FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
INCOME TAXATION (With Tax Principles & Remedies) AMPONGAN 270
8. Night shift differential pay
9.
Interest income on Euro deposit with Metrobank
10. Share in the net income of a partnership in trade
11.
Honorarium of a CPA as speaker in a Continuing Professional
Development (CPD) seminar
Income received by a CPA as an independent auditor
13. 13th month pay
12
14. Gain on sale of shares of stock (not traded)
15. Winnings in a lottery sponsored by Philip Morris Philippines
16. Honorarium received as President and Director of a corporation
17. Dividend received as stockholder of a corporation
18
Travel allowance
19. Productivity incentive pay
20. Lotto winnings
expand button
Transcribed Image Text:INCOME TAXATION (With Tax Principles & Remedies) AMPONGAN 270 8. Night shift differential pay 9. Interest income on Euro deposit with Metrobank 10. Share in the net income of a partnership in trade 11. Honorarium of a CPA as speaker in a Continuing Professional Development (CPD) seminar Income received by a CPA as an independent auditor 13. 13th month pay 12 14. Gain on sale of shares of stock (not traded) 15. Winnings in a lottery sponsored by Philip Morris Philippines 16. Honorarium received as President and Director of a corporation 17. Dividend received as stockholder of a corporation 18 Travel allowance 19. Productivity incentive pay 20. Lotto winnings
EXERCISE 8-2. CLASSIFICATION OF INCOME.
REQUIREMENTS:
I Classify the following income into
(A) Self-Employment
B) Passive subject to final withholding tax
(C) Compensation,
IL On the following income, write (Y) if the taxpayer can avail of the 8%
income tax rate, and (N) if the taxpayer cannot avail of the 8% income
tax rate
1.
Rent income of apartment
2 Gain on sale of a commercial building
3 Gain on sale of residential house
4. Income as street vendor
5 Income of a junk shop owner
6. Interest on peso deposit with Bank of the Philippine Islands
7. Royalty as book author
expand button
Transcribed Image Text:EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment B) Passive subject to final withholding tax (C) Compensation, IL On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1. Rent income of apartment 2 Gain on sale of a commercial building 3 Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6. Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education