47. Xtaupayer made waisbe the folowing Financia information
Gross sales - Php 10,000,000
‘ost of sates Pr 6,000,000
eens:
Salaries and wages ~ Po 3,000,000
“anspotation ond tae! —Php 20,000,
Rental -Php 240,000
Representation expense ~ Php 200,000
Depreciation expense Php 200,000
Office supplies ~ Php 20,000,
Miscellaneous expenses — Pho 10,000,
How much isthe taxable income ifthe taxpayers a domestic corporation and opted for O80?
Note: Indicate onl the amount (no peso sign, no decimal round aff to the nearest peso, no comma).
For example, your answer ten thousand, neat 10000, If your answers tro oe transactions
exempt, indicate 0.
48, A taxpayer made avaiable the fllowing financial information
Gross sales Php 10,000,000
Cost of sales ~ Php 6,000,000,
Expenses:
Salaries and wages ~ Php 1,000,000
“Transportation and travel ~ Php 20,000,
Rental - Php 240,000
Representation expense ~ Php 200,000
Depreciation expense Php 200,000
Office suples~ Php 20,000,
‘Miscellaneous expenses — Php 10,000,
ther information
Assets
Labiity 3m
sHe-2M
How much isthe income tax due ifthe taxpayer isan ordinary partnership and opted fr 050?
Note: Indicate only the amount (no peso sig, no decimal, round off tothe nearest peso, no comvmah
For example, your answer is ten thousand, indicate 10000 If your answers tera oe transactions
remot, Inaeate 0.
49, The following information appearedin the 2020 BIR Form 2316 (Certifies of Compensation
Payment/Tax Withheld) of Ncanor, purely compensation income eamer:
‘Gross compensation income Php 400,00013” month pay and other benefits 40,000.00,
sss 10,000.00
Phithealth contributions 10,000.00
Pagibig contributions 110,000.00
Union dues 110,000.00,
Commission 50,000.00
‘Amount of taxes withheld (by the employer) 30,000.00
Question: The total non-taxable portion to be deducted from gross compensation income of Nicanor is
‘Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma).
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is.
exempt, indicate 0.
50, The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation
Payment/Tax Withheld) of Nicanor, 2 purely compensation income earner:
Gross compensation income Php 400,000.00
13% month pay and other benefits 40,000.00,
sss 10,000.00
Philhealth contributions 10,000.00
Pagibig contributions 110,000.00
Union dues 110,000.00
Commission 50,000.00
‘Amount of taxes withheld (by the employer) 30,000.00
Question: The net taxable compensation income to be used in computing the taxis:
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma).
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction Is.
exempt, indicate 0.
51, Nicanor sold a residential house and lot located in Cebu in the amount of Php 10 Milion, Zonal
value of lands at Php 5 Million while Assessor's Fair Market Value is Php 4 Million for the lot and.
Php 4 Million for the house. Independent appraiser valued the property at Php 20Million
How much is the Capital Gains Tax?
"Note: indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma).
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is.
exempt, indicate 0.52. Nicanor, an employee of ABC Corp., suffered an accident at work and died. The following are
Information were made available by the employer:
Basic salary Php 600,000.00
13" month pay and other benefits 100,000.00
Commission 100,000.00
Separation Pay $500,000.00
Gross compensation income Php —1,300,000.00
‘Question: How much is the total exclusions from gross income?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma).
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is
‘exempt, indicate 0
53, ABC Corp. disclosed the following information in their payroll accounts:
‘+ Salaries and wages paid to minimum wage earners ~ Php 1,000,000
‘+ Salaries and wages paid to persons holding managerial position ~ Php 1,000,000
‘+ Salaries and wages paid to persons holding rank and file position ~ Php 1,000,000
‘+ Salaries and wages paid to family members (ghost employees) ~ Php 1,000,000
‘+ Salaries and wages paid to qualified senior citizens ~ Php 1,000,000
‘+ Salaries and wages paid to qualified persons with disability ~ Php 1,000,000
How much is the maximum salaries and wages allowable and deductible against gross income?
