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How much is the final withholding tax on certain income

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Question - A resident citizen, 50 yrs old, married with 3 qualified dependent children asks you to assist him in computing his taxable net income for the year 2019:

Gross professional income, net of 15% withholding tax P850,000

Cost of services 350,000

Professional Expenses 300,000

Retirement benefits received from his previous employer that maintained a reasonable private pension plan (he served the company for 12 years 250,000

Lump sum benefits received from SSS 200,000

Prize in sports tournament sponsored by a group of businessmen promoting health products 50,000

Gain realized from sale of bonds (maturity period is 4 years) 10,000

Yield from short term bonds 20,000

Interest on long-term deposits with maturity period of 5 years 30,000

Philippine Lotto winnings 500,000

Share in the net income of a business partnership 100,000

Required -

1) How much is the total amount of excluded/exempted income?

2) How much is the final withholding tax on certain income?

3) How much is the taxable net income?

Reference no: EM132557223

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