INCOME TAXATION 5TH Edition (BY: VALENCIA & ROXAS)

Chapte !!: In"o#e Ta$ o% Indi&id'a()

CHA*TER !!
INCOME TAX O+ IN,IVI,-ALS
Problem 11 1 TRUE OR FALSE
1. False Qualifed dependent parents and siblings are not entitled for additional
exemption.
2. False must be more than 180 days.
3. False NRA NBT are not allowed for personal exemptions.
4. True
5. True
6. True
7. True
8. True
9. True
10.True
11.False No personal exemption is allowed to NRANEBT.
12.True
Problem 11 2 TRUE OR FALSE
1. False additional exemptions are allowed only for qualifed dependent children.
2. False not payment for hospitalization but payment of premium for health and
hospitalization insurance provided that the family income does not exceed P250,000 per
year.
3. True
4. False 15% of gross income
5. False creditable withholding income tax.
6. False qualifed dependent parent and siblings are not entitled for additional exemption.
7. False Tax credit of income taxes paid outside the Philippines is allowed only for
resident Filipino citizen.
8. False The creditable withholding tax is 15%.
9. False Gross income includes other income but not compensation income.
10.False Tax-exempt
11.True
12.True
Problem 11 3 Problem 11 4 Problem 11 5
1. D 1. D 1. Not in the choices. P25,000 per child (R.A. 9504)
2. D 2. B 2. Not in the choices. P50,000 basic (R.A. 9504)
3. A 3. C 3. B
4. A 4. A 4. C
5. A 5. B 5. B
6. B 6. D 5. B
7. D 7. B 6. A, B & C
8. C 8. B 7. D
9. C 9. B 8. D
10. B 10. A 9. D
10. C
Problem 11 6 A
Income from the Philippines (P10,000 x 12) P120,000
Less: Personal exemption single 50,000
Income subject to tax in the Philippines P 70,000
Note: It is assumed that Juan works as OFW for more than 183 days. Income earned by OFW
outside the Philippines is not subject to tax in the Philippines. The income from the sari-sari
store in the Philippines is earned from January to December of the taxable year.
Problem 11 7 C
Gross compensation income Philippines (P250,000 x 12) P3,000,000
Multiplied by special income tax rate 15%
Income tax payable P 450,000
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Problem 11 8 A
Basic personal exemption of couple:
Husband P50,000
Wife 50,000
Additional exemptions:
4 qualifed dependent children (P25,000 x 4) 100,000
Maximum amount of personal exemption P200,000
Problem 11 9 C
Only P50,000 basic personal exemption because the taxpayers category is single.
Problem 11 10 B
Basic personal exemption Married P50,000
Additional exemption 25,000
Total personal exemptions P75,000
Problem 11 11 C
Basic personal exemption P50,000
Additional exemption (a & b only) (P25,000 x 2) 50,000
Total personal and additional exemptions P100,000
Problem 11 12 A
Basic personal exemption married P 50,000
Nonresident alien engaged in business in the Philippines is allowed of basic personal exemption
subject to limit, but additional exemption is not allowed. Personal exemptions for foreigners are
subject to the rule of reciprocity with limit of whichever is lower.
Problem 11 13 A
P200 per month. For the month of December only.
Problem 11 14 D
No special deduction is allowed. The family income exceeding P250,000 is not allowed for a
special deduction for health insurance.
Problem 11 15 D
Zero. Maria has no income.
Problem 11 16 A
No net tax payable at the end of the taxable year because the senior citizens income does not
exceed P60,000 during the year. The tax withheld from interest income is fnal tax.
