2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces, net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident foreign corporation 20,000 Interest income: On notes receivable 5,000 On Philippine bank deposit, net of FWT 4,800 On Phil bank deposit under FCDU 4,000 On bank deposit abroad 5,000 On long-term bank deposit 20,000 Royalty income: From literary works 10,000 Other than literary works 12,000 Capital gains: On sale of shares of stock of ABC Corp, a closely held corporation directly to a buyer at P 550,000 200,000 On sale of vacation house in Bulacan 500,000 (Acquisition Cost = 5,500,000; ZV = P 4,000,000, FMV per tax dec: 5,000,000) Business expenses 691,000 How much is the total passive income subject to final tax (excluding those subjects to capital gains tax)?
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)
Over |
But not over |
The tax shall be |
Plus |
Of excess over |
|
250,000 |
0 |
0 |
- |
P 250,000 |
400,000 |
0 |
20% |
P 250,000 |
400,000 |
800,000 |
30,000 |
25% |
400,000 |
800,000 |
2,000,000 |
130,000 |
30% |
800,000 |
2,000,000 |
8,000,000 |
490,000 |
32% |
2,000,000 |
8,000,000 |
|
2,410,000 |
35% |
8,000,000 |
Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021:
Gross income from rent of commercial spaces,
net of P 60,000 withholding tax P 1,140,000
Dividend income
From domestic corporation 50,000
From resident foreign corporation 60,000
From non-resident foreign corporation 20,000
Interest income:
On notes receivable 5,000
On Philippine bank deposit, net of FWT 4,800
On Phil bank deposit under FCDU 4,000
On bank deposit abroad 5,000
On long-term bank deposit 20,000
Royalty income:
From literary works 10,000
Other than literary works 12,000
On sale of shares of stock of ABC Corp,
a closely held corporation directly to a buyer at P 550,000 200,000
On sale of vacation house in Bulacan 500,000
(Acquisition Cost = 5,500,000; ZV = P 4,000,000, FMV per tax dec: 5,000,000)
Business expenses 691,000
How much is the total passive income subject to final tax (excluding those subjects to
Step by step
Solved in 2 steps