Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses.
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Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses.
Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Lim for the taxable year 2019?
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- Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her clients. In the year 2020, her gross sales amounted to Php1,800,000, in addition to her gross receipts from bookkeeping services of Php400,000. During the same year, her cost of goods sold and operating expenses were Php1,325,000 and Php320,000, respectively. How much is her taxable income assuming she availed of the optional standard deduction: a. Php1,320,000 b. Php720,000 c. Php160,000 d. Php525,000Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses. What are the type of taxes involved in this scenario? Explain your answer. 2. Assume that the excess funds were remitted back to the donor, how much is the total tax due of Mr. Lim for the taxable year 2019? 3. Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Lim for the taxable year 2019?Mr. Lim ran for a government position during the country’s 2019 elections. He received campaignfund donations in cash and in-kind amounting to 100,000,000. He spent a total of 75,000,000 forcampaign related expenses.a. What are the type of taxes involved in this scenario? Explain your answer. b. Assume that the excess funds were remitted back to the donor, how much is the total tax dueof Mr. Lim for the taxable year 2019?c. Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Limfor the taxable year 2019?
- Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a list of his gross sales: 1,000,000 pesos in 2019 Php 4,000,000 in 2020 2,000,000 pesos in 2021 How much will Nicanor owe in total % tax in 2021 if he changed his registration in 2020 and does not make any changes in 2021? AsapIf Lorna Da Ganda is a resident citizen and is earning compensation income and business income for 2018 with the following details: Compensation income of Php1,400,000 and Gross sales of Php2,800,000 and Cost of Sales of Php1,200,000 and Operating expenses of Php650,000 and Withholding tax on compensation income of Php310,000 and other creditable withholding taxes of Php80.000; how much is the income tax due and payable of Lorna Da Ganda for the year 2018? * Php184,000 O Php 212,000 Php 95,000 Php144,000
- Nicanor registered as a non-VAT taxpayer in 2019 with a capital of Php 100,000. His summary of gross sales are the following: 2019 Php 1,000,000 2020 Php 4,000,000 2021 Php 2,000,000 How much is the total percentage tax due in 2021 assuming Nicanor updated his registration in 2020 and has not made any changes in 2021?Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…
- Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…1. Mr Asta, resident citizen, revealed the following data for 2019: Gross income from business is P 800,000 Business expenses allowed for deduction is P 600,000 (excluding contributions) Charitable contributions: To Govt for priority activities of P 50,000 To Govt for public purposes (not priority) of P 60,000 To church of P 15,000 What is the taxable net income?Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…