Mr. and Mrs. Kim, residents of Quezon City with three (3) qualified dependent children, provided the...

 

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Mr. and Mrs. Kim, residents of Quezon City with three (3) qualified dependent children, provided the following data for 2021 taxable year: Compensation income Personal and living expenses Premium payment for health/hospitalization insurance Income from practice of profession-net of expenses Net income from trading business Required: 1. Determine the taxable income of Mr. Kim 2. Determine the taxable income of Mrs. Kim Husband 3. Determine the consolidated income tax due of Mr. and Mrs. Kim 850,000 30,000 5,000 150,000 Wife 650,000 20,000 5.000 Husband and Wife 480,000 Mr. and Mrs. Kim, residents of Quezon City with three (3) qualified dependent children, provided the following data for 2021 taxable year: Compensation income Personal and living expenses Premium payment for health/hospitalization insurance Income from practice of profession-net of expenses Net income from trading business Required: 1. Determine the taxable income of Mr. Kim 2. Determine the taxable income of Mrs. Kim Husband 3. Determine the consolidated income tax due of Mr. and Mrs. Kim 850,000 30,000 5,000 150,000 Wife 650,000 20,000 5.000 Husband and Wife 480,000

Answer rating: 100% (QA)

1 Taxable Income of Mr Kim Mr Kims taxable income is calculated as follows Compensation Income 85000... View the full answer