Question: This is based on Philippines tax system 1. Mrs. C retired from the government after 30 years of service at the age of 5 points

This is based on Philippines tax system

1. Mrs. C retired from the government after 30 years of service at the age of 5 points 55. She received a total retirement pay of P1,800,000 plus P400,000 GSIS benefits. How much will be excluded from gross income?

2.The Professional Regulations Commission collected a total sum of P100,000,000 from professional license fees. It also collected P5,000,000 from rentals of government properties. Based on the facts given, what amount is considered as total exclusion from gross income?

3. Mr. Car was hurt in a bus accident. He received a total indemnity of P800.000 from the insurer of the bus. Mr. & paid P250.000 in hospital bill die to the said accident. How much is the total amount excluded from the gross income of Mr car ?

4. Ms. Verna insured his crops for a P1,000,000 insurance cover against calamities. He paid and expensed P100,000 insurance premium. How much will be included in his gross income?

5 . Mr cloud collected P2,000,000 from the fire insurance company that insured his building which had a tax basis of P1,800,000 when the fire occurred. During the same period, he also collected P300,000 crop insurance proceeds pertaining to his crops destroyed by frost. What amount should be included in Mr. Cloud's gross income?

6. Mr. Finn owns 20% interest in a joint venture engaged in construction projects. In 2020, the joint venture reported profits of P500,000, inclusive of P20,000 from time deposits. How much is the total income to be reported in the gross income of Mr. Finn ?

7. Juan purchased a life insurance contract 10 years ago requiring him to pay an annual insurance premium of P6,000 for a period of 15 years. The contract provides that should Pedro die or outlive his policy within the 15 year period, his beneficiaries will receive P300,000. On January 1, 2018, Pedro outlived the policy. Consequently, he received the P300,000 as stipulated in the contract. How much is the taxable income of juan on January 1, 2018?

8. Mr. Billy, a minimum wage earner, works for RR Ito, Inc. He is not engaged in business nor has any other source of income other than his employment. For 2018, Mr. Billy earned a total compensation income of P135,000. Moreover, Mr. Billy contributed to the SSS, Philhealth, and HDMF amounting to P5,000 and has received 13th month pay of P11.000. Based on the facts given, how much is Mr. Familiar's income tax liability? *

9. Ms. Lexie operates a convenience store while she offers bookkeeping services to her clients. In 2018, her gross sales amounted to P800,000, in addition to her receipts from bookkeeping services of P300,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. Based on the facts given, how much is her income tax due?

Note : please show a solution or explanation in each questions thank you

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!