5/12/2020 Quiz on Returns Part I: INCOME TAXATION

Quiz on Returns Part I

Due May 17 at 11:59pm Points 18 Questions 18
Available Apr 18 at 12am - May 17 at 11:59pm about 1 month Time Limit None
Allowed Attempts 5

Instructions
Assume that:

Today is March 31, 2020

You are married with 2 children, 9 and 21 years old respectively. You opted to file separately from your
husband/wife.

You are an employee of Wonderland Corp. located in Nicanor Reyes St., Sampaloc, Manila from June
2018 up to present. The Tax Identification Number (TIN) of Wonderland Corp is 156-245-004-000

January 2019, You also put up your own line of Business and named it, Yoon-Seri-Gaming Consoles
which is located at your rented apartment in Dominga St., Brgy. 42, Pasay City

However, verification from Bureau of Internal Revenue (BIR) records shows that you have a TIN of 143-
686-541-000 which has address located in Evangelista St., Brgy. Bangkal, Makati City and currently
registered on the RDO based on your address.

Gross Compensation from Wonderland Corp for the Year 2018 is 250,000, your company didn’t withheld
any taxes from you.

Gross Compensation from Wonderland Corp for the Year 2019 is 810,000 inclusive of your 13th month
pay and other Benefits (P 110,000), Deductions from SSS,Pagibig, medicare and other union dues
(P12,000). On your Form 2316, the company withheld a total of P107,000 from you.

Net Sales, Yoon-Seri Gaming Consoles 2019), P1,104,000

Sales Return, Allowances and Discounts (2019), P24,000

Cost of Sales (2019) P740,000 ( Cost of buying 2nd Hand/New Console Games)

Monthly Rent of P8,000 for your apartment

Entertainment, Amusement and Recreation (you spent P50,000 in a Night Club as a form of bribery to
your Suppliers so they will not sell to your competitors)

Delivery Fee of your items for the year (P45,000)

Other Fees related to your Business (P70,000)

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5/12/2020 Quiz on Returns Part I: INCOME TAXATION

Form 2307 received for the year (P15,037)

Dividend Income from Domestic Corporation (2019) P50,000

Dividend Income from Foreign Corporation (2019) P40,000

Interest income from peso bank-deposit (2019) P20,000

Interest income from bank deposits abroad (2019) P30,000

PCSO Winnings (2019) P200,000

You opted for Graduated Tax Rate and Optional Standard Deduction.

Take the Quiz

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