Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties:
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- Mrs. Manoban has a gross taxable compensation income of PHP 400,000 ad personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income PHP 400,000 PHP 302,000 PHP 303,000 PHP 305,00049. A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other properties c. Benefits under RA 4917 d. Ordinary deductions for expenses, losses and taxes (ELIT) P 1,800,000 2,500,000 1,000,000 700,000 Determine the net taxable estate of A.Allan is a married man with surviving spouse: Community properties: Real property located in Manila- 5,000,000 Bank deposits- 5,000,0006 Exclusive Properties: Family home in Batangas- 10,000,000 other exclusive properties- 2,000,000 Community deductions: funeral expenses- 500,000 other valid deductions- 1,000,000 medical expenses- 1,000,000 how much is the estate tax due?
- 5-6 Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?Taxpayer:Gregory and Brenda Morris, filing 1040Filing Status:married, filing jointlyExemptions:2 childrenTaxes withheld:$5,300Income:Mr. Morris: $32,000Mrs. Morris: $20,000Interest income: $500Bonus for Mr. Morris: $4,000Deductions:● Medical expenses:Drugs: $400Hospitalization insurance: $1,000Doctor bills: $2,000Dentist bills: $1,600Eyeglasses: $200Medical supplies: $800● Interest expenses:Home mortgage: $6,000● Contributions:Calvary Church: $5,000Oakdale Children's Home: $1,000 How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?The following pertain to the estate of a citizen decedent: Separate properties of the decedent P13,500,000 Common properties of the spouses 16,400,000 Possible deductions: Funeral expenses P550,000 Judicial expenses 310,000 Obligations (1/4 is separate property) 1,700,000 Family home - common property 15,000,000 What is the taxable net state? P 8,137,500 P 8,187,000 P 8,550,000 P 8,500,000
- Mr. F married, under absolute community, died on May 14, 2019, leaving the following: P 10,350,000 650,000 2,000,000 300,000 Family Home (house) Bank Deposit Coconut Plantation Other properties acquired thru labor (inclusive of jewelry, P200,000) Family Lot (inherited 1 year before his marriage w/c is 4 ½ years from the date of death) Family Vacation House, Baguio City 2,000,000 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation 80,000 20,000 40,000 200,000 Note: Family lot - FMV 4 % years ago 1,000,000 Compute: Net Taxable Estate and estate tax duef1 Bat Man is 54 years old and married with 2 children. He is fully employed and earned a salary of R1 450 000 for the current year of assessment. He also made contributions to a medical aid fund of R35 000 and his employer also contributed a further R25 000. YOU ARE REQUIRED to determine Bat's taxable income for the current year of assessment. Select one: a. R1 450 000 b. R1 475 000 C. R1 510 000 d. R1 485 000Subject - Accounting Selina is a single taxpayer with a MAGI of $110,000 and an active paraticipation rental real estate loss of $30,000. Assuming she has no other sources of passive income what is her adjusted special allowance? a. $10,000 b. $20,000 c $25,000 d. $30,000
- 36. The following interest payments were made by an individual income taxpayer in 2022: Sua 12/8 TUCK Tueboe GETOL va y Tudor:: TD 1 ne q/02 Interest on loan from BDO used to finance a business Interest on loan from Pag-Ibig to build residence A. 80,000 B. 82,500 C. 175,000 D. 221, 500 Interest on loan obtained from brother and used in business Interest on loan from BPI used to buy computer equipment in the office Interest for late payment of value-added tax Interest on purchase price of residential lot bought on installments Interest payment on a debt which has prescribed The deductible amount of interest is O P 50,000 100,000 25,000 30,000 2,500 2,000 12,000Juan died leaving his wife, Juana, the following net conjugal properties: Gross estate, including P15,000,000 family home P 35,000,000.00 Ordinary deductions 3,400,000.00 1. Compute the estate tax due.68. How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance - Inday (wife) irrevocably designated as beneficiary - Php 1 Million PhilCam Insurance - Executr of Nicanor is revocably designated as beneficiary - Php 1 Million ProLife OK Insurance - Estate of Nicanor is the revocably designated as beneficiary - Php 1 Million SunDeath Insurance - Junior (son) revocably designated as beneficiary - Php 1 Million Answer:_____________