The taxpayers are husband and wife with the following data during the taxable year: Husband: Gross receipts
Question:
The taxpayers are husband and wife with the following data during the taxable year:
Husband:
Gross receipts from profession, net of 10% withholding tax , P5,400,000
Cost and expenses in the practice of profession, P 2,300,000
Quarter income tax paid, 300,000
Wife:
Gross compensation income, net of all exclusions, P800,000
Tax withheld, P120,000
Income and expenses from Joint Business
Income from business P800,000
Expenses P120,000
Quarterly Tax withheld 80,000
Required: Compute for the income tax of
- Husband
- Wife
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney