1. In 2023, X, RC, opted 8% optional income tax rate. From Jan to Sept, sales are 2,900,000 while cost/expenses totaled 1,550,000. In the last quarter, Oct to December, sales increased by 300,000 and cost/expenses increased to 1,700,000. How much is the income tax payable (after tax credits, if any) at the end of the year?
2. X, employee, with salary of 500 per day. Per DOLE, minimum wage in Manila is 450 per day. In 2023, X receive d the following; Basic pay 200,000; Overtime pay of 30,000; Net income from his business of 200,000; 13th month pay of 80,000 and interest income from BDO (bank) of 10,000. What is the taxable income of X subject to basic tax?
3. X, Filipino, living in Manila, has the following income: 10,000 royalty in Italy; 300,000 salary in USA; interest from banks of CANADA amounting to 10,000; prizes received in Phil of 8,000; Interest Income from a Depository Bank under the Expanded Foreign Currency Deposit System in Phil of 20,000 and Sales of 500,000 from business in Phil (profit ratio is 10%). Compute the taxable income of X subject to basic tax?
 
4. A and B formed a partnership, to sell goods in Manila. AB partnership has sales of 1M and cost/expenses of 400,000. PL is 1:1. In 2023, A has salary of 320,000. A is an American living in USA, but, with business operating in Manila. Compute the "total income tax due" of A.
5. X company, solely owned by A, RA, operating in manila. The company shows net income of 1,000,000. This is computed by the accountant as follows:  
 

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Sales Cost of Sales Gross profit OPEX Operating income Add; other Income Rental Interest income from banks Net Income Compute the total income tax due of A? 3,200,000 1,200,000 2,000,000 1,300,000 700,000 200,000 100,000 1,000,000 Sales Cost of Sales Gross profit OPEX Operating income Add; other Income Rental Interest income from banks Net Income Compute the total income tax due of A? 3,200,000 1,200,000 2,000,000 1,300,000 700,000 200,000 100,000 1,000,000

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Scenario 1 X RC Opted 8 Optional Income Tax Rate For the first scenario where X RC opted for the 8 o... View the full answer