Mr. Lalaban Ako, Filipino taxpayer single supporting 3 minor (illegitimate) children showed the following data for...

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Mr. Lalaban Ako, Filipino taxpayer single supporting 3 minor (illegitimate) children showed the following data for taxable year 2021. Salary from Bobo Company (net of 30,000 withholding tax, 10,000 SSS, PAGIBIG and PHIC employee contribution) Food Allowance (2,500 monthly) 13th month Pay Gross Income in Refilling Business Requirement: A. If 8% tax was signified, fulfill below requirements. (10 pts) 570,000 In addition, the following were incurred as expenses: 1. Cost of Sales amounting to 150,000 2. Ordinary business operating expenses of the Refilling business amounting to 100,000. 1. How much is the gross compensation income? 2. How much is total taxable compensation income? 3. How much is the taxable business income? 4. How much is the total tax due? B. If graduated rates was used, fulfill below requirements. (10pts) 1. How much is the gross compensation income? 2. How much is total taxable compensation income? 3. How much is the taxable business income? 4. How much is the total tax due? 32,000 50,000 700,000 Mr. Lalaban Ako, Filipino taxpayer single supporting 3 minor (illegitimate) children showed the following data for taxable year 2021. Salary from Bobo Company (net of 30,000 withholding tax, 10,000 SSS, PAGIBIG and PHIC employee contribution) Food Allowance (2,500 monthly) 13th month Pay Gross Income in Refilling Business Requirement: A. If 8% tax was signified, fulfill below requirements. (10 pts) 570,000 In addition, the following were incurred as expenses: 1. Cost of Sales amounting to 150,000 2. Ordinary business operating expenses of the Refilling business amounting to 100,000. 1. How much is the gross compensation income? 2. How much is total taxable compensation income? 3. How much is the taxable business income? 4. How much is the total tax due? B. If graduated rates was used, fulfill below requirements. (10pts) 1. How much is the gross compensation income? 2. How much is total taxable compensation income? 3. How much is the taxable business income? 4. How much is the total tax due? 32,000 50,000 700,000

Answer rating: 100% (QA)

A Using the 8 tax rate Gross compensation income Salary Food Allowance 13th month pay 570000 2500 x ... View the full answer