During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong . • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000 . • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000 . • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax? If Mina is a resident alien, how much is her total income liable to income tax?

During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong . • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000 . • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000 . • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax? If Mina is a resident alien, how much is her total income liable to income tax?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 47P

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During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident alien, how much is her total income liable to income tax? A. 720,000 B. 930,000 C. 1,010,000 D. 1,650,000
During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax? A. 720,000 B. 800,000 C. 1,650,000 D. 1,730,000 If Mina is a resident alien, how much is her total income liable to income tax? A. 720,000 B. 930,000 C. 1,010,000 D. 1,650,000
During the year, Sabrina earned the following. Rent received during trip in Macau for properties in Bulacan, P370,000. Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. Business income of a service business in Ireland, P600,000. Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. Compensation income from a domestic employer, P420,000. Consultancy fees for professional services rendered to an Filipino company, P100,000. Increase in the fair value of domestic stocks, P80,000. Question: 1. If Sabrina is a resident citizen, how much is her total income liable to income tax? 2. If Sabrina is a resident alien, how much is her total income liable to income tax?
How much is the income from sources within?Gross Income from the practice of profession as CPA in the Philippines, P220,000;Rent on a building located in Makati, net of 5% withholding tax, P95,000;Rent on a commercial building located in USA, P70,000;Interest income, debtor resides in Hongkong, P10,000;Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;Royalties received from Ford Motors for use of patents in the USA, P30,000;Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
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 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
RM, a resident of Batangas Province had the following data for the taxable year: (Exchange rate is $1=PHP50) Philippines Abroad Salaries P 165,000 $ 2,000 Business Income P 450,000 $ 6,000 Business Expense P 120,000 $ 1,500 Interest Income: Personal Receivable P 10,000 FCDU $ 2,500 On bank deposits (20%long term) P 25,000 $ 3,000 Royalty Income (20% from books) P 22,000 $ 1,000 Prize won in contest P 10,000 Winnings from Phil. Charity Sweepstakes P 80,000 Sale of shares of stocks of a domestic corporation directly to a buyer (cost PHP 10,000) P 30,000 RM received the following dividend income during the taxable year: P70,000 from the domestic corporation, 30% of its income is attributed to its operations abroad. P60,000 from the resident foreign corporation. The ratio of its gross income in…
Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000 Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000 A. Determine the total business tax due and payable for the first semester B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%
Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income and expenses Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10.000
Following Incomes are related with Mr. Devansh which is earned in the previous year 2020-21. (1) Salary received from Govt. of India (He lived in America for three months due to his service and received salary for such period there) `26,00,000 (2) Interest from foreign company received in America and deposited in a bank there `20,000 P.T.O. [4] F- 3053 (3) Income from House property in India received in America. `10,000 (4) Interest on debentures from an Indian company received in America and spent there. `15,000 (5) Income was earned in America and received there but brought in India. `18,000 (6) Income from business in Mumbai controlled from America. `22,000 (7) Income from business in America (controlled from Delhi Head Office). `10,000 (8) His brother sent gift to him from New York. `10,000 Calculate his gross total income if he is a: (A) Ordinary residence (B) Not-Ordinary residence, and (C) Non-residence
Manolo Pedrosa, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. a. P34,000 b. P36,000 c. P32,000 d. P108,000