Problem 11 17
Subject to
1. Not in the choices = P790,000 & P160,000 Tabular tax Final tax
Compensation income P240,000
Business and other income:
Professional income (P300,000 + P200,000) 500,000
Interest income without 60,000
Dividend income without 40,000
Total net income before personal exemption P840,000
Less: Basic personal exemption single ( 50,000)
Net income to ITR tabular tax P790,000
Interest income within P100,000
Dividend income within 60,000
Income subject to fnal tax P160,000
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2. A
Compensation income P240,000
Business income:
Professional income 300,000
Total net income before personal exemption P540,000
Less: Basic personal exemption single 50,000
Net income to ITR tabular tax P490,000
Interest income within P100,000
Dividend income within 60,000
Income subject to fnal tax P160,000
Note: The problem is silent as to whether the taxpayer opted for OSD, hence, OSD should not be
deducted from the business gross income. In order to qualify for OSD, the taxpayer should
indicate in his return that he is opting OSD instead of itemized deductions. (Sec. 34 (L), NIRC)
Alternative Solution of Prob. 11-17:If X opted to use OSD
Subject to
1. A Tabular tax Final tax
Compensation income P240,000
Business and other income:
Professional income (P300,000 + P200,000) 500,000
Interest income without 60,000
Dividend income without 40,000
Total business and other income P600,000
Less: OSD (P600,000 x 40%) ( 240,000)
Net business income P360,000
Total net income before personal exemption P600,000
Less: Basic personal exemption single ( 50,000)
Net income to ITR tabular tax P550,000
Interest income within P100,000
Dividend income within 60,000
Income subject to fnal tax P160,000
2. Not in the choices = P370,000 & P160,000
Compensation income P240,000
Business income:
Professional income, net of OSD (P300,000 x 60%) 180,000
Total net income before personal exemption P420,000
Less: Basic personal exemption 50,000
Net income to ITR tabular tax P370,000
Interest income within P100,000
Dividend income within 60,000
Income subject to fnal tax P160,000
Problem 11 18 D
Husband Wife
Net taxable income P140,000 P250,000
Income tax P 22,500 P 50,000
Less: Withholding tax 20,000 45,000
Net tax payable P 2,500 P 5,000
Problem 11 19 D
Compensation as researcher P 600,000
Less: Personal exemption married 50,000
Net taxable compensation income P 550,000
Tax on P500,000 P125,000
Tax on excess (P50,000 x 32%) 16,000
Total income tax from compensation P141,000
Dividend income tax (P120,000 x 10%) 12,000
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Interest income tax (P500,000 x 7.5%) 37,500
Total income tax due P190,500
Problem 11 20 D
Capital gains tax on shares of stock (P80,000 x 5%) P 4,000
Capital gains tax on sale of land (P2,000,000 x 6%) 120,000
Total capital gains tax paid P124,000
Problem 11 21 B
1. B
Final tax on copyright royalty (P11,250/90%) x 10% P 1,250
Final tax on mineral claim royalty (P12,000/80%) x 20% 3,000
Final tax on share from trading partnership as dividend (P270,000/90%) x
10%
30,000
Total fnal tax P34,250
2. Not in the choices
None. All reported earnings are subject to fnal tax.
Problem 11 22 B
Percent of service 100%
Add: Output VAT 12%
Total 112%
Less: Withholding tax 20%
Percent of net proceeds 92%
Net proceeds P 92,000
Divided by percent of net proceeds 92%
Service fee P100,000
Withholding tax (P100,000 x 20%) P 20,000
VAT (P100,000 x 12%) P 12,000
Problem 11 23
1. A
Salaries of assistants
Traveling expenses
Light and water, Ofce
Stationeries and supplies
Ofce rent
Total expenses before contribution
Add: Contribution subject to limit (P500,000 P176,850) x 10%
Total allowable deductions
P 96,000
11,000
7,890
1,960
60,000
P176,850
32,315
P209,165
2. C
Professional fees
Less: Allowable deductions
Net income from business
Add: Income from compensation:
Allowance as director of Corporation A
Commissions
Net income before personal and additional exemptions
P25,000
5,000
P500,000
209,165
P290,835
30,000
P320,835
3. D
Net income before personal and additional exemptions
Less: Personal and additional exemptions:
Basic widower
Additional exemptions (P25,000 x 3 qualifed children)
Net taxable income
P 50,000
75,000
P320,835
