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    ASSIGNMENT NO. 3 Chapter 7 Regular Income Taxation

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    Elaiza Jayne Pongase
    This document appears to be an assignment submitted by students for their Income Taxation course. It includes multiple choice problems related to calculating taxable income and income tax due for various scenarios involving mixed income earners, businesses, and corporations. The assignment was submitted to their instructor, Atty. Mark Antony Rosal, and fulfills partial requirements for the students' AC 2202 Income Taxation course at the University of San Carlos School of Business and Economics, Department of Accountancy.

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    ASSIGNMENT NO. 3 Chapter 7 Regular Income Taxation

    Uploaded by

    Elaiza Jayne Pongase
    73 views4 pages
    This document appears to be an assignment submitted by students for their Income Taxation course. It includes multiple choice problems related to calculating taxable income and income tax due for various scenarios involving mixed income earners, businesses, and corporations. The assignment was submitted to their instructor, Atty. Mark Antony Rosal, and fulfills partial requirements for the students' AC 2202 Income Taxation course at the University of San Carlos School of Business and Economics, Department of Accountancy.

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    This document appears to be an assignment submitted by students for their Income Taxation course. It includes multiple choice problems related to calculating taxable income and income tax due for various scenarios involving mixed income earners, businesses, and corporations. The assignment was submitted to their instructor, Atty. Mark Antony Rosal, and fulfills partial requirements for the students' AC 2202 Income Taxation course at the University of San Carlos School of Business and Economics, Department of Accountancy.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    73 views4 pages

    ASSIGNMENT NO. 3 Chapter 7 Regular Income Taxation

    Uploaded by

    Elaiza Jayne Pongase
    This document appears to be an assignment submitted by students for their Income Taxation course. It includes multiple choice problems related to calculating taxable income and income tax due for various scenarios involving mixed income earners, businesses, and corporations. The assignment was submitted to their instructor, Atty. Mark Antony Rosal, and fulfills partial requirements for the students' AC 2202 Income Taxation course at the University of San Carlos School of Business and Economics, Department of Accountancy.

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    © All Rights Reserved
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    School of Business and Economics

    Department of Accountancy

    University of San Carlos

    P. del Rosario St., Cebu City, 6000

    ASSIGNMENT NO. 3 Chapter 7 Regular Income Taxation

    In partial fulfillment of the requirements


    Of the subject

    AC 2202
    INCOME TAXATION

    Submitted by:
    BORROMEO, FRANCIS
    IMPERIAL, GERALDINE
    SARCENA, IHRA MARIELLE
    MEDIDA, ANTON JOSHUA
    PONGASE, ELAIZA JAYNE
    BS Accountancy 2 - Group 7

    Submitted to:
    ATTY. MARK ANTONY ROSAL
    AC 22O2 Instructor
    Multiple Choice - Problems 1
    1. A. ₱450,000

    Ms. Maya’s net loss of ₱ 120,000 cannot be deducted from taxable compensation
    income. Because there is no deduction permitted against compensation income, the ₱ 100,000
    personal costs are likewise not deductible.

    2. D. ₱403,000

    Gross Taxable Compensation Income ₱ 400,000


    Interest Income from Lending Money 3,000
    Taxable Income ₱ 305,000

    3. C. ₱305,000

    Business Net Income ₱ 300,000


    Commission from Selling 5,000
    Taxable Income ₱ 305,000

    4. C. P 500,000
    = Gross receipts P 800,000
    Less: Expenses in accounting practice 300,000
    Taxable Income P 500,000

    5. C. P 200,000
    = Since Mr. Jagna is a mixed income earner, only the P200,000 gross compensation income is
    taxable.

    6. B. P 308,000
    = Gross business income P 500,000
    Less: Expenses 200,000
    Gross profit P 300,000
    Add: Interest income 8,000
    Net income from business P 308,000

    7. A. P508,000 Compensation Income P200,000


    Net Income form Business 308,000
    Taxable Income of Mr Jagna P508,000

    8. C. P428,000 Compensation Income P120,000


    Net Income from Business 300,000
    Prizes from dancing competition 8,000
    Taxable Income of Mr. Bangal P428,000

    9. A. P4,480,000 Gross Income from Sales (Philippines) P4,000,000


    Less:Deductions (Philippines) 2,000,000
    Gross Income from sales (Abroad) 6,000,000
    Less: Deductions (Abroad) 3,600,000
    Add: Interest Income from Deposits (Abroad) 8,000
    Taxable Income of Mr. Jordan P4,480,000

    10. D. P2,000,000 Gross Income from sales (Philippines) P4,000,000


    Less: Deductions (Philippines) 2,000,000
    Taxable Income of Mr. Jordan P2,000,000

    Multiple Choice - Problems 2


    1. A. 170,000
    Intereset income from bank deposits 20,000
    Royalty income 100,000
    Dividend income 50,000
    170,000

    2. B. 630,000
    Business income 200,000
    Compensation income 300,000
    Interest income from 5/6 lending to clients 100,000
    Capital gain on the sale of stocks directly to a buyer 20,000
    Ordinary gain on sale of old office furniture 10,000
    630,000
    3. B. 40,000

    4. B. 3,700,000
    Rent income (10,000,000 + 12,000,000) 22,000,000
    Royalties 200,000
    Less: Business expenses (8,700,000 + 9,800,00) (18,500,000)
    3,700,000
    5. B. ₱ 925,000
    Taxable Income of Panay Inc. ₱ 3,700,000
    Rate x 25%
    Income Tax due ₱ 925,000

    6. D. ₱ 1,300,000
    Rent Income (Philippines) ₱ 10,000,000
    Less: Business Expense 8,700,000
    Taxable Income of Panay Corporation ₱ 1,300,000
    7. A. ₱ 325,000

    Taxable Income ₱ 1,300,000


    Rate x 25%
    Income Tax due ₱ 325,000

    8. D. ₱2,532,500

    Rent Income (Philippines) ₱ 10,000,000


    Dividend - Domestic 50,000
    Royalties 80,000
    Taxable Income ₱ 10,130,000
    Tax Rate x 25%
    Income Tax Due ₱ 2,532,500

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