Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property abroad 350,000.00 Interest received from long-term deposit 30,000.00 Interest received from short-term deposit 15,000.00 Rent Income on property in Isabela 200,000.00
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Rex, a Filipino residing in Laguna, has the following income for 2021:
Compute the final tax
Step by step
Solved in 2 steps
- Compensation income, Philippines, P800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the taxable income?Compensation income, Philippines, P 800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Compute for the Total final tax on passive income assuming the taxpayer is a: Resident Citizen (RC) Non-resident Citizen (NRC) Resident Alien (RA) Non-Resident Alien engaged in trade or business (NRA-ETB)Compensation income, Philippines, P 800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the income tax payable?
- 5. A, non-resident alien engaged in business in the Philippines, has the following income within and without the Philippines for 2018: Within Abroad the Phil Interest income from depository bank under expanded foreign currency deposit system in Philippines 70,000 90,000 50,000 60,000 40,000 300,000 40,000 20,000 Dividend income Royalty income-others Business income-net of expenses Interest income-bank deposíts Prizes / winnings 250,000 30,000 9,000 What is the total final income tax due of A? Based on number 5, what is the basic income tax due of A?problem 2 Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bank deposit under FCDS 120,000Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is the total income tax of Ana assuming she opted to be taxed at 8%?ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties P25,000,000 3,000,000 50,000 900,000 25,000 2,000,000 Total P17,450,000 P30,025,000 Compute the gross income of ZAX subject to regular income tax in the Philippines.
- If Canadian purchases of foreign real estate are $100 million, Canadian purchases of foreign-country bonds are $50 million, foreign purchases of Canadian real estate are $75 million and foreign purchases of Canadian bonds are $35 million, then the capital account balance is equal to million. O a. - $40 Ob. + $90 Ос. -$10 O d. - $90 O e. + $40ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
- 21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000If a branch of a foreign corporation (resident foreign corporation) derives net income of P20,000,000.00 to be remitted to the foreign head office, how much is the branch profits remittance tax? Group of answer choices P1,500,000.00 P2,000,000.00 P3,000,000.00 P2,250,000.00Assume us government's issues 170,000,000 treasury bill for settlement of citizen's claims. So which of financial asset characters the above statement is?a, currency b,money ness c, term to maturity d, convertibility