Use the following given for the next 10 questions: 61. The net taxable compensation before personal exemptions
Question:
Use the following given for the next 10 questions:
61. The net taxable compensation before personal exemptions would be:
P891,000
P895,000
P792,000
P90,000
none of the above-
62. The net income from profession before personal exemptions would be
P233,250
P250,000
P400,000
P0
None of the above
63. The net capital gains (loss) would be:
P75,750
P51,500-11
P50,000
P 0
None of the above
64. The total exemption would be
P0
P150,000
P125,000
P100,000
None of the above-
65. The net taxable income would be
P1,200,000
P2,015,250
P891,000
P800,000
None of the above-
66. Total deductible income tax credit would be
P80,000-
P60,000
P20,000
P0
None of the above
67. Income tax still due and payable per ITR.
P170,000
P250,000
P120,000
P130,000
None of the above-
68. The total final tax would be
P22,000
P25,000
P10,000
P12,000
None of the above-
69. The total nontaxable income and benefits would be
P195,380
P125,000
P90,000
P82,000
None of the above-
70. The difference of itemized deduction from OSD would be
P6,750
P160,000
P100,000
P10,000
None of the above
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso