Professional Documents
Culture Documents
Taxation March 31
Taxation March 31
3. Mr. & Mrs. Juan , with 2 dependent children had the following income and expenses for 2018:
Mr. Juan: Mrs. Juan: Income of properties
Rental of separate property, net of Salary, net of WT of P120,000 and SSS owned in common:
withholding tax of 5%P4,750,000 premium of P30,000 – P1,050,000 Rent from conjugal
Expenses of rental business, P1,000,000 Commission as real estate broker, net of property, net of WT of
Per diems received as a corporate WT of 10% - P5,400,000 5% - P1,368,000
director, P100,000 Royalty received as a textbook author, Expenses connected
Prize won in a raffle, net of WT of 20%, net of WT of 10%-P540,000 with rental income,
P800,000 P600,000
Compute the tax payable ( in the income tax return) by the spouses.
4. Rettern, an MWE works for McDo. He has no other source of income other than his employment. For the taxable year, he
received a total compensation income of P136,000. During the year, he received P80,000 for overtime pay; P30,000 for night shift
differential pay; P15,000 hazard pay and P20,000 for holiday pay. He also received 13 th month
Equivalent to P12,000 , and contributed to SSS, Philhealth and Pag-ibig a a total amount of P4,000.
Required : 1. Compute for the final capital gains taxes on the sale of assets.
2. Compute final taxes on passive incomes.
3. Determine the net income tax payable by the spouses in the ITR.
Corporation
Compute the final tax on the sale of assets, income tax payable if the taxpayer is a:
a. domestic corporation b. resident foreign corporation c. non-resident foreign corporation
3. The records of High Airways, a foreign airline doing business in the Phils., show the following data-
Gross receipts from passengers on –
a. Tickets (Manila to Hongkong) sold in the Phils. to passengers originating from the Phils. P5M
b. Tickets (Manila to Hongkong) sold outside the Phils. to passengers originating from the Phils. P3M
c. Tickets (Hongkong to Manila ) sold in the Phils. to passengers originating outside the Phils. P2M
d. Tickets (Manila to Hongkong) sold in the Phils. to passengers who were indorsed to another airline which airlifted them
from Manila, P500,000
e. Tickets (Manila to New York) sold in the Phils. to passengers transshipped in Japan on another airline to New York,
P4.5M
Flight from Manila to Japan – 4 hours
Flight from Japan to New York – 8 hours
Expenses in connection with uplifts originating in the Phils. P6M
5. IC Co. ‘s computed RCIT and MCIT , creditable income taxes withheld from the 1 st to 4th quarters, and the excess MCIT and excess
withholding taxes from prior years are as follows:
Quarte RCIT MCIT Tax Withheld Quarte RCIT MCIT Tax Withheld
r r
1 P100,000 80,000 20,000 3 250,000 100,000 40,000
2 120,000 250,000 30,000 4 200,000 100,000 35,000
Excess MCIT ( prior year) P30,000
Excess withholding tax (prior year) P10,000
Compute for quarterly income tax payable.