Mang Carlo is a balut vendor. For the taxable year, he earned 180,000 from selling balut. Mang Carlo also operates a water refilling station. His income from this activity for the taxable year is 200,000. He also lends money to his neighbors and friends in which activity he earned 50,000 interest income for the taxable year. a. How much income is non-taxable? b. How much is the total income subject to regular income tax? c. How much income is subject to final tax
Mang Carlo is a balut vendor. For the taxable year, he earned 180,000 from selling balut. Mang Carlo also operates a water refilling station. His income from this activity for the taxable year is 200,000. He also lends money to his neighbors and friends in which activity he earned 50,000 interest income for the taxable year. a. How much income is non-taxable? b. How much is the total income subject to regular income tax? c. How much income is subject to final tax
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 30P
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Mang Carlo is a balut vendor. For the taxable year, he earned 180,000 from selling balut. Mang Carlo also operates a water refilling station. His income from this activity for the taxable year is 200,000. He also lends money to his neighbors and friends in which activity he earned 50,000 interest income for the taxable year.
a. How much income is non-taxable?
b. How much is the total income subject to regular income tax?
c. How much income is subject to final tax?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT