Dr. Ken Jeong is a famous celebrity doctor. He is a VAT taxpayer and is subject to 10%

expanded withholding tax. The following are his items of income and expenses during

the year.

Professional medical fees from a hospital (gross of VAT and EWT). 2,016,000

Professional medical fees from his clinic (net of VAT and EWT). 432,000

Talent fees from TV guestings (gross of VAT, net of EWT). 2,040,000

Talent fees from endorsements (net of VAT, gross of EWT). 1,450,000

Allowable Deductions. 650,000

PROBLEM 9.3 COMPREHENSIVE

Mang Jose has several interest in various businesses and partnership. He received the

following income during the year.

Dividends from a domestic corporation. 120,000

Dividends from a resident foreign corporation. 80,000

Share in net income of a business partnership. 200,000

Share in net income of a professional partnership. 100,000

Share in net income of a joint venture. 50,000

Share in net income of a co-ownership. 20,000

How much is the total income to be reported in gross income?

Answer rating: 100% (QA)

Problem 92 Dr Ken Jeongs Income and Tax Income Professional Medical Fees Hospital P2016000 gross of ... View the full answer