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    Taxsynth Page 25

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    Anne Marieline Buenaventura
    Malakas M. Henyo earned compensation of P4,000,500 in 2018 from his job as CEO. This included benefits but was net of mandatory contributions. He also owned a cafeteria that had P1,500,000 in gross sales, P500,000 in costs, and P700,000 in non-operating income. The question asks to calculate his total income tax if he did not avail of the 8% tax rate on gross sales and non-operating income from his business.

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    Taxsynth Page 25

    Uploaded by

    Anne Marieline Buenaventura
    58 views2 pages
    Malakas M. Henyo earned compensation of P4,000,500 in 2018 from his job as CEO. This included benefits but was net of mandatory contributions. He also owned a cafeteria that had P1,500,000 in gross sales, P500,000 in costs, and P700,000 in non-operating income. The question asks to calculate his total income tax if he did not avail of the 8% tax rate on gross sales and non-operating income from his business.

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    Malakas M. Henyo earned compensation of P4,000,500 in 2018 from his job as CEO. This included benefits but was net of mandatory contributions. He also owned a cafeteria that had P1,500,000 in gross sales, P500,000 in costs, and P700,000 in non-operating income. The question asks to calculate his total income tax if he did not avail of the 8% tax rate on gross sales and non-operating income from his business.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    58 views2 pages

    Taxsynth Page 25

    Uploaded by

    Anne Marieline Buenaventura
    Malakas M. Henyo earned compensation of P4,000,500 in 2018 from his job as CEO. This included benefits but was net of mandatory contributions. He also owned a cafeteria that had P1,500,000 in gross sales, P500,000 in costs, and P700,000 in non-operating income. The question asks to calculate his total income tax if he did not avail of the 8% tax rate on gross sales and non-operating income from his business.

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    Question 25

    In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned
    compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits
    of P250,000, but net of the mandatory contributed to SSS and Philhealth.

    Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of
    P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating
    income of P700,000.

    What would be Malakas’s total income tax due if he did not avail of the 8% income tax rate on gross
    sales plus non-operating income arising from his business?

    Group of answer choices

    A. P1,650,920
    B. P1,202,340

    m
    C. P696,969

    er as
    D. P1,549,360

    co
    eH w
    Question 26

    o.
    rs e
    Namahinga Nah died leaving an estate worth P10,000,000. The estate is under administration. In 2020,
    ou urc
    the properties in the estate earned a gross income of P1,200,000 and the estate incurred expenses of
    P600,000. Felipe, the only heir, received P200,000 from the income of the estate.
    o

    Assuming that Felipe also earned net income of P500,000 from his trading business. What amount
    aC s

    should Francis report as his taxable income for the year?


    vi y re

    Group of answer choices

    A. P530,000
    B. P200,000
    ed d

    C. P500,000
    ar stu

    D. P700,000

    Question 27
    is

    Selected cumulative balances were taken from the record of ABC Co., a domestic corporation, in its fifth
    Th

    year of operations in 2018, which had an income tax refundable of P10,000 for the preceding year for
    which there is a tax credit:
    sh

    Q1 Q2 Q3 Q4

    Gross profit from sale P800,000 P1,600,000 P2,400,000 P3,100,000

    This study source was downloaded by 100000806906573 from CourseHero.com on 08-04-2021 02:12:14 GMT -05:00

    https://www.coursehero.com/file/88539974/taxsynth-page-25docx/
    Capital gain on sale directly
    to buyer of shares of
    50,000 50,000 50,000 100,000
    domestic corporation, net of
    tax

    Dividend from domestic


    10,000 10,000 20,000 20,000
    corporation

    Interest income on
    Philippine Peso bank 5,000 10,000 15,000 20,000
    deposits, net of tax

    Business expenses 600,000 1,200,000 1,700,000 2,100,000

    m
    er as
    co
    Income tax withheld 15,000 35,000 65,000 115,000

    eH w
    o.
    rs e
    ou urc
    The total final tax- year 2018

    Group of answer choices


    o

    A. P19,000
    aC s

    B. P22,647
    vi y re

    C. P5,000
    D. P20,000
    ed d
    ar stu
    is
    Th
    sh

    This study source was downloaded by 100000806906573 from CourseHero.com on 08-04-2021 02:12:14 GMT -05:00

    https://www.coursehero.com/file/88539974/taxsynth-page-25docx/
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