During the taxable year, Mr. Juan Dela Cruz separated legally from his wife, Andrea. The legally separated spouses have four qualified dependent children. Both spouses were earning with the following gross taxable income: Mr. Juan Dela Cruz, P380,000; Ms. Andrea, P250,000. For custody, the court granted Mr. Dela Cruz the two children and Ms. Andrea the remaining two children. Meanwhile, Mr. Juan Dela Cruz is supporting his niece who is 21 years old, unmarried, and not gainfully employed. Both spouses have monthly premium payment of P150 for health and insurance.The additional personal exemption of Mr. Juan Dela Cruz is:Select one:a.P50,000b.P25,000c.Zerod.P75,000

During the taxable year, Mr. Romeo Dy separated legally from his wife, JaneLee. The legally separated spouses have five qualified dependent children. Both spouses were earning with the following gross taxable income: Mr. Dy, P380,000: Ms. Lee, P290,000. For custody, the court granted Mr. Dy awarded two children and Ms. Lee the remaining children. Meanwhile, Mr. Dy is supporting his niece who is 21 years old, unmarried and incapable of self- support. Both spouses have monthly premium payment for health insurance of P150 each and P1,000 each for yearly life insurance. The taxable income of Ms. Lee is:Select one:a.P240,000b.P188,200c.P165,000d.P190,000

Juana, widow, earning an annual gross compensation income of P300,000 has the following dependent children in 2017Aubrey - baby, born on January 31Barbara - celebrated her 21st birthday last June 12Cristeta - married on January 1Diana -gainfully employed effective July 1Eliza - died of dengue fever on September 30Assuming Juana has two employers, her taxable income in 2017 is:Select one:a.P63,000b.P32,000c.P100,000d.P150,000

Mr. Juan Dela Cruz recently received P200,000 as a separation pay from his employer, ABC Corporation, since the company was undergoing reorganization due to merger with XYZ Corporation. Is the amount received by Mr. Dela Cruz taxable? Answer I No, because the separation was involuntary on his part. Answer II Yes, because by nature, separation pay is generally taxable.Select one:a.Both of the given choices are correct.b.No, because the separation was involuntary on his part is correct: Yes, because by nature, separation pay is generally taxable is wrongc.No, because the separation was involuntary on his part is wrong: Yes, because by nature, separation pay is generally taxable is correctd.No correct answer

Mirabella's husband died in April 2016, leaving seven (7) unmarried children living with and wholly dependent on her for chief support. The ages of the children are as follows:Children Ages StatusAaa 24 joblessBaa 22 mentally retartedCaa 19 studying in ManilaDaa 10 studying in their hometownEaa 8 studying in their hometownFaa 6 studying in their hometownGaa 3 taken by the grandparents for full supportDuring the year, her income was P150,000. She also paid a total premium of P3,000 to an insurance company for his health insurance. How much is his taxable income?Select one:a.P122,000b.P97,600c.P122,600d.P97,000Clear my choice

Ms. Juana Dela Cruz, Vice President for Corporate Management, regularly receives representation and travelling allowance of P25,000 a month in addition to her basic salary. Is the P25,000 taxable?I. No, because the representation and travelling allowance is not a compensation.II. Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable.Select one:a.Both answers are wrongb.No, because the representation and travelling allowance is not a compensation is correct: Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable is wrongc.Yes, unless the representation and travelling allowance is subject to liquidation or reimbursable is correct: No, because the representation and travelling allowance is not a compensation is wrongd.Both answers are correct