125,000
P195,835
Tax on P140,000
Tax on excess (P55,835) x 30%
P 22,500
13,959
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Income tax due P 36,459
Problem 11 24
1. P164,200
Net worth, December 31, 2009
Less: Net worth, December 31, 2008
Unadjusted Net income for year 2009
Add back: Non-deductible expenses
Contributions (P20,000 + P50,000)
Total
Less: Non-taxable income
Income before contribution
Less: Contributions:
Deductible in full
With limit
Actual, P50,000
Limit, P268,000 x 10% = P26,800
Allowed
Net income before personal exemptions
Less: Personal exemptions (P50,000 +p100,000)
Net taxable income
P 20,000
26,800
P375,000
325,000
P 50,000
150,000
70,000
P270,000
2,000
P268,000
46,800
P221,200
150,000
P 71,200
2. P140,000
Corrected net taxable income
Less: Reported net income subject to tax
Unreported taxable income
P 71,200
24,200
P 47,000
Problem 11 25
1. Itemized deduction
Compensation income
Gross income from business
Less: Itemized deduction
Total income before personal exemptions
Less: Personal exemptions
Basic personal exemptions
Additional exemptions (P25,000 x 4)
Taxable income
P 400,000
150,000
P 50,000
100,000
P 20,000
250,000
P270,000
150,000
P120,000
Computation of income tax:
Tax on P70,000
Tax on excess (P50,000) x 20%
Income tax before withholding tax
Less: Withholding tax
Income tax due and payable
P 8,500
10,000
P 18,500
1,000
P 17,500
2. Optional standard deduction
Compensation income
Gross income from business
Less: Optional standard deduction (40%)
Total income before personal exemptions
Less: Personal exemptions
Basic personal exemptions
Additional exemptions (P8,000 x 4)
Taxable income
P 400,000
160,000
P 50,000
100,000
P 20,000
240,000
P260,000
150,000
P110,000
Computation of income tax:
Tax on P70,000
Tax on excess (P40,000 x 20%)
Income tax before withholding tax
Less: Withholding Tax
P 8,500
8,000
P 16,500
1,000
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Income tax due and payable P 15,500
Problem 11 26
2010 net income from business
Capital gains transactions
Short term capital gains (P40,000 x 100%)
Long term capital gains (P30,000 x 50%)
Short term capital loss (P10,000 x 100%)
Capital gains
Less: 2009 Capital loss carry over limit
Income before personal exemptions
Basic personal exemption- married
Additional exemption (P25,000 x 3)
Taxable income, 2010
P 40,000
15,000
(10,000)
P45,000
35,000
P 50,000
75,000
P 600,000
10,000
P 610,000
125,000
P 485,000
Note: The applicable capital loss carry-over should only be limited to P35,000, because it should
not exceed the net income from operation of such year (Sec. 39D, NIRC).
Problem 11 27
1. Compensation income (P240,000 + P30,000) P270,000
Less: Personal exemption (P50,000 + P25,000) 75,000
Net taxable compensation P195,000
Business income P100,000
Less: Business expenses 120,000
Net loss from business (P20,000) 0 -
Net taxable income P195,000
2. Tax on P140,000 P22,500
Tax on excess (P55,000 x 25%) 13,750
Income tax due P36,250
Less: Tax credit 30,000
Income tax still due and payable P 6,250
Problem 11 28
1. Salary (P30,000 x 12) P360,000
Add: Taxable 13
th
month pay (P35,000 P30,000) 5,000
Total P365,000
Less: SSS contribution P3,000
Medicare/Philhealth contribution 2,000 5,000
Taxable compensation income before personal exemption P360,000
Less: Personal exemption 50,000
Net taxable compensation income P310,000
Estimated income tax due:
Tax on P250,000 P50,000
Tax on excess (P60,000 x 30%) 18,000
Total income tax due per year P68,000
Divided by number of months in a year 12
Monthly withholding tax P 5,667
2. Quarterly business income tax
Business income per quarter
Less: Business expense per quarter
Net income per quarter
Tax on P70,000
Tax on excess (P10,000 x 20%)
Quarterly business income tax frst quarter to third quarter
P200,000
120,000
P 80,000
P 8,500
2,000
P 10,500
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Problem 11 29
1. Entertainment fee (P1,700,000/85%) P2,000,000
Business income
Philippines 500,000
Japan 1,000,000
Net income before personal exemption P3,500,000
Less: Personal exemption - basic P50,000
Additional (P25,000 x 4) 100,000 150,000
Net taxable income P3,350,000
Note: The OSD is not used because the problem is silent that the taxpayer opted to utilize it.
