic salary 300,000
    Directors Fee 200,000
    Business income:
    Retail business 250,000
    Apartment rent (net) 190,000
    Business expenses 125,000
    Cash dividend:
    From a domestic corporation 50,000
    From a resident corporation 50,000
    Stock dividend from a domestic corporation 25,000
    Interest from savings deposit 20,000
    Royalties from book publications 50,000
    Prizes from contest won 50,000
    PCSO winnings 50,000
    13th month pay 100,000
    Christmas bonus 30,000
    Mid-year bonus 50,000
    Damages received from injuries and 85,000
    sickness
    Proceeds from the life insurance coverage of 300,000
    his deceased father

    Determine the following:


    ANSWER AND SOLUTION:
    a. Gross income subject to graduated rate.
    Total income 955,000
    First 800,000 130,000
    In excess (955,000-800,000) 46,500
    (155,000 x 30%)
    176,500
    b. Total final taxes on passive income
    Prizes from a contest 20% 10,000
    Interest from salary deposit 20% 10,000
    From a domestic corporation 10% 5,000
    From a resident corporation 10% 5,000
    Royalties 20% 4,000
    Interest from savings deposit 20% 4,000
    P 38,000

    c. Total income not subject to tax


    Basic salary P 900,000
    Withholding tax on basic salary 300,000
    Directors Fee 200,000
    Business income:
    Retail business 250,000
    Apartment rent (net) 190,000
    Business expenses 125,000
    Cash dividend:
    From a domestic corporation 50,000
    From a resident corporation 50,000
    Stock dividend from a domestic corporation 25,000
    Interest from savings deposit 20,000
    Royalties from book publications 50,000
    Prizes from contest won 50,000
    PCSO winnings 50,000
    13th month pay 100,000
    Christmas bonus 30,000
    Mid-year bonus 50,000
    Damages received from injuries and 85,000
    sickness
    Proceeds from the life insurance coverage of 300,000
    his deceased father
    1,765,000 (810,000)
    Total income 955,000
    d. Income tax due
    Basic salary P 900,000
    Withholding tax on basic salary 300,000
    Directors Fee 200,000
    Business income:
    Retail business 250,000
    Apartment rent (net) 190,000
    Business expenses 125,000
    Cash dividend:
    From a domestic corporation 50,000
    From a resident corporation 50,000
    Stock dividend from a domestic corporation 25,000
    Interest from savings deposit 20,000
    Royalties from book publications 50,000
    Prizes from contest won 50,000
    PCSO winnings 50,000
    13th month pay 100,000
    Christmas bonus 30,000
    Mid-year bonus 50,000
    Damages received from injuries and 85,000
    sickness
    Proceeds from the life insurance coverage of 300,000
    his deceased father
    1,765,000 (810,000)
    Total income 955,000
    First 800,000 130,000
    In excess (955,000-800,000) 46,500
    (155,000 x 30%)
    Income tax due 176,500

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