The following data are taken from the books of Maria Makling, a resident Filipino citizen, for...

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The following data are taken from the books of Maria Makling, a resident Filipino citizen, for year 2020 Sales 3,200,000.00 Cost of Sales 1920,000.00 80,000.00 128,000.00 1020,000.00 Gambling winnings Gambling lossess Compensation income, net of tax withheld P20.000.00 13th month pay, and other bonuses Proceeds from fe insurance of her mother Business expenses, including robbery loss of P50,000.00, contribution to Deped's priority projects, P100,000.00, and interest expense, P300,000.00 Bad debts recovery Lotto winnings Personal expenses tuition fees of children Interest income personal lending Compensation income, net of withholding tax of 20%-bracket Interest income, net of withholding tax of 20% Commission income, net of withholding tac of 5% Compute the income tax still due and payable per ITR, if the taxpayer is an individual Filipino resident Show your solution Lotto winnings Dividend income 96,000.00 800,000,00 2 A taxpayer named Balangaw S. Rimbo had the following incomes and expenses during the taxable year 2020: 800,000.00 96,000.00 Nonresident citizens; and Resident alen 480,000.00 160,000.00 240,000.00 32,000.00 Loss on unrealized earnings Casusity losses Abandoned equiemnt due to technological problem Accumulated depreciation of abandoned equipment Compensatory liquidated damages Embezzied funds by the cashier Book value of the damaged equipment Replacement cost of the damaged portion of machine Philippines 360,000.00 $2.250.00 50,000.00 57,000.00 100,000.00 9,000.00 3. Mr. Saboy incurred the following losses related to his construction business USA One U.S. dollar is equal to P49.00 All income without derived from USA Assume that withholding taxes were applied to income within the Philippines. Required Determine the income taxes due and payable of the taxpayer assuming that he is a Resident citizen b 500,000.00 250,000.00 150,000.00 120,000.00 100,000.00 70,000.00 50,000.00 40,000.00 1,200.00 950.00 1,800.00 The casualty losses was reported to the BIR within 45 days and compensated by insurance amounting to P300.000,00 Compute the total amount of deductible loss The following data are taken from the books of Maria Makling, a resident Filipino citizen, for year 2020 Sales 3,200,000.00 Cost of Sales 1920,000.00 80,000.00 128,000.00 1020,000.00 Gambling winnings Gambling lossess Compensation income, net of tax withheld P20.000.00 13th month pay, and other bonuses Proceeds from fe insurance of her mother Business expenses, including robbery loss of P50,000.00, contribution to Deped's priority projects, P100,000.00, and interest expense, P300,000.00 Bad debts recovery Lotto winnings Personal expenses tuition fees of children Interest income personal lending Compensation income, net of withholding tax of 20%-bracket Interest income, net of withholding tax of 20% Commission income, net of withholding tac of 5% Compute the income tax still due and payable per ITR, if the taxpayer is an individual Filipino resident Show your solution Lotto winnings Dividend income 96,000.00 800,000,00 2 A taxpayer named Balangaw S. Rimbo had the following incomes and expenses during the taxable year 2020: 800,000.00 96,000.00 Nonresident citizens; and Resident alen 480,000.00 160,000.00 240,000.00 32,000.00 Loss on unrealized earnings Casusity losses Abandoned equiemnt due to technological problem Accumulated depreciation of abandoned equipment Compensatory liquidated damages Embezzied funds by the cashier Book value of the damaged equipment Replacement cost of the damaged portion of machine Philippines 360,000.00 $2.250.00 50,000.00 57,000.00 100,000.00 9,000.00 3. Mr. Saboy incurred the following losses related to his construction business USA One U.S. dollar is equal to P49.00 All income without derived from USA Assume that withholding taxes were applied to income within the Philippines. Required Determine the income taxes due and payable of the taxpayer assuming that he is a Resident citizen b 500,000.00 250,000.00 150,000.00 120,000.00 100,000.00 70,000.00 50,000.00 40,000.00 1,200.00 950.00 1,800.00 The casualty losses was reported to the BIR within 45 days and compensated by insurance amounting to P300.000,00 Compute the total amount of deductible loss

Answer rating: 100% (QA)

To solve the problem well determine the income tax due and payable by the taxpayer named Balangaw S Rimbo for each scenario a b and c First lets review the data Philippines Compensation income net of ... View the full answer