Susan, resident citizen, works as a certified public accountant in a private company. The following are...
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Susan, resident citizen, works as a certified public accountant in a private company. The following are the pertinent income earned during the taxable year 2019: Gross compensation income per month P 50,000 Employee's contribution per month for: SSS PHIC Pag-ibig Thirteenth month pay Rice subsidy 1 sack 50kg of rice, P3,000 per month Uniform allowance Laundry allowance per month Christmas bonus Medical assistance, annual Monetized value of unutilized vacation leave (4 days) Monetized value of unutilized sick leave (5 days) 800 520 200 REQUIRED: Compute the following (Provide supporting solutions): 1. Gross taxable compensation income 2. Total de minimis benefits in excess of the allowed amount_ 3. Income tax due_ 50,000 3,000 10,000 1,000 5,000 20,000 10,000 12,500 Susan, resident citizen engaged in merchandising business. The following are the pertinent results from business operations at the end of the year 2019: Gross sales Sales returns and discounts Cost of Sales 2,200,000 200,000 800,000 350,000 Operating expenses REQUIRED: Compute the following (Provide supporting solutions): 1. Assuming that Rabiya opted for the 8% preferential income tax rate: a. How much is Net taxable income b. How much is the Income tax due 2. Assuming that Rabiya opted to pay the tax using regular income tax table/schedule: 1. How much is the Income tax due, if she decided to claim itemized deductions from gross business income 2. How much is the Income tax due, if she decided to claim 40% Optional Standard Deductions 3. How much the is the Percentage tax due_ Susan, resident citizen, works as a certified public accountant in a private company. The following are the pertinent income earned during the taxable year 2019: Gross compensation income per month P 50,000 Employee's contribution per month for: SSS PHIC Pag-ibig Thirteenth month pay Rice subsidy 1 sack 50kg of rice, P3,000 per month Uniform allowance Laundry allowance per month Christmas bonus Medical assistance, annual Monetized value of unutilized vacation leave (4 days) Monetized value of unutilized sick leave (5 days) 800 520 200 REQUIRED: Compute the following (Provide supporting solutions): 1. Gross taxable compensation income 2. Total de minimis benefits in excess of the allowed amount_ 3. Income tax due_ 50,000 3,000 10,000 1,000 5,000 20,000 10,000 12,500 Susan, resident citizen engaged in merchandising business. The following are the pertinent results from business operations at the end of the year 2019: Gross sales Sales returns and discounts Cost of Sales 2,200,000 200,000 800,000 350,000 Operating expenses REQUIRED: Compute the following (Provide supporting solutions): 1. Assuming that Rabiya opted for the 8% preferential income tax rate: a. How much is Net taxable income b. How much is the Income tax due 2. Assuming that Rabiya opted to pay the tax using regular income tax table/schedule: 1. How much is the Income tax due, if she decided to claim itemized deductions from gross business income 2. How much is the Income tax due, if she decided to claim 40% Optional Standard Deductions 3. How much the is the Percentage tax due_
Expert Answer:
Answer rating: 100% (QA)
It seems youve presented two different questions related to two distinct individuals Susan and Rabiya with different income tax scenarios To provide an appropriate response I will address each scenari... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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