question archive The following information are gathered from the recordsof Mr
The following information are gathered from the recordsof Mr
Subject:LawPrice: Bought3
The following information are gathered from the recordsof Mr. Pew...
The following information are gathered from the records of Mr. Pew resident citizen with regards to his income in 2020 from his furniture business and from employment:
Sales revenue, net P2,125,000.00
Revenue from services rendered 300,000.00
Compensation income, net of non taxable benefits 500,000.00
Interest income from currency deposit, net of tax 32,000.00
Dividend income from bond investment 15,000.00
Gain on sale of old equipment, acquired 5 years ago 50,000.00
Gain on sale of capital asset, holding period 2 years 30,000.00
Loss on sale of bond investment, capital asset, 9 months 9,000.00
Gain on sale of land in Laguna, Selling price P2 million, costs P1.3 M) 700,000.00
Cost of sales and services 980,000.00
Allowable business expenses 300,000.00
Income tax withheld from compensation 40,000.00
Questions:
A. Assume Mr. Pew opted on the first quarter of 2020, the 8% income tax. Determine the following:
1. The final tax paid by Mr. Pew is ____________
2. Income tax due from Mr. Pew is ____________
3. Income tax payable is ________________
4. Capital gain tax is ______________________
B. Assume Mr Pew availed of the regular income tax
5. Income tax due from Mr. Pew is ________________
6. Mr. Pew has to pay percentage tax of _______________
