R. Jagna Earned A Gross Compensation Income Of P200,000, Exclusive Of P20,000 Non-ta…
R. jagna earned a gross compensation income of p200,000, exclusive of p20,000 non-taxable compensation income, and gross business income of p500,000 before expenses of p200,000. he also earned books royalties of p10,000 and p8,000 interest income from client’s promissory notes. mr. jagna has a personal expense of p170,000 during the year. what is mr. jagna’s taxable com
Answer: Taxable Compensation is P 508,000.
Explanation:
Gross compensation: 200,000
Add: Gross business income: 500,000
Less: Business expenses: (200,000)
Add: Interest income from Promissory Notes: 8,000
Total: 508,000
Notes:
(1) Non-Taxable Compensation is excluded when computing taxable compen.
(2) Royalties from books subject to final tax, thus, excluded.
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