'58.A taxpayer which was registered in 2010 made available the following financial information for
y2021
Balance Sheet
Asset Php SOM
LUabilty Php 30M
Stockholders Equity Php 20M
Income Statement
Gross sales Php 10,000,000
Cost of sles ~ Php 6,000,000
operating Expenses - Php 2,000,000
How much s the income tax payable if the taxpayer isa domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round of tothe nearest peso, no comma).
For example, If your answer isten thousand, indicate 10000. f your answer is zero or transaction is
exempt, indicate 0,59. A taxpayer which was registered in 2010 made availabe the following financial information for
12021
Balance Sheet:
Asset -Php SOM
Liability - Php 30M
Stockholders’ Equity - Php 20M
Income Statement
‘Gross sales - Php 10,000,000
Cost of sales ~Pho 6,000,000
‘Operating Expenses - Php 5,900,000
How much i the income tax payable if the taxpayers a domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma}.
For example, if our answer is ten thousand, indicate 10000. f your answer is zero or trancaction is
660. A taxpayer which was registered in 2010 made availabe the following financial information for
2021:
Balance Sheet:
Asset - Php SOM
ability - Php 30M
Stockholders’ Equity - Php 20M
Income Statement:
Gross sales - Php 100,000,000
Cost of sales ~ Php 60,000,000
Operating Expenses - Php 30,000,000
How much is the income tax payable ifthe taxpayer isa domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round off tothe nearest peso, no comma)
For example if your answer is ten thousand, indicate 10000. if your answer is zero or transaction is
exempt, indicate 0
61. Ataxpayer which was registered in 2020 made availabe the following financial information for
Tv2021:
Balance Sheet:
Asset - Php SOM
Liability - Php 30M
Stockholders’ Eouitv - Pho 20MIncome Statement:
Gross sales - Php 10,000,000
Cost of sales — Php 4,000,000
Operating Expenses - Php 5,900,000
How much is the income tax payable if the taxpayer is a domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma}.
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is
exempt, indicate 0
62. A taxpayer which was registered in 2020 made available the following financial information for
Ty2021:
Balance Sheet:
‘Asset - Php SOM
LUability - Php 30M
‘Stockholders’ Equity - Php 20M
Income Statement:
Gross sales - Php 100,000,000
Cost of sales — Php 60,000,000
Operating Expenses - Php $0,000,000
How much is the income tax payable if the taxpayer is a domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma}.
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is
exempt, indicate 0
63. A taxpayer which was registered in 2010 made available the following financial information for
Ty2021:
Balance Sheet:
Asset - Php SOM
Liability -Php 30M
Stockholders’ Equity -Php 20M
Income Statement
Gross sales - Php 100,000,000
Cost of sales Php 60,000,000
Operating Expenses - Php $0,000,000How much i the income tax payable if the taxpayer isa domestic corporation?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma}.
For example, if your answer is ten thousand, indicate 10000. If your answer i zero or transaction is
exempt, indicate 0
64. Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1
Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation
expenses. How much Is the non-deductible representation expense?
Note: Indicate only the amount (no peso sign, no decimal, ound off to the nearest peso, no comma).
For example, if your answer s ten thousand, indicate 10000. If your answer is zero or transaction is
exempt, indicate 0.
65. ABC Corp, a family corporation, with an asset of valuing Php 1,000,000 was able to earn a net
income of Php 4,000,000. With expansion insight, it borrowed money from the XYZ Bank in the
amount of Php 1 Million with an interest rate of 10%. Interest income from ABC Corp.'s bank
deposits in DEF Bank earned Php 20,000.00
How much is the allowable or deductible expense?
Note: Indicate only the amount (no peso sign, no decimal, round off to the nearest peso, no comma}.
For example, if our answer is ten thousand, indicate 10000. If your answer is zero or transaction is
exempt, indicate .
66. In 2021, ABC Corp, established in 2015 reported the following information:
Balance Sheet
‘Asset -Php SOM
Liability - Php 30M
Stockholders’ Equity - Php 20M
Income statement:
Gross sales - Php $0,000,000
Cost of sales ~ Php 40,000,000
Operating Expenses - Php 20,000,000
How much i the income tax payable of ABC Corp.?
Note: indicate only the amount (no peso sign, no decimal, rund off to the nearest peso, no comma).
For example, if your answer is ten thousand, indicate 10000. If your answer is zero or transaction is.
exempt, indicate 0.