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- Question 8 of 15. A taxpayer is no longer eligible to claim the EIC if they have more than $3,250 $5,000 $10,000 $10,300 Mark for follow up of investment income in 2022. 4Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.What is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000
- Question 12 Ching Chong, Chinese, died in 2019. If Ching Chong was a resident of old China town in Manila (Binondo), how much is the deductible standard deduction? Group of answer choices P 500,000 P 1,000,000 Zero or NIL P 5,000,000LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated to a patent and 375,000 is allocated to goodwill. Calculate Priscillas 2019 197 amortization deduction.How much claim against the insolvent person is deductible from the gross estate?Amount of claim against the debtor, P500,000Total assets of the debtor, P5,000,000Total liabilities of the debtor, P8,000,000
- 49. 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.If Your Taxable Income Is Up to $19,050 $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 $500,000 Over $500,000 Standard deduction for individual: $12,000 You Pay This Amount on the Base of the Bracket $ $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married…IpQLSemRocZTySC10mxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 20,000 Unpaid salaries 50.000 Amortization of interest expense 10,000 Under cash basis, how much is the total deductible expense? O P20,000 O P30,000 O P80,000 P90,000 2points 16.2021 Mr. Pacifico obtained a 4-year business loan from a
- Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax? A. P690,000 B. P540,000 C. P530,000 D. P500,000If the decedent was a nonresident alien and his country exempts a Filipino citizen from estate tax, how much of his assets would be subject to reciprocity? P1,000,000 P800,000 P600,000 P350,000Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00
