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  • Learning Activity 3 - Inc Tax

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    Erica Florentino
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    Rodel had various income sources in 2020 totaling $437,000 and expenses of $56,500, resulting in a net income of $380,500. His tax due was $26,100 by availing itemized deductions. Mulry had a salary and benefits totaling $610,000 and mandatory deductions of $26,400, resulting in a taxable income of $583,600 and tax due of $75,900. Sharon's tax situations were computed based on her being a resident citizen, non-resident alien ETB, and non-resident alien NETB.

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    LEARNING ACTIVITY 3 - INC TAX (2)

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    Rodel had various income sources in 2020 totaling $437,000 and expenses of $56,500, resulting in a net income of $380,500. His tax due was $26,100 by availing itemized deductions. Mulry had a salary and benefits totaling $610,000 and mandatory deductions of $26,400, resulting in a taxable income of $583,600 and tax due of $75,900. Sharon's tax situations were computed based on her being a resident citizen, non-resident alien ETB, and non-resident alien NETB.

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    41 views3 pages

    Learning Activity 3 - Inc Tax

    Uploaded by

    Erica Florentino
    Rodel had various income sources in 2020 totaling $437,000 and expenses of $56,500, resulting in a net income of $380,500. His tax due was $26,100 by availing itemized deductions. Mulry had a salary and benefits totaling $610,000 and mandatory deductions of $26,400, resulting in a taxable income of $583,600 and tax due of $75,900. Sharon's tax situations were computed based on her being a resident citizen, non-resident alien ETB, and non-resident alien NETB.

    Copyright:

    © All Rights Reserved
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    of 3

    1. Rodel, married, with two dependent children, had the following income and expenses in 2020.

    Salary P162,000.00
    13 month pay
    th
    5,000.00
    Gross receipts from profession 90,000.00
    Rent income 60,000.00
    Gross receipts from business 125,000.00
    Professional and business expenses 56,500.00

    Compute for the income tax pay of Rodel if he opted for the graduated income tax rate and if he

    a. Availed of the itemized deductions.


    b. Availed of the optional deductions.

    2. Mulry had the following data from his employment:


    Monthly salary P50,000.00
    Annual Pag-ibig contributions 1,200.00
    Monthly Philhealth contribution 800.00
    Monthly SSS premium 1,300.00
    13th month pay 50,000.00
    Mid-year bonus 50,000.00

    Compute for the taxable income and tax payable of Mulry.

    Items 3 – 5 are based on the following information:

    Sharon received the following income in 2020:


    Business income, Philippines P5,800,000
    Business income, United States 4,500,000
    Expenses, Philippines 2,500,000
    Expenses, United States 2,100,000
    Interest on deposit, Metrobank 15,000
    Interest on deposit in US 8,000
    Cash prize won in a local contest 50,000
    Cash prize won in a contest in US 70,000
    Dividends from SMC, a domestic company 35,000

    3. Compute for the taxable income and the income tax due if Sharon is a resident citizen.

    4. Compute for the taxable income and the income tax due if Sharon is a non-resident alien ETB.

    5. Compute for the taxable income and the income tax due if Sharon is a non-resident alien
    NETB.
    ANSWERS:

    1.A
    Salary P162,000.00
    Gross receipts from profession 90,000.00
    Gross receipts from business 125,000.00
    Rent income 60,000.00
    Gross Income 437,000.00
    Less:
    Professional and business expenses 56,500.00
    Net Income 380,500.00

    Tax Due

    250,000.00 0.00
    130,500.00 x 20% 26,100.00
    26,100.00

    1.B
    Salary P162,000.00
    Gross receipts from profession 90,000.00
    Gross receipts from business 125,000.00
    Gross Income 377,000.00
    Less:
    Professional and business expenses
    (90,000+125,000)x40% 140,000.00
    Net Income 237,000.00

    Tax Due Exempt – below 250,000.00

    2.
    Salary (50,000.00x12) 600,000.00
    Benefits (50,000.00+50,000.00)-90,000.00 10,000.00
    Gross income 610,000.00
    Less:
    Annual Pag-ibig contributions 1,200.00
    Philhealth contribution (800.00x12) 9,600.00
    SSS premium (1,300.00x12) 15,600.00
    Net income 583,600.00

    Tax Due

    400,000.00 30,000.00
    183,600.00 x 25% 45,900.00
    75,900.00
    3.
    Business income, Philippines P5,800,000
    Business income, United States 4,500,000
    Gross income 10,300,000
    Less:
    Expenses, Philippines 2,500,000
    Expenses, United States 2,100,000
    Income 5,700.000
    Interest on deposit in US 8,000
    Cash prize won in a local contest 50,000
    Cash prize won in a contest in US 70,000
    Net income 5,828,000

    Tax Due

    2,000,000.00 490,000.00
    3,828,000.00 x 32% 1,224,960.00
    1,714,960.00
    4.

    Business income, Philippines P5,800,000


    Less: Expenses, Philippines 2,500,000
    Income 3,300,000
    Cash prize won in a local contest 50,000
    Net Income 3,350,000

    Tax Due

    2,000,000.00 490,000.00
    1,350,000.00 x 32% 432,000.00
    922,000.00

    5.
    Business income, Philippines P5,800,000
    Interest on deposit, Metrobank 15,000
    Cash prize won in a local contest 50,000
    Dividends from SMC, a domestic company 35,000
    Net income 3,400,000

    Tax Due

    5,900,000 x 25% 1,475,000.00

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