OSD is allowed only if the taxpayer indicated in his return that he is using it otherwise he is
using itemized deduction. If the taxpayer did not indicate that he is using OSD and at the same
time he has no itemized deduction, he cannot deduct expenses from his gross business income.
(Sec. 34 (L), NIRC)
2. Tax on P500,000 P 125,000
Tax on excess (P2,850,000 x 32%) 912,000
Income tax due P1,037,000
3. Tax credit
Creditable withholding tax on fees
(P2,000,000 x 15%) P300,000
Business income tax paid - Philippines 40,000
Japan (P1,037,000 x 1,000,000/3,500,000))
P296,286 vs. actual P300,000, lower 296,286 P 636,286
4. Income tax still due (P1,037,000 P636,286)) P 400,714
Alternative Solution of Problem 11-29: If Rosanna Roces opted to use OSD
1. Entertainment fee (P1,700,000/85%) P2,000,000
Business income
Philippines 500,000
Japan 1,000,000
Total gross income P3,500,000
Less: OSD (P3,500,000 x 40%) 1,400,000
Net income before personal exemption P2,100,000
Less: Personal exemption - basic P50,000
Additional (P25,000 x 4) 100,000 150,000
Net taxable income P1,950,000
2. Tax on P500,000 P 125,000
Tax on excess (P1,450,000 x 32%) 464,000
Income tax due P 589,000
3. Tax credit
Creditable withholding tax on fees
(P2,000,000 x 15%) P300,000
Business income tax paid - Philippines 40,000
Japan (P589,000 x 594,000*/2,100,000))
P166,603 vs. actual P300,000, lower 166,603 P 506,603
4. Income tax still due (P589,000 P506,603) P 82,397
Supporting computation of net taxable income before personal exemptions:
Within Outside Total
Gross receipts 2,500,000 1,000,000 3,500,000
Percent 71% 29% 100%
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Allocated OSD x percent 994,000 406,000 1,400,000
Net income before personal exemption 1,506,000 594,000 2,100,000
Problem 11 30
Mr. Bravo Mrs. Bravo
Gross professional income (P100,000/90%) P111,111
Rent income (P300,000/2) 150,000 P150,000
Gross compensation income 225,000 300,000
Total P486,111 P450,000
Less: Personal exemptions 150,000 50,000
Net taxable income P336,111 P400,000
Tax on P250,000 P 50,000 P 50,000
Tax on excess:
Mr. Bravo (P86,111 x 30%) 25,833
Mrs. Bravo (P150,000 x 30%) . 45,000
Income tax due P 75,833 P 95,000
Withholding tax on compensation ( 25,000) ( 50,000)
Withholding tax on professional income (P111,111 P100,000) ( 11,111) .
Income tax still due and payable P 39,722 P 45,000
Note: No OSD is allowed because the taxpayer did not opt to use it in lieu of itemized deduction.
(Sec. 34 (L), NIRC)
Alternative Solution of Prob. 11-30: If taxpayers opted to use OSD
Mr. Bravo Mrs. Bravo
Gross professional income (P100,000/90%) P111,111
Rent income (P300,000/2) 150,000 P150,000
Total gross income P261,111 P150,000
Less: OSD (40%) 104,444 60,000
Net income from business P156,667 P 90,000
Add: Gross compensation income 225,000 300,000
Total P381,667 P390,000
Less: Personal exemptions 150,000 50,000
Net taxable income P231,667 P340,000
Tax on P140,000/ P250,000 P 22,500 P 50,000
Tax on excess:
Mr. Bravo (P91,667 x 25%) 22,917
Mrs. Bravo (P90,000 x 30%) . 27,000
Income tax due P 45,417 P 77,000
Withholding tax on compensation ( 25,000) ( 50,000)
Withholding tax on professional income (P111,111 P100,000) ( 11,111) .
