Question: How much is the taxable net income using optional standard deduction ? How much is the deductible pension contributions for 2022? How much is the

How much is the taxable net income using optional standard deduction ?

How much is the deductible pension contributions for 2022?

How much is the taxable net income using itemized deduction?

Compensation income, Philippines 200,000.00


 

Rental income, Philippines 100,000.00

Net sales, Philippines 1,000,000.00

Cost of goods sold, Philippines 300,000.00

Interest from bank deposits, Philippines 200,000.00

Interest from bank deposits, Abroad 100,000.00


 

 Consider the following information regarding a corporation's pension contributions


2020

2021

2022

Current service costs

200,000.00

200,000.00

200,000.00

Past service costs

50,000.00

30,000.00




2021

2022

Revenues from conduct of business

1,000,000.00

700,000.00

Business expenses

500,000.00

300,000.00

Capital gains - short term

50,000.00

40,000.00

Capital gains - long term

30,000.00

40,000.00

Capital loss - short term

60,000.00


Capital loss - long term

50,000.00

20,000.00

How much is the taxable income in 2022 if the taxpayer is a corporate taxpayer?

Mr. Satin's net income before any charitable contributions amounted to 85,000.00. His charitable contributions were 10,000.00 to PGH and 10,000.00 to St. Luke's. How much is Mr. Satin's taxable net income?


 


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