‘Quiz on income Taxation Computations Mr. POUT? raped the obowing data during 2017: 1,000,000) Cost of Sales 600,000 Gain on sale of 60,000 equipment Deductible expenses 300,000 Non-deductible 200,000 ‘expenses 1. Optional standard deduction? 2 Pas0.00 . aza.o0d| © an0.00| & Prov 2. Taxable income of Mr. PTZ belee exematon appyng OSD? ‘3 P700,000| 2. e60.000| 2 340.000 4. 300.000 8. Assuming that PDUTZis a corporate trpayer. comput the OSD, Pas 000 Bazan © tee 000 & Pte0.009| 4. Assuning tha POUT? i crporate exper, compute the taxable income apling OSD. 3 240,000 3. 216.00 2. abo 000 200,000 Sarah Due has the obowing tems of ncaa: Co Business 100,000 Income Professional 100,000 50,000 Fees ‘Compensation 400,000 - Income Rent Income 300,000 200,000 Interest Income 30,000 40,000 5. Assuming Sarah resident citzen; compute he ttt inca ijt 9 Phippine care x. a 1420.00 B. bt ao.o00 © Piaso.o00 300.000 6 Assuming Sarah resident aon, compute be toa ncome ject 9 Pppine come tx a 1 420.000 . Pr aao.00 © Piaso.e00 & Paanoao. 7 Assuming Sarah's a resident orsign corporation and al tes are anaidered gress nce, compute he TAK DUE app}ing OSD. ‘2 P1850 Basso ©. Pr.a00.000 . Pann.o00 8. Assuming Sarah sa domestic compratin, and al teme are considered gross incre, compute the TAX OUE aping OSD, ‘o Pia5.00 b. 255.600 ©. P1o30.000d. P300,000 9. An alien received P300,000 compensation income in the Philippines and P200,000 rental income from abroad. How much will be subject to Philippine income tax? a. None b. P200,000 c. P300,000 d. P500,00 10. A non-resident citizen is an international financier who earned 300,000 interest income from resident debtors and P400,000 from foreign debtors. How much is subject to Philippine income tax? a. None b. P300,000 c. P400,000 d. P700,000“Answer Key and Solutions Optional standard doducton? 3 Bean 000 . ago.00 (14°04) Pre0.000 ‘Taxable income of Mr. PDUTZ beore exemption applying 0809 '. Be80.00 1t-400K+804) © 5a0.000 ‘4 P300.00 IT ROUTZ is copartetnipayer, compute e080 424.000 © Pras.ooo 4. 60.00 (1.600%) 0.4) IWPDUTZ ea comorae taxpayer, compute he table Income apphyng OSD. 3 e2a0 000 . p21so00 ©. 300,00 (1t-600K-160%+60%) ‘Assuming Sarah aresient citzon; compu te al income subject to Phitppre come tax 2. 1.420.000 {200K 004+ 100K+50K+400K+500K+30K ¥40K+200K) © c30,000 4 300.000 "Resuming Sarahs a resident aban, compe the tot come ‘subject to Pitopne income tx Pn a80.0 ©. 030.000 (142-10 50K-200K 404) & Psono0 ‘suming Stra ea resiset foreign corporation anda ems {ae considers gross Income, compute the TAX DUE apD}ng 80. 2. tas.00 (1.030050) 258.600 «Pea ‘cet Shaesareopg gato dgumespaireereseenseny sire ss cae 7S aaroreay 2 rams jest cara crm nant Agreement merucnt ato ee : os eroeprance memmsoaagcomes ieS58 conrons 000 Pinaatn conmoutons 8400 Papitigconreuions 2400 non doe ie Income tx tes much ome xpi be epbyet 2 Arent azn singe ona one tong tora: Busines Income, Piping 2,000,000, ‘Busines income, Canada 3,000,000, Busines expenses, ‘400000 Priprines Business expenses, Canasa 2.050000, “Taxwitholsby employer 285000 Twit payors 100,000, Income oxaavmeris 30,000, Deters came a ya oe ay 3. Ataipjer mara tot gules cient ase ow cia or ‘aut yor 2017 ‘Geese Phippnes soooto (Gees name, USA 00.000 Expres Phipps momo ‘Bgenses USA ‘sooo Ie pays aresentcten mardi ate cone is? 4: Alagoa ari wou gales pendent i hasbeen ar tate year 213 ‘Gessinsme Prpees eooota ‘Geesiname USA 0000 Exorts Phipps zon Enerss USA ‘m0 Ie apays anon esitent en mari hs elle? 5. Aspyr mare itt gules eepener ct ate low citer tart yor 213 ‘Gess name Pripenes aooote Goss cae USA om Enerss Phipps aa Eeres USA sso We taper arotntten, mtx tale noe 8? 