Mr. A received the following from his employer during the current taxable year: Monthly basic salary, P45,000 Monthly representation and travelling allowance not subject to liquidation, P10,0005% commission on net sales. Sales during the year were P6,300,000; sales return, P250,000 13th month pay, Christmas bonus and productivity pay amounting to 120% of his basic salary The gross taxable compensation income of Mr. A for the current taxable year is:Select one:a.P1,016,500b.P986,500c.P962,500d.P841,500

A taxpayer received a basic salaray of P1,152,000 per year. At the end of taxable year, he also received 13th month pay which is equivalent to his one month basic salary. Is the 13th month pay of the taxpayer taxable?Answer I No, because 13th month pay is tax exempt and does not form part of the compensation income.Answer II Yes, because the 13th month pay he received already esceeded the P82,000 threshold.Select one:a.Both answers are correctb.No, because 13th month pay is tax exempt and does not form part of the compensation income is correct: Yes, because the 13th month pay he received already esceeded the P82,000 threshold is wrongc.Both answers are wrongd.No, because 13th month pay is tax exempt and does not form part of the compensation income is wrong:Yes, because the 13th month pay he received already esceeded the P82,000 threshold is correct

An individual taxpayer had the following transactions during the current year:Workers’ compensation payments$30,000Damages received for slander40,000Loss on the sale of a personal residence75,000W-2 wages80,000What is the taxpayer’s adjusted gross income?

Mr. Abdulala paid income tax according to the following table.Annual Income Tax percentageFirst 500 000 tax freeNext 500 000 4%Next 500 000 8%The annual income of Mr. Abdull from his business is Rs. 670 000 and his monthly salary is Rs. 40 000(i) Calculate Mr. Abdulla's annual salary.7Selecting a bag Selecting a bulbsBag B...........................Bag A...........................Grade 11 - Maths - NWPS1200 2 3 6B BCA >>Time - hoursdistance - km(ii) How much income tax does he have to pay according to his total income?

P’s employer provided her with the following gifts and awards: Wedding gift (cutlery) − $400; Holiday season gift (art) − $300; Excellence award (gift certificate) − $250; First long service award for 10 years of service (golf clubs) − $1,200. What amount is included in P’s employment income for tax purposes?

Mr. A has the following revenue transactions during April of the current year: Rendered services: Cash, P5, 000 & on credit, P3, 500; received P5000 advance payment for services to be rendered in May. The amount of income to be recognized in April isSelect one:a.P10,000b.P13,500c.P5,000d.P8,500