TOPIC: Gross Income A. Gross Reportable Compensation The employee reported a net take home pay of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
TOPIC: Gross Income A. Gross Reportable Compensation The employee reported a net take home pay of 180,000. The amount is net of 30,000 withholding income tax and 1,000 SSS. The amount is inclusive of P5,000 covering a 10-days vacation leave actually availed and 10,000 13th month pay. His gross reportable compensation income is_ B. Gross Taxable Compensation Marilou Badol has earned the following income in 200A: Salary as a professor, net of withholding tax of 50,000 Professional fee as CPA, net of 10% CWT Per diem as a board of director 13th month pay First prize in essay writing contest Sale of house and lot (capital asset) What is the amount of gross taxable compensation income subject to regular tax? C. Compensation Income The following items of income are reported by Cute, a CPA Salary as an accountant Overtime pay 13th month pay and other bonuses Audit retainer's fee Capital gains from sale of car The total compensation income from employment is D. Compensation Income The following items of income are reported by Sexy: Salary as guest relation officer Tips (from various customers) Monetized 10-day unused vacation leave 13th month pay Cost and living allowances Anniversary gift worth How much is the gross taxable compensation income? 370,000.00 270,000.00 200,000.00 35,000.00 50,000.00 500,000.00 150,000.00 30,000.00 107,000.00 60,000.00 25,000.00 120,000.00 360,000.00 4,000.00 10,000.00 5,000.00 20,000.00 E. Retirement Pay Sue reported the following retirement: First employment for 30 years received at the age of 50 Second employment for 10 years received at the age of 60 Third employment for 10 years received at the age of 70 How much is the nontaxable retirement pay of Sue? F. Gross Service Income Before starting to render his service, X collected an advance payment of 2,000 for the acceptance of the job contract. When the required service from X was completed, X received 8,000 cash service fee after deducting the 2,000 advance payment, plus an office machine with cash price value of 3,000 and 2,500 cost to the seller. The gross service income of X is_ 500,000.00 400,000.00 300,000.00 G. Rental Income How much of the following amounts received in 2021 will be included in the tax return for the year 2021? Rent for year 2019 80,000.00 Rent for year 2020 Rent for year 2021 Refundable deposit 480,000.00 40,000.00 120,000.00 H. Income from Leasehold Improvements The lease dated January 1, 2021 provided for construction of improvements at the cost of the lessee, and the ownership will belong to the lessor at the end of 5-year lease contract. The construction of improvements which was completed at the end of the 3rd month of the contract amounted to 240,500. The improvement has an economic life of 8 years and estimated scrap value of 560. The rent income on improvements for year 1 under each method is: Outright method Spread-out method I. Royalty Income Pacman is a resident Filipino citizen, an inventor, a song writer and international singer. He receives royalties within and outside the Philippines as follows: Royalties from pain reliever invention Royalties from musical compositions Royalties from books What is the amount of final tax on royalty income? What is the amount of royalty income subject to regular tax? J. Comprehensive Problem Mrs. Rowena reports the following items of income and expenses as of December 31, 2022 PH Abroad 100,000.00 200,000.00 200,000.00 300,000.00 500,000.00 100,000.00 Cash salary, net of withholding tax, 25,000 and SSS 3,000 Dividend from San Magnolia Corporation One year note receivable from the employer, net of discount 1,000 (maturity June 30, 2022) Gross Income from business Allowable expenses Prepaid rent income Interest from insurance proceeds, net of withholding tax Bad debt recovery (60% previously written off) Gambling winnings Gambling losses Income tax refund Household expenses ponation from relatives Winnings Stock dividends from Asia Brewery at fair market value Compute for the taxable income subject to regular tax 302,000.00 30,000.00 19,000.00 400,000.00 250,000.00 50,000.00 18,000.00 38,000.00 20,000.00 30,000.00 8,000.00 200,000.00 150,000.00 10,000.00 4,000.00 TOPIC: Gross Income A. Gross Reportable Compensation The employee reported a net take home pay of 180,000. The amount is net of 30,000 withholding income tax and 1,000 SSS. The amount is inclusive of P5,000 covering a 10-days vacation leave actually availed and 10,000 13th month pay. His gross reportable compensation income is_ B. Gross Taxable Compensation Marilou Badol has earned the following income in 200A: Salary as a professor, net of withholding tax of 50,000 Professional fee as CPA, net of 10% CWT Per diem as a board of director 13th month pay First prize in essay writing contest Sale of house and lot (capital asset) What is the amount of gross taxable compensation income subject to regular tax? C. Compensation Income The following items of income are reported by Cute, a CPA Salary as an accountant Overtime pay 13th month pay and other bonuses Audit retainer's fee Capital gains from sale of car The total compensation income from employment is D. Compensation Income The following items of income are reported by Sexy: Salary as guest relation officer Tips (from various customers) Monetized 10-day unused vacation leave 13th month pay Cost and living allowances Anniversary gift worth How much is the gross taxable compensation income? 