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Taxation 109

Mr. Monreal earned P200,000 in compensation income and P500,000 in business income with P200,000 in expenses. He also earned P10,000 in royalties and P8,000 in interest. His taxable compensation income is P200,000 and his net business income is P300,000. His total taxable income is P358,000. Mr. Gudani earned income from sales and interest both in the Philippines and abroad with deductions. His taxable income as a resident citizen is P4,480,000 and as a non-resident citizen is P2,000,000. Mr. Allan earned various types of income including business income, compensation, interest, ro

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Taxation 109

Mr. Monreal earned P200,000 in compensation income and P500,000 in business income with P200,000 in expenses. He also earned P10,000 in royalties and P8,000 in interest. His taxable compensation income is P200,000 and his net business income is P300,000. His total taxable income is P358,000. Mr. Gudani earned income from sales and interest both in the Philippines and abroad with deductions. His taxable income as a resident citizen is P4,480,000 and as a non-resident citizen is P2,000,000. Mr. Allan earned various types of income including business income, compensation, interest, ro

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TAXATION 109

In 2018, r. Monreal earned gross compensation income of P200,000 and gross


business income of P500,000 before expenses of P200,000. He also earned book
royalties of P10,000 and P8,000 interest income from client’s promissory notes. Mr.
Monreal has a personal exemption of P150,000 and personal expenses of P170,000
during the year.
11. What us Mr. Monreal’s taxable compensation income?
a. P0 c. P200,000
b. P30,000 d. P50,000
12. What is Mr. Monreal’s net income from business?
a. P308,000 c. P310,000
b. P300,000 d. P518,000
13. What is Mr. Monreal’s taxable income?
a. P518,000 c. P358,000
b. P350,000 d. P368,000

Mr. Gudani, with P75,000 personal exemption, had the following data in 2018.
Philippines Abroad
Gross income from sales P4,000,000 P6,000,000
Interest income from deposits 40,000 80,000
Less: Deductions 2,000,000 3,600,000
14. Compute the taxable income if Mr. Gudani was a resident citizen.
a. P4,405,000 c. P1,965,000
b. P4,480,000 d. P1,925,000
15. Using above information, compute the taxable income if Mr. Gudani is non-
resident citizen.
a. P2,040,000 c. P1,965,000
b. P2,000,000 d. P1,925,000
16. Compute the total tax due if Mr. Gudani was a non-resident alien not engaged in
trading or business?
a. P510,000 c. P991,250
b. P1,000,000 d. P1,010,000

Mr. Allan derived the following income in 2018:


Business income P200,000
Compensation income 300,000
Interest income from 5/6 lending clients 100,000
Interest income from bank deposits 20,000
Royalty income 100,000
Capital gain on sale of personal car 20,000
Capital gain on the sale of stocks directly
to a buyer 40,000
Ordinary gain on sale of old office furniture 10,000
Dividend income 50,000

17. Compute the total passive income subject to final tax.


a. P170,000 c. P270,000
b. P1,370,000 d. P1,470,000
18. Compute the total income subject to regular tax.
a. 1,730,000 c. P1,470,000
b. P630,000 d. P530,000
19. Compute the capital gain subject to capital gains tax.
a. P70,000 c. P60,000

This study source was downloaded by 100000853735806 from CourseHero.com on 09-30-2022 08:25:26 GMT -05:00

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b. P40,000 d. P0

Use the following data for the next 5 questions


A taxpayer, married without qualified dependent child, had the following data for
taxable year 2018:

Gross income, Phils P800,000


Gross income, USA 600,000
Expenses, Phils 400,000
Expenses, USA 300,000
20. If the taxpayer is a resident citizen, his taxable income is
a. P400,000 c. P700,000
b. P350,000 d. P650,000
21. If the taxpayer is a non-resident citizen, his taxable income is
a. P400,000 c. P700,000
b. P350,000 d. P650,000
22. If the taxpayer is resident alien, married, his taxable income is
a. P400,000 c. P700,000
b. P350,000 d. P650,000
23. If the taxpayer is non-resident alien engage in trade or business in the
Philippines, married and his country grants P40,000 as a personal exemption for
married individuals, his taxable income is
a. P400,000 c. P700,000
b. P360,000 d. P660,000
24. If the taxpayer is non-resident alien not engage in trade or business in the
Philippines, married and his country grants P40,000 as a personal exemption for
married individuals, his taxable income is
a. P800,000 c. P360,000
b. P400,000 d. P350,000

This study source was downloaded by 100000853735806 from CourseHero.com on 09-30-2022 08:25:26 GMT -05:00

https://www.coursehero.com/file/84255441/TAXATION-109docx/
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