6 Atspoer ari wou quae pent haste wing ar ‘arate yr 213 ‘Geas name Phippites eooota ‘Gessiname USA 0000 ‘xgeeee, Pippa zon gees. US| ssa Ie tay is anon lon engage star btbesin he Props snared ad his cout gan P2500 pron exept or mares ‘uals hata roe 7. Alaepajer mare witout que dependent ate lowing dia oe {out yor 23 ‘GessinamePrippnes soooto ‘Gessinane USA xo000 Exerts Phipps momo eres USA ‘somoHe unayeris rome sin ot engage rade bshessin te Piggies marie and scour rs P3800 a a persona expr rnanad rca elaine? |G tien oft Pigpieanad a gssicome fom he roe prfesn of PADNO0D Her xponsa bo ace was P5000 oe was 3 ‘wens ince ax oF 300 en er Fos reo how much the ieame ax us tom her ornate) hin? ANSHERS AND SOLUTIONS |, Assuming he same data on Kin Chiu having agrossincome from be pratice of Semen eeaEe her rfstn cf P400.000 ad awitolang on near axel P3750 on er goss ina, except at sha usd Optaral Sarda Deecie (050) bow mchishe ine de? 00 10. Ms stele Dazn i bsneswoma, a settee fhe Pipes Se 0 tala goes nee fom bashes cf PAEZ Oana srs expenses P8200 2400 Iason she asl prepares wen gave er rose cme 200 Path 000snd earses tren of PVD to. Cateye a aoa) eSe0 Ince artes 48600 the yarsncome was PI 10280 and income tox wre on et ws P5000. Howmahse me ax pate! moyen? How much te rc tox sl do, orrefnea, ae end othe oar? Campesineime 1. Asurig he sare aon tel Dasa having a gsr buses ae Ones of PAEZ OD and buses expenses of PIEZEOD. nas, so had ra ss « [opres wich cavohera goss titcomacl P3000 ad expanses aeonot eds th Pgh 00, exept bat hosed Opsona SandardDeducion (08D), How much s bat 7 thence tai Ge fess ieome ta ea pal nthe eas rcone wes 4 Y0.250end weame tr witheon eet P15 0007 UoenDs tae Tae mK Ta) oes se ox TaPoae =x2 Arsen sen sng eae poet elon oman oss ame US 20000 Fomnwncemcore rico Eras Mc ae | Secs Pipe 228009 ihren amisettn mk a eon? Stace reoe Crain” 300008 Sermons anor iepees Pips oy 200% Sanetsomenn Comin 2000000 j= Teams Terwcbyorpoye 88000 = ma Terwttsyorar 0 me om uses nu ome See Piece ‘a 1 Taniine 80 coment fs 2K rap 20m Taba vox a ee a cle 7 = eens = Frage sane “Atopy arta ae pt ater ate conte ssc ieancyerss aT omit Pens Panay See oe 08 — 2pm Empenses, Phitopnes 00.000 7 sx Espen Ok es en irises mares iene? bet ox veo Pine Tar Fose a totem ion Lepieainamenl Taxable iocome 200% a ax rome x inva ° Pyne Be Tato Aan radi dpe eign Behndstie 15K ‘nab you 2013 = = ‘Some rene Poa 2Anonenuretutosentesdnmtet ntetseangéite Sena ae an Peer feat lepoe za Goss ree Pripans enon cence USA ‘somo|e taper oie alon, mai is tal or i rone bone ag as 200K exo ° ‘Veroaednrameracness Tbe one «00K “oxi 025 TaxOue 096 "na nada obs ‘sable yar 218 Gs rene Pps go m00 Gs ame UB soca Expres Pipers id Engen Uk ‘som [Te tape a anche dn engage nto bires ne Pigs, ‘are ory gam P3500) pened ghana Indi he bl me lame Pines 00 Leer Expese 210 Tbe none 210¢ Tad “ 1. Alaiayet marie wet quid capeie cid a foun dtr ‘salar 213 Ges care. Prooa09 ‘rss rane US soo. Expr Pipes maga Expenses USA ‘som I be apart tn ot gan ra sos ibe Plgoes ared ands coy gars P5000 ea pearl evra (roted risa na able ere? {40m chs acta of i Pppes haa ess ncone ame pact far Ftsen of PU Me pers ibe pce was P'5D 000, ‘ier ree of F750 en eros ow mech coe the fom er create) nn? Pesta come 00K Les: 1506 Taste one 204 Tanai) ° Lois Wtnling me Tax 975K “TouCrster Ratan 15K 8. Asuna same dat on Kim Owshaveg gs zane tome aint expen ot Pt) 100 da wtetangr ame act 7 oor os ames at sete Opto SararsDneon O80), Fow mucha fame tan ao Pls came 400% Les: 080 60K oon Toi nce 710K Texte) ° Ween came or Rae 2 40. etna ia resem. msde lca be Pipe Se tages ne fom bones of P42 rbusr xprss P2020. Tadao sbenas ea operns wenger aos reterome ct Piia000 anc operas ron of ?16)000 Cary eae x ar ason‘he yars income was P1 10.250 se income ax wes on herent was P5000. ow much ste wenn tax sl ue of ound, al he onde! Be year? ot Income 2k Rent income 200K Total eam ‘1824 Less Expenses Busiess Expenses srk ert Eepenses {60K Tasaie neore: ‘10K Less: 4004. ‘Tex Bane 210K Tax Rate (4) 2s, he 20K “TexPoyable 0K Lees: TaxPayment ‘toz5« Inca Tax WitokromRent__ 15K “TexCrsiter Reknsabie 35254 1, Pesuing he same dla on sable Daza having a gs nome fom busines of Pat2.000 arabusines expenses of 34200, natn, se has en [ope wich gat her agrarsentlreome ot 300,00 ad expanses taron of 100,000, exert at she us Optional Stancard Dedctzn (OSD). How much Is ‘he naam taal ue quart core tar area pai on he years come was 'Pr10.250 andinecre tx winnetson tents P43.0007 cots nce anak Reet income 3006 “oil ream 182K Lees: 080 72 (rtea04) ‘Teabie neame 709.26 Tanase ‘92k Tax ate (4) 2s Ae: 20K Tax Payable ee Tax Payne Ineo Tox Winhld tom Ren Tax Geto Roba 073K 10294 15 798K