Accounting Answers

A. Compute for the tax dues on compensation and business income.

1. Ratsa Man, is the financial analyst of PAYT Company. He earned annual compensation in 2019 of 1,800,000.00, inclusive of 13th month and other benefits in the amount of 130,000.00 but net of mandatory contributions to SSS and Philhealth. Aside from employment income, he is engaged in a trading business, with gross sales of 2,800,000- His cost of sales and operating expenses are 1,200,000.00 and 800,000.00, respectively, and with non-operating income of 50,000.00.

A. In 2020, DRP Company has two employees- Bong Ga and Bato Din. Bong and Bato's gross monthly compensation is 60,000 and 70,000 respectively (net of mandatory contributions). Both are paid on the 30th of the month.Compute for the annual income tax of Bong and Bato supposed that DRP Company withholds periodically.

A. Compute for the monthly income tax payroll deductions of Bong Ga and Bato Din.

1. In 2020, DRP Company has two employees-Bong Ga and Bato Din. Bong and Bato's gross monthly compensation is 60,000 and 70,000 respectively (ndt of mandatory contributions). Both are paid on the 30th of the month.

1. Who are compensation earners?

2. How do you compute taxable income of compensation earners?

3. Who are minimum wage earners? How are they being taxed?

1. What government institution formulates fiscal policy to ensure adequate funding of our country?

2-6. Name at least 5 bureaus, agencies or government corporations who are under the supervision of no. 1.

7. What government agency is tasked to assess and collect all national internal revenue taxes, fees, and charges, and to enforce all forfeitures, penalties, and fines connected therewith?

8-10. Name the 2019 top 3 corporate taxpayers in the Philippines.

A. List down at least 5 taxable compensation income in the Philippines.

B. Name some individuals who are required to file income tax returns.

1. Explain the Scope of Taxation(Comprehensive).

2. Explain the Scope of Tacarion(Plenary)

3. Explain the Scope of Taxation(Unlimited)

4. Explain the Scope of Taxation(Supreme)

1. What are the basic principles of sound tax system?

2. What are the nature of the state's power to tax?

1. What is taxation?

2. What are the purposes of primary taxation?

3. What are the purposes of secondary taxation?

1. Miss Gina Galang is a teacher in Philippine Open University. During the year, she received 300,000 as salary and in addition is given free meals with a value of 50,000 and a dorm adjacent to the school with a value of 60,000. How much is the gross compensation income of the taxpayer?

2. Suppose the University assigned Ms. Galang to live in the school dormitory (with free meals and lodging) for the convenience of her employer. How much is the compensation income?