Income tax still due and payable P 9,306 P 27,000
Problem 11 31
1. P290,000
Compensation income P300,000
Taxable 13
th
month pay and bonuses (P40,000 P30,000) 10,000
Net business income (P400,000 P300,000) 100,000
Capital gains long-term (P60,000 x 50%) 30,000
Total P440,000
Less: Personal exemptions (P50,000 + P100,000) 150,000
Net taxable income P290,000
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2. (P8,000)
Tax on P250,000 P 50,000
Tax on excess (P40,000 x 30%) 12,000
Total income tax due P 62,000
Less: Income tax paid on:
Compensation P 50,000
Quarterly business income 20,000 70,000
Income tax refund (P 8,000)
Problem 11 32
Gross income from business (P1,000,000 P700,000) P 300,000
Operating expenses (P250,000 P60,000 P30,000) ( 160,000)
Deductible interest expense (P30,000) (P20,000 x 12/32) ( 22,500)
Deductible contribution (P300,000 P160,000 P22,500) x 10% ( 11,750)
Net business income P 105,750
Capital asset transactions:
Capital gains short-term (P300,000 x 100%) P 300,000
Capital losses long-term (P400,000 x 50%) 200,000 100,000
Lotto winning, USA 300,000
Gambling winnings P 200,000
Gambling losses (excess cannot be deducted from other income) 250,000
Gross compensation income (P180,000 + P20,000) 200,000
Taxable 13
th
month pay (P35,000 P30,000) 5,000
Net taxable income before exemption P 710,750
Less: Personal exemptions (P50,000 + P100,000) 150,000
Net taxable income P 560,750
Tax on P500,000 P 125,000
Tax on excess (P60,750 x 32%) 19,440
Total income tax due P 144,440
Less: Withholding tax on compensation 20,000
Income tax still due and payable P 124,440
Problem 11 33
1. 13
th
month pay P25,000
Other benefts:
Excess of clothing allowance (P4,500 P4,000) P 500
Excess of rice subsidy (P1,600 P1,500) x 12 1,200 1,700
Total (not exceeding P30,000) nontaxable P26,700
Allowable de minimis:
Clothing allowance P4,000
Rice subsidy (P1,500 x 12) 18,000 22,000
Total 13
th
month pay and other benefts P48,700
2. Basic salary (P25,000 x 12) P300,000
Less: Personal exemptions 150,000
Net taxable compensation income P150,000
Tax on P140,000 P22,500
Tax on excess (P10,000 x 25%) 2,500
Total income tax due P25,000
Withholding tax from January to November 2009
(P25,000/12) x 11 P22,917
3. Net taxable compensation income P150,000
Add: Net business income:
Professional fees (P224,000/1.12) P 200,000
Gross income from sales (P5,000,000 P3,200,000) 1,800,000
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Less: Itemized deductions: P2,000,000
Operating expenses, net of interest expense
(P900,000 P50,000) P850,000
Interest expense (P50,000 (P75,000 x 38%) 21,500 871,500
Net income before contribution P1,128,500
Less: Contribution, actual = P100,000, lower
Contribution, limit (P1,128,500 x 10%)= P112,850 100,000 1,028,500
Net taxable income P1,178,500
Tax on P500,000 P125,000
Tax on excess (P678,500 x 32%) 217,120
Total income tax due P342,120
Less: Tax credits:
WTW from Jan to Nov., 2009 P22,917
WT on Professional income (P224,000 P200,000) 24,000 46,917
Income tax still due and payable on December 31, 2009 P295,203
Problem 11 34
Note: OSD is not applicable unless the taxpayer signifed in his ITR that he opted to use OSD in
lieu of itemized deductions. (Sec. 34 (L), NIRC)
Ta$pa.e i) a e)ident "iti/en
a.Normal (tabular) tax:
Salaries: Philippines U. S. A. Total
Within (P180,000/90%) P200,000
Without ($2,250/90%) x P50 P125,000 P325,000
Commissions:
Within (P57,000/ 95%) 60,000
Without ($950/ 95%) x P50 50,000 110,000
