PROBLEM SOLVING: EXERCISES Compute of what is being asked. 10 points for each number. (10 x...

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PROBLEM SOLVING: EXERCISES Compute of what is being asked. 10 points for each number. (10 x 10 = 100 points) 1. Ms. Delia Ty, single, has a compensation income of P120,000.00 and another income of P125,000.00 from exercise of profession during the taxable year. She supports a recognized natural child and a younger brother who are both 21 years old, single, unemployed and living with her. Ms. Ty's actual premium payment for health and hospitalization insurance amounted to P4,000. REQUIRED: Compute the deduction for basis exemption, additional exemption and HHIP. 2. Mr. and Mrs. Dela Torre, married, have a total income of P180,000.00. The couple has a legally adopted child, 20 years old, unemployed, living with them but married during the taxable year. The insurance premium paid for health and hospitalization was P2,300.00 REQUIRED: Compute the basic exemption, additional exemption and HHIP deduction separately for the spouses. 3. Mr. Dutchken, a resident French taxpayer, has a gross income within the Philippines of P230,000.00. he supports his wife and two minor children who are on vacation trip in Europe. He has paid an insurance premium of P4,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 4. Ms. Mah Sungit, a single resident citizen, has an annual gross income of P280,000. Dependent upon for her chief support are her stepmother and the second husband of her stepmother who are both 55 years old. She has an annual premium payment for health and hospitalization insurance of P5,000.00 REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 5. Ms. Ma Ganda has an annual income from the exercise of her profession of P345,000.00. She is married but separated legally during the taxable year, supporting her three minor children, one of whom is an illegitimate child. She has paid P6,000.00 for health and hospitalization insurance premium. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 6. Mr. Ma Sipag has a gross income from compensation of P380,000.00. living with him for chief support and properly qualified as dependents are his four children from his deceased first wife and three children form his current wife. He has an annual premium payment of P8,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 5. Ms. Ma Ganda has an annual income from the exercise of her profession of P345,000.00. She is married but separated legally during the taxable year, supporting her three minor children, one of whom is an illegitimate child. She has paid P6,000.00 for health and hospitalization insurance premium. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 6. Mr. Ma Sipag has a gross income from compensation of P380,000.00. living with him for chief support and properly qualified as dependents are his four children from his deceased first wife and three children form his current wife. He has an annual premium payment of P8,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 7. Mr. Mario Maalwan, married, has the following dependents for chief support: his legitimate child, his recognized natural child and two legitimate children in his previous marriage. He and his wife are earning P480,000.00 during the taxable year with premium payment of P8,000.00 for health and hospitalization insurance. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP Payment 8. Ms. Maria Maaliwalas, single, left for Singapore three years ago as an overseas contract worker. Her annual income abroad is P300,000.00. she sends 40% of it to the Philippines to support her parents and younger brothers and sisters. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment, 9. Ms. Nelia Demaala separated from her husband five years ago without legal separation paper until now because both spouses refuse to file for legal separation. Two of her four (4) children, both working, stay with her, while the other two stay with their father. Her annual income from compensation amounts to P320,000.00 with premium payment of P2,000.00 REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 10. Atty Matthew is married with three dependent children. During the current taxable year, his gross income from the practice of his profession amounted to P350,000.00. he paid life insurance premium of P3,000.00. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. go PROBLEM SOLVING: EXERCISES Compute of what is being asked. 10 points for each number. (10 x 10 = 100 points) 1. Ms. Delia Ty, single, has a compensation income of P120,000.00 and another income of P125,000.00 from exercise of profession during the taxable year. She supports a recognized natural child and a younger brother who are both 21 years old, single, unemployed and living with her. Ms. Ty's actual premium payment for health and hospitalization insurance amounted to P4,000. REQUIRED: Compute the deduction for basis exemption, additional exemption and HHIP. 2. Mr. and Mrs. Dela Torre, married, have a total income of P180,000.00. The couple has a legally adopted child, 20 years old, unemployed, living with them but married during the taxable year. The insurance premium paid for health and hospitalization was P2,300.00 REQUIRED: Compute the basic exemption, additional exemption and HHIP deduction separately for the spouses. 3. Mr. Dutchken, a resident French taxpayer, has a gross income within the Philippines of P230,000.00. he supports his wife and two minor children who are on vacation trip in Europe. He has paid an insurance premium of P4,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 4. Ms. Mah Sungit, a single resident citizen, has an annual gross income of P280,000. Dependent upon for her chief support are her stepmother and the second husband of her stepmother who are both 55 years old. She has an annual premium payment for health and hospitalization insurance of P5,000.00 REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 5. Ms. Ma Ganda has an annual income from the exercise of her profession of P345,000.00. She is married but separated legally during the taxable year, supporting her three minor children, one of whom is an illegitimate child. She has paid P6,000.00 for health and hospitalization insurance premium. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 6. Mr. Ma Sipag has a gross income from compensation of P380,000.00. living with him for chief support and properly qualified as dependents are his four children from his deceased first wife and three children form his current wife. He has an annual premium payment of P8,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 5. Ms. Ma Ganda has an annual income from the exercise of her profession of P345,000.00. She is married but separated legally during the taxable year, supporting her three minor children, one of whom is an illegitimate child. She has paid P6,000.00 for health and hospitalization insurance premium. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 6. Mr. Ma Sipag has a gross income from compensation of P380,000.00. living with him for chief support and properly qualified as dependents are his four children from his deceased first wife and three children form his current wife. He has an annual premium payment of P8,000.00 for health and hospitalization. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 7. Mr. Mario Maalwan, married, has the following dependents for chief support: his legitimate child, his recognized natural child and two legitimate children in his previous marriage. He and his wife are earning P480,000.00 during the taxable year with premium payment of P8,000.00 for health and hospitalization insurance. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP Payment 8. Ms. Maria Maaliwalas, single, left for Singapore three years ago as an overseas contract worker. Her annual income abroad is P300,000.00. she sends 40% of it to the Philippines to support her parents and younger brothers and sisters. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment, 9. Ms. Nelia Demaala separated from her husband five years ago without legal separation paper until now because both spouses refuse to file for legal separation. Two of her four (4) children, both working, stay with her, while the other two stay with their father. Her annual income from compensation amounts to P320,000.00 with premium payment of P2,000.00 REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. 10. Atty Matthew is married with three dependent children. During the current taxable year, his gross income from the practice of his profession amounted to P350,000.00. he paid life insurance premium of P3,000.00. REQUIRED: Compute the deduction for basic exemption, additional exemption and HHIP payment. go

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1 Ms Delia Ty Basic Exemption P5000000 Additional Exemption 2 depen... View the full answer