Deficiency Exam in FABM2

How much is the taxable 13th month pay and other benefits?

(a)  

How much is the tax due assuming the taxable year is 2022?

(a)  

How much is the annual taxable income?

(a)  

How much is the income tax due of Andrei assuming the taxable year is 2019?

(a)  

Sam, a horse-owner, received gross winnings of P120,000 during the current month. Her tax on winnings should be:

(a)  

On January 5, 2020, Pinoy Food Corporation, VAT-registered, sold on account goods for P112,000 inclusive of VAT. The term was 2/10, n/30. Payment was made on January 10, 2020. The total amount due is:

(a)  

Mary Grace is a part-time instructor, also operates a sari-sari store while teaching in a public school in Angeles City. In 2019, the gross sales of her sari-sari store amounted to

₱1,100,000 while her income from teaching amounted to ₱400,000. Her total cost of sales and operating expenses amounted to ₱150,000 and ₱35,000, respectively. Her non-operating income (not subject to FTs) amounted to ₱300,000. She signified in her 1st Quarterly ITR her intention to be taxed at the 8% income tax rate. Compute her income tax due for 2019.

(a)  

ABC Restaurant recorded the following sales during the month (based on menu prices): To regular customers 560,000, to senior citizen 224,000, to person with disability 112,000. How much is the sales subject to VAT?

(a)  

Jerry went out on a date with Claire, with her father, Tito John (senior citizen), in Benny's Resto and Grill for Claire's birthday. They ordered food which they all shared, and the total bill amounted to ₱6,000, VAT exclusive. How much will Mike’s Bistro bill JL?

(a)  

In 2018, Nelia Gomez, a minimum wage earner, received from her employer an annual minimum wage salary of ₱99,702. Aside from this, she also received ₱8,000 for holiday pay, overtime pay, and night shift differential pay. Furthermore, she received ₱98,303 as her accumulated 13th month pay, commissions, honorariums, and other benefits. On what amount shall she be taxable on?

(a)