PHILIPPINE INCOME TAX topic: taxation of individual and…

Question Answered step-by-step PHILIPPINE INCOME TAX topic: taxation of individual and… PHILIPPINE INCOME TAXtopic: taxation of individual and non-individual tax payerselect the best answer use graduated tax table if applicableImage transcription textAmount of Net Taxable Income Rate Over But Not Over P250.000 0% P250.000 P400.000 20% of the excessover P250,000 P400.000 P800.000 P30,000 + 25% of the excess over P400,000 P800.000 P2.000.000P130.000 + 30% of the excess over P800.000 P2,000,000 P8.000.000 P490,000 + 32% of the … Show more… Show more12. Nicanor is engaged in online selling with gross sales amounting to Php 1,100,000.00. How much is the income tax due assuming he signified his intention to be taxed at an 8% income tax rate in his 1st quarter return?a. 53,000b. 68,000c. 10,000d. 88,000 13. Nicanor is engaged in online selling with gross sales amounting to Php 1,100,000.00. How much is the income tax due assuming he signified his intention to be taxed at 8% income tax rate only in his ANNUAL income tax return?a. 53,000b. 68,000c. 10,000d. 88,000e. 0 14.  Nicanor is engaged in online selling with gross sales amounting to Php 1,100,000.00. How much is the income tax due assuming he opted for graduated income tax?a. (5,000)b. 68,000c. 10,000d. 88,000e. 0 15. Nicanor, ABC Corp!’s Chief Executive Officer, earned annual compensation in the amount of Php 1,200,000.00 plus bonuses of Php 300,000.00. Inclusive of the amount is 13th month and other benefits amounting to Php 100,000.00 and contributions to SSS and Philhealth in the amount of Php 50,000. In addition to his salaries, he was able to generate income from his business with gross sales of Php 2,400,000.00. His cost of sales and operating expenses are Php 1,000,000.00 and Php 600,000,00, respectively, and with income from rental operations in the amount of Php 100,000.00. Nicanor’s income tax payable if he will opt for 8% tax is?a. 276,200b. 513,000c.589,000d. 200,000 16. Nicanor, ABC Corp’s Chief Executive Officer, earned annual compensation in the amount of Php 1,200,000.00 plus bonuses of Php 300,000.00. Inclusive of the amount is 13th month and other benefits amounting to Php 100,000.00 and contributions to SSS and Philhealth in the amount of Php 50,000. In addition to his salaries, he was able to generate income from his business with gross sales of Php 2,400,000.00. His cost of sales and operating expenses are Php 1,000,000.00 and Php 600,000,00, respectively, and with income from rental operations in the amount of Php 100,000.00. Nicanor’s income tax payable if he elected net income taxation?a. 276,200b. 513,000c.589,000d. 200,000 17. Nicanor, ABC Corp s Chief Executive Officer, earned annual compensation in the amount of Php 1,200,000.00 plus bonuses of Php 300,000.00. Inclusive of the amount is the 13th month and other benefits amounting to Php 100,000.00 and contributions to SSS and Philhealth in the amount of Php 50,000. In addition to his salaries, he was able to generate income from his business with gross sales of Php 2,400,000.00. His cost of sales and operating expenses are Php 1,000,000.00 and Php 600,000,00, respectively, and with income from rental operations in the amount of Php 100,000.00. How much is the tax due from his compensation assuming he opted 8% taxation?a.  0b. 112,800c. 120,000d. 313,000 18. Nicanor is engaged in online selling with gross sales amounting to Php 3,100,000.00 and cost of sales and operating expenses in the total amount of Php 1,100,000.00. How much is the income tax due assuming he signified his intention to be taxed at 8% income tax rate?a. 490,000b. 228,000c. 0d. some other answer 19. Nicanor is engaged in online selling with gross sales amounting to Php 3,000,000.00 and cost of sales and operating expenses in the total amount of Php 1,000,000.00. How much is the income tax due assuming he signified his intention to use optional standard deduction as his method of taxation?a. some other answerB. 0C. 490,000D. 430,000 20. A taxpayer made available the following financial information:Gross receipts – Php 10,000,000Cost of service – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Php 240,000Representation expense – Php 100,000Depreciation expense – Pp 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the total allowable itemized deduction if the taxpayer is a resident citizen?A. 7,590,000B. 1,540,000C. 7,540,000D. 1,590,000 21. A taxpayer made available the following financial information:Gross receipts – Php 10,000,000Cost of service – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Php 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Pp 10.000How much is the income tax due assuming the taxpayer is an ordinary partnership with assets amounting to only Php 100 Million and opted for the itemized deduction?A. 482,000B. 602,500C. 0D. 375,00022. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the income tax due assuming the taxpayer is a domestic corporation with assets amounting to only Php 10 Million and the taxpayer opted OSD? A. 800,000B. 0C. 1,000.000D. 1,200,000 23. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the income tax due assuming the taxpayer is an ordinary partnershipwith assets amounting to only Php 100 Million and opted for itemized deduction?A. 482,000B. 602.500C. 0D. 375.000 24. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the taxable income if the taxpayer is an individual and opted for OSD?A. 6,000,000B. 4,000,000C. 3,600,000D.2.410,000 25. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the taxable income if the taxpayer is a domestic corporation and optedfor OSD?A. 6,000,000B. 1,890,000C. 2,400,000E. 2,410,00 26. A taxpayer made available the following financial information:GGross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000Which is more tax beneficial on the part of a domestic corporation?A. Using itemized deductionB. Either of the twoC. Using OSD 27. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000Which is more tax beneficial on the part of an individual taxpayer?A.Using itemized deductionB. Either of the twoC. Using OSD 28. A taxpayer made available the following financial information:Gross sales – Php 10,000,000Cost of sales – Php 6,000,000Expenses:Salaries and wages – Php 1,000,000Transportation and travel – Php 20,000Rental – Pho 240,000Representation expense – Php 100,000Depreciation expense – Php 200,000Office supplies – Php 20,000Miscellaneous expenses – Php 10,000How much is the taxable income if the taxpayer is a general professional partnershipand opted for OSD?A. 2,400,000B. 0C. 2,410,000D. 2,000,000 Law Social Science Tax law BSBA INCOMETAX Share QuestionEmailCopy link Comments (0)