Joshua was sideswiped by Vernon in a vehicular accident on June 1, 2022. Consequently, he incurred and paid medical expenses of PHP 400,000 and legal fees of PHP 200,000 during the year. During the following month, he accepted the settlement offered by Vernon amounting to PHP 800,000. How much is the amount of income taxable to Joshua in 2022
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Joshua was sideswiped by Vernon in a vehicular accident on June 1, 2022. Consequently, he incurred and paid medical expenses of PHP 400,000 and legal fees of PHP 200,000 during the year. During the following month, he accepted the settlement offered by Vernon amounting to PHP 800,000.
How much is the amount of income taxable to Joshua in 2022
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800,000
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200,000
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- An individual suffered injuries in a vehicular accident in 2020. Consequently, he incurred and paid medical expenses of P300,000 and legal fees of P100,000 during the year. Later during the year, he accepted P500,000 settlement offered by the owner of the vehicle. Required: Determine the amount of taxable income of the individual who suffered the injury.ter paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 how much is the estate tax due on the estate of Nicanor?…Jamie had a deductible casualty loss of $5,000 on the 2022 tax return. In 2023, Jamie is reimbursed for $ 3,000 of the 2022 loss. Jamie has a salary of $30,000 and experienced the loss from theft of securities of $ 1,000 and another casualty loss of $6,000 in 2023. How much does Jamie include in 2023 income related to the 2022 casualty loss? a. $3,000 b. $6,000 c. $1,000 d. $5,000 e. $30,000
- After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father’s death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor’s estate are reflected below: Real properties and personal properties personally owned by Nicanor – Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 House – Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father’s property – Php 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the…After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father’s death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor’s estate are reflected below: Real properties and personal properties personally owned by Nicanor – Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 House – Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father’s property – Php 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the total…John is an employee of X Corporation who died. The corporation gave Jane, Jonn's widow one year amount of John's salary for a total of 1,000,000 php. This included upaid bonuses and allowances of John worth 100,000 php. How much is taxable as income to Jane?