How much was the taxable income assuming the taxpayer was a: a. non-resident citizen engaged in business, single b. non-resident citizen not engaged in business, married with four (4) qualified dependent children i. Progressive Tax Rates ii. Income tax due using 8% Gross Receipts Tax Rate.
How much was the taxable income assuming the taxpayer was a: a. non-resident citizen engaged in business, single b. non-resident citizen not engaged in business, married with four (4) qualified dependent children i. Progressive Tax Rates ii. Income tax due using 8% Gross Receipts Tax Rate.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 14P
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Transcribed Image Text:5. An individual taxpayer asked you to assist him in the preparation of his tax return for his
income in 2019.
He provided you the following information:
Gross sales, Philippines
Cost of sales, Philippines
Gross sales, Japan
Cost of sales, Japan
Business expenses, Philippines
Business expenses, Japan
P1,500,000
500,000
7,000,000
2,000,000
200,000
800,000
How much was the taxable income assuming the taxpayer was a:
a. non-resident citizen engaged in business, single
b. non-resident citizen not engaged in business, married with four (4) qualified dependent
children
i. Progressive Tax Rates
ii. Income tax due using 8% Gross Receipts Tax Rate.
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