370,000.00 270,000.00 200,000.00 35,000.00 50,000.00 500,000.00 150,000.00 30,000.00 107,000.00 60,000.00 25,000.00 120,000.00 360,000.00 4,000.00 10,000.00 5,000.00 20,000.00 E. Retirement Pay Sue reported the following retirement: First employment for 30 years received at the age of 50 Second employment for 10 years received at the age of 60 Third employment for 10 years received at the age of 70 How much is the nontaxable retirement pay of Sue? F. Gross Service Income Before starting to render his service, X collected an advance payment of 2,000 for the acceptance of the job contract. When the required service from X was completed, X received 8,000 cash service fee after deducting the 2,000 advance payment, plus an office machine with cash price value of 3,000 and 2,500 cost to the seller. The gross service income of X is_ 500,000.00 400,000.00 300,000.00 G. Rental Income How much of the following amounts received in 2021 will be included in the tax return for the year 2021? Rent for year 2019 80,000.00 Rent for year 2020 Rent for year 2021 Refundable deposit 480,000.00 40,000.00 120,000.00 H. Income from Leasehold Improvements The lease dated January 1, 2021 provided for construction of improvements at the cost of the lessee, and the ownership will belong to the lessor at the end of 5-year lease contract. The construction of improvements which was completed at the end of the 3rd month of the contract amounted to 240,500. The improvement has an economic life of 8 years and estimated scrap value of 560. The rent income on improvements for year 1 under each method is: Outright method Spread-out method I. Royalty Income Pacman is a resident Filipino citizen, an inventor, a song writer and international singer. He receives royalties within and outside the Philippines as follows: Royalties from pain reliever invention Royalties from musical compositions Royalties from books What is the amount of final tax on royalty income? What is the amount of royalty income subject to regular tax? J. Comprehensive Problem Mrs. Rowena reports the following items of income and expenses as of December 31, 2022 PH Abroad 100,000.00 200,000.00 200,000.00 300,000.00 500,000.00 100,000.00 Cash salary, net of withholding tax, 25,000 and SSS 3,000 Dividend from San Magnolia Corporation One year note receivable from the employer, net of discount 1,000 (maturity June 30, 2022) Gross Income from business Allowable expenses Prepaid rent income Interest from insurance proceeds, net of withholding tax Bad debt recovery (60% previously written off) Gambling winnings Gambling losses Income tax refund Household expenses ponation from relatives Winnings Stock dividends from Asia Brewery at fair market value Compute for the taxable income subject to regular tax 302,000.00 30,000.00 19,000.00 400,000.00 250,000.00 50,000.00 18,000.00 38,000.00 20,000.00 30,000.00 8,000.00 200,000.00 150,000.00 10,000.00 4,000.00
Expert Answer:
Answer rating: 100% (QA)
Answer A Gross Reportable Compensation Net takehome pay 180000 Withholding income tax 30000 SSS 1000 Vacation leave availed included in net pay 5000 1... 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:
Students also viewed these law questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The companys total asset turnover is a. 1.15. b. 1.10. c. 0.91. d. 0.87. e. 1.05.
-
The Abrams Corporation incurred the following quality costs for the year ending December 31, 2012: (a.) What are the total prevention costs for the Abrams Corporation? (b.) What are the total...
-
Explain how the terminal cash flow is calculated for replacement projects.
-
Let \(w=e^{\sigma z-\frac{1}{2} t^{2}}\), where \(z\) is a stardard Wiener process. Find the equation governing \(w\).
-
Transactions made by Morlan and Co., a law firm, for the month of March are shown on the next page. Prepare a tabular analysis which shows the effects of these transactions on the accounting...
-
This house is new and how to set up the network in this house? CLOSET BATH 3 CLOS MASTER BATH SITTING 8'6"X7'0" BALCONY 10'4"x5'8" MASTER WARDROBE MASTER SUITE 18'0"x14'0" UTILITY LIFT DEN...
-
You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The UNM Partnership has three partners A, B, and C. C is an attorney and assists the partnership with...
-
Imagine Brotherland, a thriving economy; assume this economy has government but is closed. The income flow in this economy is, 600 billion (bn) dollar; the government collects a lumpsum tax of 20...
-
Project Proposal for the topic: about Enterprise Risk Management with the focus on financial risk and the application is finding a risk managment plan of an organization
-
Compose an Essay Your essay will describe the similarities and differences between macroeconomics and microeconomics. Your essay should include at least four paragraphs. In the first paragraph,...
-
Present-day African economic history has three prominent streams of research. Which? The colonial project required mapping and documentation of the new subjects. Who did the colonial administrations...
-
Which type of interest received is taxable and must be reported on the tax return?
-
Q2) Cylindrical rod with original diameter (12mm) and original length (70 mm) made of 1020 Hot-rolled steel alloy which their yield stress (207 MPa) and Young modulus (210 GPa). Tensile test was...
-
Is times interest earned meaningful for utilities? Why or why not?
-
a. Wilson filed his individual tax return on the original due date, but failed to pay $700 in taxes that were due with the return. If Wilson pays the taxes exactly 2 months late, calculate the amount...
-
Matthew borrows $250,000 to invest in bonds. During 2012, his interest on the loan is $30,000. Matthew's interest income from the bonds is $10,000. This is Matthew's only investment income. a....
-
On September 14, 2012, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $35,000, and Jay uses the...
-
A probability experiment consists of rolling a single fair die. (a) Identify the outcomes of the probability experiment. (b) Determine the sample space. (c) Define the event E = roll an even number....
-
Sophia has three tickets to a concert, but Yolanda, Michael, Kevin, and Marissa all want to go to the concert with her. To be fair, Sophia randomly selects the two people who can go with her. (a)...
-
A pair of fair dice is rolled. Fair die are die where each outcome is equally likely. (a) Compute the probability of rolling a seven. (b) Compute the probability of rolling snake eyes; that is,...
Study smarter with the SolutionInn App