Income Tax Problems

Income Tax problems Midterms VI-9.
In 2015, ABC Corporation gave the following fringe

benefits to its employees:
I. In 2015,Pnoy, single and a native of Maguindanao, To managerial employees P1,360,000
received during the year the following: To rank and file employees 5,000,000
Proceeds from copyright royalty, net of tax P11,250
Proceeds from mineral claim royalty, net of tax 12,000 The allowable deduction from the gross income of the
Share from trading partnership, net of Corporation for the fringe benefits given to employees is?
withholding tax 270,000
VII. In 2015, ABC Corporation provided a 3-day vacation in
1. How much is the total final tax on Pnoys income? Tagaytay to all of its employees of which 80% are rank and
2. How much is the income tax due and payable of Pnoy in file. Total expenses incurred by the company for the said
2015? vacation amounted to P1M.
10. The total fringe benefit tax expense is?
II-3. An alien individual asked you to assist him in the 11. The total deductible expense is?
preparation of his tax return for his income in 2014. He
provided you the following information: VIII. Pedro, single is a minimum wage earner of EDT
Gross business income, Philippines P1,000,000 Manufacturing Corporation. In addition to his basic
Gross business income, Canada 5,000,000 minimum wage of P144,000 for the year, he also received
Business expenses, Philippines 300,000 the following benefits:
Business expenses, Canada 800,000 De minimis, P60,000 (P20,000 over the ceiling)
Philippine charity sweepstakes winnings 500,000 13th month pay and other benefits, P122,000
Singapore sweepstakes winnings 400,000 12. Pedros taxable income should be?
Interest income-BDO in Canada 100,000
Interest income received from a depository IX. Hananiah Corporation, a corporation engaged in business
bank under FCDS, Philippines 300,000 in the Philippines and abroad has the following data for the
current year:
The taxpayer is single, resident of Manila and had three Gross Income, Philippines P975,000
qualified dependent brothers. What amount should be Expenses, Philippines 750,000
reported by him as his taxable income for 2014? Gross Income, Malaysia 770,000
Expenses, Malaysia 630,000
III-4. Juan is a resident of QC. He sold his family home for Interest on bank deposit 25,000
P4,000,000 which was previously acquired for P2,000,000. Determine the income tax due if the corporation is
Juan compiled all BIR requirements to avail of tax 13. Domestic Corporation?
exemption and spent P2,500,000 in acquiring new family 14. Resident Foreign Corporation?
home. How much is the capital gains tax to be paid by Juan? 15. Non-resident Foreign Corporation?
IV. A resident citizen, married, with a 2 qualified dependent X. A domestic corporation provided the following data:
children has the following data for the year 2015: Gross profit from sales P3,000,000
Gross sales, Philippines P5,000,000 Business expenses 1,800,000
Sales returns and allowances, Philippines 500,000 Dividend from domestic corporation 100,000
Cost of sales, Philippines 1,500,000 Dividend income from resident corporation 50,000
Gross sales, Ukraine 3,000,000 Dividend income from nonresident
Sales return and allowances, Ukraine 200,000 corporation 40,000
Cost of sales, Ukraine 800,000 Capital gain on sale of land in the
Business expenses, Philippines 500,000 Philippines (SP-P1.5M; FMV-P1.8M; Cost-
Business expenses, Ukraine 300,000 P1.5M) 500,000
Interest income, peso bank deposit BDO- Capital gain on sale of land in China (SP-
Marikina 20,000 1.5M; FMV-P1.8M; Cost-P1.3M) 200,000
Interest income, US Dollar deposit BDO- Capital gain on shares of domestic
Mandaluyong 50,000 corporation (direct sale to buyer) 120,000
Gain from sale of residential house and lot Gain on sale of shares of a domestic
(Selling price P3,000,000; FMV, time of corporation thru local stock exchange (SP-
sale, P5,000,000) 500,000 P200,000; Cost-P150,000) 50,000
Gain from sale of shares of stock listed and
traded in the local stock exchange (selling Interest income from:
price, P100,000) 30,000 Notes receivable P20,000
Gain from sale of shares of stock not traded Bank deposits (peso accounts) 30,000
in the local stock exchange 150,000 Bank deposits (foreign currencies) 25,000
Treasury bills 10,000
5. How much is the total final tax on passive income?
6. How much is the capital gains tax due? 16. The income tax due for the year is?
7. How much is the taxable net income? 17. The total capital gains tax for the year is?
18. The total final taxes on passive income for the year is?
V-8. How much is the allowable deduction from business
income of a domestic corporation which granted and paid
P102,000 fringe benefits to its key officers in 2012?

Income Tax Problems

Uploaded by

Copyright:

Available Formats

Income Tax Problems

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Income Tax Problems

Uploaded by

Copyright:

Available Formats

Income Tax problems Midterms VI-9.

In 2015, ABC Corporation gave the following fringe

You might also like