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    Jay Mariz C. Ramirez Juan Dela Cruz: 1. Exempt de Minimis Benefits: P124,500

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    Jay Mariz C. Ramirez
    The document contains requirements and solutions for calculating taxes owed by several individuals and entities: 1. Juan dela Cruz has exempt benefits of P124,500, other benefits of P251,000, fringe benefits of P80,000 and income tax payable of P397,150. His total allowable compensation is P1,987,500. 2. Ana operates a pet shop but her income tax liability and details about her VAT registration are not provided. 3. A Corporation has an income tax liability of P689,000 if a resident corporation, P338,000 if a resident foreign corporation, and P443,5000 if a non-resident foreign corporation. 4. For the

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    Jay Mariz C. Ramirez Juan Dela Cruz: 1. Exempt de Minimis Benefits: P124,500

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    Jay Mariz C. Ramirez
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    The document contains requirements and solutions for calculating taxes owed by several individuals and entities: 1. Juan dela Cruz has exempt benefits of P124,500, other benefits of P251,000, fringe benefits of P80,000 and income tax payable of P397,150. His total allowable compensation is P1,987,500. 2. Ana operates a pet shop but her income tax liability and details about her VAT registration are not provided. 3. A Corporation has an income tax liability of P689,000 if a resident corporation, P338,000 if a resident foreign corporation, and P443,5000 if a non-resident foreign corporation. 4. For the

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    The document contains requirements and solutions for calculating taxes owed by several individuals and entities: 1. Juan dela Cruz has exempt benefits of P124,500, other benefits of P251,000, fringe benefits of P80,000 and income tax payable of P397,150. His total allowable compensation is P1,987,500. 2. Ana operates a pet shop but her income tax liability and details about her VAT registration are not provided. 3. A Corporation has an income tax liability of P689,000 if a resident corporation, P338,000 if a resident foreign corporation, and P443,5000 if a non-resident foreign corporation. 4. For the

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    171 views3 pages

    Jay Mariz C. Ramirez Juan Dela Cruz: 1. Exempt de Minimis Benefits: P124,500

    Uploaded by

    Jay Mariz C. Ramirez
    The document contains requirements and solutions for calculating taxes owed by several individuals and entities: 1. Juan dela Cruz has exempt benefits of P124,500, other benefits of P251,000, fringe benefits of P80,000 and income tax payable of P397,150. His total allowable compensation is P1,987,500. 2. Ana operates a pet shop but her income tax liability and details about her VAT registration are not provided. 3. A Corporation has an income tax liability of P689,000 if a resident corporation, P338,000 if a resident foreign corporation, and P443,5000 if a non-resident foreign corporation. 4. For the

    Copyright:

    © All Rights Reserved
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    of 3

    Jay Mariz C.

    Ramirez

    Juan Dela Cruz


    Requirements
    1. Exempt de minimis benefits: P124,500

    Solution

    Rice (15,000 x 12) P24,000


    Christmas Bonus 22,500
    Productivity 10,000
    Vacation Leave (10 days only) 55,00
    Medical to dependents 3,000
    Medical Benefits 10,000
    P124,500

    2. De minimis and other benefits subject to basic tax: P251,000


    Solution
    Exempt de minimis benefits: P124,500

    Monetized unused sick leave for 5 days 27,500

    Allowances not subject to liquidation 66,000

    Medical cash allowance to dependents 3,000

    Christmas gift/bonus 30,000

    P251,000

    3. Fringe benefit tax: P80,000


    Solution: 148, 571 / .65= 228,571 x .35 = 80,000

    4. Income tax payable of Juan for the year: P397, 150


    Solution: Income tax payable of Juan for the year will be 397,150 as it is the creditable
    withholding tax on compensation income
    5. Total Allowable: P1,987,500
    Solution:

    Salaries @ P120,000 per month P1,440,000


    Allowances subject to liquidation 50,000
    Allowances not subject to liquidation 60,000
    Rice allowance at P3,000 a month 36,000
    Christmas gift/bonus 30,000
    13th  month pay and mid-year bonus 240,000
    Productivity incentive pay covered by a CBA 25,000
    Monetized unused vacation leave for 12 days 66,000
    Monetized unused sick leave for 5 days 27,500
    Medical cash allowance to dependents 3,000
    Actual medical benefits 10,000
    P1,987,500

    Ana operates a pet shop


    Requirements:
    1. Income tax liability for the year: P475,000
    Solution

    2. taxed at 8% income tax rate—income tax liability for the year: P216,000
    Solution

    3. As a vat-registered taxpayer:
    Solution

    A Corporation
    Requirements:
    1. Income tax on all income: P689,000
    Solution

    2. Income tax if it is a resident foreign corporation: P338,000


    Solution

    3. If a non-resident foreign corporation: P443,5000


    Solution

    TGT & Co.


    Requirements:
    1. Income Tax due of partnership: P300,000
    Solution
    GP's Gross Income P2,000,000
    OPEX (1,000,000)
    Net income P1,000,000
    X 30%
    Income Tax Due P300,000

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