2-3. A, resident alien, has the following income within and without the Philippines for 2018: Within Abroad 150,000 60,000 40,000 300,000 40,000 Salary and allowances Dividend income Royalty income-others Business income-net of Interest expenses deposits income-bank the Phil 300,000 90,000 50,000 200,000 30,000 What is the total final income tax due of A? What is the basic income tax due of A?

2-3. A, resident alien, has the following income within and without the Philippines for 2018: Within Abroad 150,000 60,000 40,000 300,000 40,000 Salary and allowances Dividend income Royalty income-others Business income-net of Interest expenses deposits income-bank the Phil 300,000 90,000 50,000 200,000 30,000 What is the total final income tax due of A? What is the basic income tax due of A?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 7DQ

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1.A, non-resident alien not engaged in business in the Philippines, has the following income within and without the Philippines for 2018: Within the Phil Abroad Salary and allowances 100,000 150,000 Dividend income 90,000 60,000 Royalty income 50,000 40,000 What is the income tax due / payable of A?
X, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently after many years of living abroad. He had the following data in 2022:Gross income, foreign sources, January 1 to July 31, P500,000Gross income, Philippine sources, August 1 to December 31, P300,000Gross income, foreign sources, August 1 to December 31, P200,000How much of his gross income is subject to Philippine Income Tax?
A non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000Interest income on his bank deposit under the EFCDS ($1 = P50), $500How much is the income tax due?
An alien received P400,000.00 rental income from his property abroad and P200,000.00 compensation income in the Philippines. How much will be subject to Philippine income tax?
Y received the following items of income during the taxable year: If Y is a resident alien, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). a. P1,800,000 b. P1,740,000 c. P1,700,000 d. P1,200,000
If the decedent was a nonresident alien and his country exempts a Filipinocitizen from estate tax, how much of his assets would be subject to reciprocity? P1,000,000P800,000P600,000P350,000
Cong, single, had the following data for 2021 taxable year: Gross business income, Philippines, P1,000,000.00 Gross business income, USA, P500,000.00 Business expenses, Philippines, P700,000.00 Business expenses, USA, P430,000.00 Compensation income, Philippines, P600,000.00 Dividend income from a domestic corporation, P50,000.00 Dividend income from a foreign corporation, P40,000.00 Interest income from peso bank deposit – Philippines, P20,000.00 Interest income from bank deposits abroad, P30,000.00 Interest income from FCDS deposits, P40,000.00 Royalty income from composition, P25,000.00 Raffle draw winnings, P10,000.00 PCSO winnings, P200,000.00 Creditable withholding taxes on business income, P125,000.00 Required: 1. Net Taxable Income 2. Total final taxes on passive income 3. Income Tax Payable *Kindly provide calculations and explanation. Thanks!
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an International Carrier.
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 bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
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 bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax. Net income from the Philippines P520,000 Net income from Indonesia 400,000 Capital gain on sale of land in the Philippines on a Selling price of P4,000,000 4,000,000
Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? P50,000 P40,000 P87,500 P70,000