Mr. A, a legally separated citizen, a resident of Makati City, has the following income and expenses in the year

Mr. A, a legally separated citizen, a resident of Makati City, has the following income and expenses in the year

Question:

Mr. A, a legally separated citizen, a resident of Makati City, has the following income and expenses in the year 2018 Within the Without the Philippines Philippines 1 . Business Income P500,000 P900,000 2 . Business Expenses 400,000 600,000 Income Tax Payments ? 70,000 4. Withheld at Source 24,000 5. Excess Tax Credit in prior year 8,500 What is the total income tax credit allowed 
7. Mr. Monte was injured in a vehicular accident in 2018 incurred and paid medical expenses of P20,000 and legal fees of P10,000 during the year. In 2018, he received P70,000 as settlement from the insurance company which insured the car owned by the party involved in the accident. From the above payments and transactions, What is the amount of taxable income to Mr. Monte in 2018 ?
8. In year 2018, a taxpayer barrowed money from Makati Bank, that charged him an interest expense of P8,000. He deposited the money with Manila Bank and earned an interest income of P 10,000. What is the deductible interest expense in 2018 ?
9. A domestic proprietary school had the following data in the year 2018 1. Tuition and matriculation fees P 5,000,000 2. Dividend income from resident Corp 350,000 Rental income, net of 5% WTAS 5,700,000 Business expenses 6,000,000The percent of the income from unrelated business activity is? 
10. YXZ Corporation, has the following data in year 2018: 1. Net income in Hongkong, P300,000 2. Net income in Australia, P500,000 P200,000 w Not income in Philippines, 4. Income tax paid to Australia, P100,000 Income tax paid to Hongkong, P 98,000 The allowed tax credits for the income tax abroad, If a domestic corporation is?

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6 Mr A s Income Tax Credit Income within the Philippines Taxable Income Business Income Business Exp
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