QUIZ 2 -SolMan
1. Reward as BIR informer 36,000 *10%
Interest income on saving deposit (net) 38,400 *20%
Dividend income from domestic corp. 90,000 *10%
How much is the total final tax on passive income?
2. Professional income, net of 72K withholding tax
Rental income(net of 5%withholding tax)(57K/95%)
Gambling gains
Kickbacks received from supplier of clients
Compute the amount of his taxable subject to graduated tax rate?
3. Philippine charity sweepstakes winning 600,000
Royalty income from books 144,000
Other royalty income 72,000
Divided income from domestic corp 48,000
Interest Income-BDO QC 120,000
Interest Income from depository bank under FCDS 60,000
How much is the final tax on passive income?
4. Gross compensation income 720,000
Income tax due (tax table)
Gross Sales 1,980,000
Rental income(net of 5% withholding tax)(370,500/95%) 390,000
Taxable income 2,370,000
Tax rate 8%
Income tax due 189,600
Less: CWT (58,500)
Quartely tax payments (60,000)
CWT-rent (390K-370,500) (19,500)
Income tax Payable
How much is the income tax payable of Gabriel assuming he opted
to be taxed at 8% income taxrate?
5. Gross, Sales-PH 6,000,000
Sales reurns and allow. -PH (600,000)
COGS-PH (1,800,000)
Gross sales-Ukraine 3,600,000
Sales return and allow. - Ukraine (240,000)
COGS-Ukraine (960,000)
Business exp. -PH (600,000)
Business exp. -Ukraine (360,000)
Prizes-Walter Mart Baliwag 10,000
Total taxable income 5,050,000
Income tax due (tax table) 1,317,500
Midterm - SolMan
Problem 1
Monetized unused vacation leave of 16 days 24,000 Max 10days - 1.5K/day
Monetized unused sick leave of 10 days. 25,000 taxable
Rice Subsidy 32,000 Max 24K
Uniform and clothing allowance 10,000 Max 7K
Achievement award for length of service 15,000 Max 10K
Gifts given during Christmas 10,000 Max 5K
Medical Benefits 20,000 Max 10K
Laundry allowance 10,000 Max 3.6K
13th year pay 30,000 taxable
Productivity incentive bonus 5,000 Max 10K
Total Benefits
Less: Max Benefits
Total taxable benefits
Problem 2
Ms. Olivia is employed in BGC Corporation. She received the following for the current year.
Statutory minimum wage, inclusive of the 13th month pay 200,000
Overtime pay 40,000
Hazard pay 10,000
Night-shift differential 25,000
Commission from the same employer 15,000
Total amount received 290,000
How much is the taxable income? 15,000
Problem 3
a) Winnings in lotto
Dividends from SMC, a domestic company
Interest on deposit with Metrobank
How much is the passive income subject to final tax if Sam is a resident citizen?
b) Business income, Philippine 300,000
Business income, United States 250,000
Expenses, Philippines (200,000)
Expenses, United States (125,000)
Interest on deposit in U.S. ($1 = P50)(50dollar*50) 25,000
Winnings in lotto 20,000
Dividends from SMC, a domestic company 25,000
Cash prize won in a local contest 6,000
Interest on deposit with Metrobank 3,000
Winnings in lotto in U.S 50,000
How much is the gross income subject to final tax if 354,000
Sam is a non-resident alien not engage in trade or business?
Quiz 3 - SolMan
1. Rich Company owns a fleet of motor vehicles. In 2024, one of the cars which was acquired at a cost of P1,800,000 was al
During the year, its book value amounted to P1,250,000. How much is the fringe benefit tax due thereon?
Cost 1,800,000
divided by 5yrs
Value of Benefits 360,000
x 50%
MV 180,000
divided by 65%
GUMV 276,923.08
X 35%
FBT 96,923.08
2. Baroness Corporation assigned Mr. Roy one of its employees in the head office in Manila to manage their branch office
The company provided for the residential house of the manager paying a monthly rental of P44,000
How much is the amount of deductible expense from the gross income of Baroness Corporation?
Monthly MV(44K * 50%) 22,000.00
divided by 0.65
GUMV 33,846.15
X 0.35
FBT 11,846.15
Monthly rental 44,000.00
FBT 11,846.15
FBT expense 55,846.15
3. Electra Corporation furnished and granted the use of its condominium to its Executive Vice-President.
The fair market value of the property is P5,800,000 while the acquisition cost is P3,000,000.