Interest income-without 75,000 75,000
($1,200/80%) x P50
Dividend-without ($1,800/90%) x P50 . 100,000 100,000
Totals P260,000 P350,000 P610,000
Less: Personal exemption basic 50,000
Taxable income P560,000
Tax on P500,000
Tax on excess (P60,000) x 32%
Total
Less: Tax credits:
Compensation (P200,000 x 10%)
Commission (P60,000 x 5%)
Allowable tax credit - foreign*
Income tax due and payable, after tax credits
P20,000
3,000
40,000
P125,000
19,200
P144,200
63,000
P 81,200
*Allowable tax credit paid outside the Philippines is lower than tax limit or actual tax
paid. The tax credit is computed as follows:
Limit (P350,000/P610,000) x P144,200
Actual foreign taxes paid:
Interest (P75,000 x 20%)
Compensation (P125,000 x 10%)
Dividend (P100,000 x 10%)
Commissions (P50,000 x 5%)
Total
Allowable foreign tax credit - lower
P82,738
P15,000
12,500
10,000
2,500
P40,000
P40,000
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Note: The actual tax paid outside the Philippines is lower than the computed tax limit;
hence, the actual tax paid without is the allowable tax credit.
b.Passive income tax:
Interest income within (P50,000/ 80%) x 20%
Dividend income within (P9,000/ 90%) x 10%
Total passive income tax for the year
P12,500
1,000
P13,500
Note: Philippine Lotto winnings are tax-exempt.
Ta$pa.e i) a none)ident "iti/en
a.Normal (tabular) tax:
Salaries - within (P180,000/90%)
Commissions- within (P57,000/ 95%)
Net income
Less: Personal exemption - basic
Taxable income
P200,000
60,000
P260,000
50,000
P210,000
Tax on P140,000
Tax on excess (P70,000) x 25%
Total tax due
Less: Withholding taxes within (P20,000 + P3,000)
Income tax due and payable
P22,500
17,500
P40,000
23,000
P17,000
b.Passive income tax:
Interest income within (P50,000/80%) x 20%
Dividend income within (P9,000/90%) x 10%
Total passive income tax for the year
P12,500
1,000
P13,500
Note: Nonresident citizens are taxable only on income derived within the Philippines.
Ta$pa.e i) a e)ident a(ien0 Solution is the same as nonresident citizen.
Ta$pa.e i) a none)ident a(ien en1a1ed in tade o 2')ine)) in the *hi(ippine)0
The taxpayer cannot be regarded as doing business in the Philippines because he has
no business income in the Philippines.
If the taxpayer has stayed more than 180 days in the Philippines, he is regarded as
doing business. The computation of his net income tax payable in the Philippines will
be the same as in number 2 under the assumption that his country is granting the
same privilege of reciprocity to nonresident Filipino doing business in that foreign
country.
Ta$pa.e i) a none)ident a(ien not en1a1ed in tade o 2')ine)) in the *hi(ippine)0
Nonresident aliens are subject to tax of 25% based on their gross income derived within
the Philippines. In our illustration, let us assume that the source of income has been
deducted with 25% tax on the income given to the taxpayer - that is, the amount shown
in the problem is net of 25% fnal tax.
The income tax of Mr. Ramsay Colorado would be:
Salaries- within (P180,000/75%) P240,000
Commissions- within (P57,000/ 75%) 76,000
Interest income within (P50,000/ 75%) 66,667
Dividend income within (P9,000/ 75%) 12,000
Gross income within P394,667
Multiplied by tax rate 25%
Income tax for the taxable year within P 98,667
Note: In computing the income tax, a fractional part of a peso less than P0.50 shall be
disregarded. If the fractional part is P0.50 or more, its shall be rounded up to P1.00 (R.A. 590).
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