John is an employee of X Corporation who died. The corporation gave Jane, Jonn's widow one year amount of John's salary for a total of 1,000,000 php. This included upaid bonuses and allowances of John worth 100,000 php. How much is taxable as income to Jane?

Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any:   PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…

Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?

During the year, Mitchell, a single taxpayer, gave the following gifts: $10,000 cash to his nephew $20,000 tuition paid for his 24-year-old daughter, paid directly to the State University $20,000 cash to his brother 50 shares of stock to his niece valued at $200 a share Assume an annual gift exclusion of $17,000. In filing his annual gift tax return, what is the amount of his taxable gifts?

Anna bought a condominium unit under installment basis, to be used as his office in the practice of his profession and paying P10, 000 monthly. For income tax purposes, the P10,000 monthly payment shall be* Treated as business rental, hence deductible Treated as capital expenditure, hence not deductible Treated as depreciation expense, hence deductible Treated as ordinary business expense   The following are not taxable, except:* Refund of fringe benefit tax Refund of Philippine income tax Refund of estate or donor’s tax Refund of special assessment

How much is the Ordinary Deduction? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…

Kim is an employee of Azure Corporation. In the current year, she receives a cash salary of $106,200 and also is given 45 shares of Azure stock for services she renders to the corporation. The shares in Azure Corporation are worth $2,500 each. a.  How will the transfer of the 45 shares to Kim be handled for tax purposes?  Kim's basis in the stock is $fill in the blank 2 ______? b.  What is Azure Corporation's total compensation deduction for Kim's services?$fill in the blank 3 _________?

Aiden is married and has salary income of $80,000 and total itemized deductions is $30,000. During the year, he sold two investments resulting in a $5,000 long-term capital gain and a $15,000 short-term capital loss. He calculated his AGI to be $70,000 (80,000 -10,000) and his taxable income to be $40,000 (70,000-30,000). Based on the tax formula and the net capital loss rules, comment on whether or not the adjusted gross income and taxable income are correct. Explain and provide support for your position.

Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions:  Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)   c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year

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