The quarterly fringe benefit tax due thereon is
FMV 5,800,000
X 5%
Value of Benefits 290,000
x 50%
Annually MV 145,000
divided by 4 quarter
Quarterly MV 36,250
divided by 65%
GUMV 55,769.23
X 35%
FBT 19,519.23
4. Cecil Company provided cash fringe benefit to its managerial employees in the amount of P143,000 and to its rank and fi
The deductible expense by Cecil Company is
MV 143,000
divided by 65%
GUMV 220,000.00
X 35%
FBT 77,000.00
Quiz 4 - SolMan
Q1 Q2
Gross income from operation 5,000,000 12,500,000
Expenses (4,000,000) (11,000,000)
Interest in USA bank deposit - -
Prize-USA - 10,000
Prize-Philippines. 7,000 16,000
Rent income, gross of 5% w/tax 36,000 72,000
Taxable Income 1,043,000 1,598,000
RCIT (TI*20%) 208,600 319,600
MCIT(GI*2%) 100,860 251,960
Income Tax due 208,600 319,600
Less: Excess MCIT (12,500) (12,500)
CWT (5,000) (12,000)
CWT - rent (1,800) (3,600)
Tax paid 1 - (189,300)
Tax paid 2 - -
Tax paid 3 - -
Income tax payable 189,300 102,200
5. 6.
Gross income from operation 5,000,000 12,500,000
Interest in USA bank deposit - -
Prize-USA - 10,000
Prize-Philippines. 7,000 16,000
Rent income, gross of 5% w/tax 36,000 72,000
Gross Income 5,043,000 12,598,000
MCIT(GI*2%) 100,860 251,960.00
3,600
7,600
9,000
20,200
330,000* *Professional income = 648k + 72K=390K
60,000 Professional Expenses (390K)
60,000 Professional income 330K
48,000
498,000
*20% 120,000
*10% 14,400
*20% 14,400
*10% 4,800
*20% 24,000
*15% 9,000
186,600
86,500
51,600
138,100
Problem 4
9,000 a) Gross salaries
25,000 Less: Non taxable Income
8,000 SSS 10,000
3,000 Philhealth 8,000
5,000 Pag-ibig 7,000
5,000 Union dues 2,000
10,000 Tardiness and absences 15,000
6,400 42,000
30,000 How much is the taxable compensation income?
- Income tax due
101,400 Less: CWT
(90,000) b) How much is the income tax payable?
11,400
Problem 5
a) Gross receipts from business
Gross receipts from profession, net of WT (withholding tax) o
Salary from October to December, net of WT of P5,000 (160K
Rent income, net of 5% WT (57K/95%)
Professional and business expenses
Total Taxable Income
Income tax due
Less: CWT - Professoin
CWT
CWT - Rent
Income tax Payable
20,000
25,000 b) Gross receipts from business
3,000 Gross receipts from profession, net of WT (withholding tax) o
48,000 Rent income, net of 5% WT (57K/95%)
Total
Less:OSD (383,500*40%)
Total income from business/profession
Salary from October to December, net of WT of P5,000 (160K
Total taxable income
Income tax due
Less: CWT - Professoin
CWT
CWT - Rent
Income tax Payable
d at a cost of P1,800,000 was allowed as service vehicle by one of its officials.
tax due thereon?
to manage their branch office in Dagupan.
of P44,000
ce-President.
of P143,000 and to its rank and file employees amounting to P55,000.
FB - managerial employees 143,000
FB - rank & file employees 55,000
FBT 77,000
Deductible expense 275,000.00
Q3 FINAL
17,500,000 25,200,000
(17,400,000) (23,150,000)
4,000 10,000
10,000 18,000
16,000 16,000
120,000 168,000
250,000 2,262,000
50,000 452,400
353,000 508,240
353,000 508,240
(20,000) (26,750)
(6,000) (8,400)
(189,300) (189,300)
(102,200) (102,200)
- (35,500)
35,500 146,090
7. 9.
17,500,000 25,200,000
4,000 10,000
10,000 18,000
16,000 16,000
120,000 168,000
17,650,000 25,412,000
353,000.00 508,240.00
6. Gain from sale of residential house and lot (SP-3.6M, FMV time of 360,000
sale - 6M) (6M * 6%)
Gain from sale of shares of stock not traded in PH stock exchange 27,000
(180K*15%)
Total CGT 387,000
7. Interest income Ph bank deposit in BDO 24,000 *20%
Interest income US FCDS IN BPI 60,000 *15%
How much is the total final tax on passive income?
8. Salaries (42K *12 months) 504,000
Less: Non taxable Compensation (9,100)
Add: Other benefits
13th month pay 42,000
14th month pay 42,000
Loyalty reward (20K-10K) 10,000
Total 94,000
Max Benefits (90,000)
4,000
Taxable income 498,900
Income tax due (tax table) 42,280
Less:CWT (8,000)
9. Income tax payable 34,280
10. Non taxable compensation 9,100
Loyalty reward 10,000
Max benefits 90,000
Total non taxable compensation 109,100
400,000
(42,000)
tion income? 358,000
16,200
(7,400)
8,800
125,000
f WT (withholding tax) of P1,800 (88,200 + 1,800) 90,000
et of WT of P5,000 (160K + 5K) 165,000
60,000
(56,500)
383,500
20,025
(1,800)
(5,000)
(3,000)
10,225
125,000
f WT (withholding tax) of P1,800 (88,200 + 1,800) 90,000
60,000
275,000
(110,000)
165,000
et of WT of P5,000 (160K + 5K) 165,000
330,000
12,000
(1,800)
(5,000)
(3,000)
2,200
4,800
9,000
13,800