34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.

34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Sarah has the following items of Income: Philippines Abroad Business Income P200,000 P100,000 Professional Fees 100,000 50,000 Compensation Income 400,000 --- Rent Income 300,000 200,000 Interest Income 30,000 40,000 If Sarah is a resident citizen, how much is the total Income subject to Philippine Tax? 2. For data given on no.1, if Sarah is a resident alien, how much is the total Income subject to Philippine Tax? 3. For data given on no. 1, if Sarah is a resident corporation, how much is the total Income subject to Philippine Tax? 4. For data given on no. 1, if Sarah is a domestic corporation, how much is the total Income subject to Philippine Tax?
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Compute the income tax due for 2021 if Yolanda is a resident foreign corporation: P5,750,000 P2,750,000 P8,500,000 P6,800,000
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