Income tax payments to a foreign country in the case of a resident citizen taxpayer may be claimed as O either a or b, at the option of the taxpayer. O allowed deduction. O neither a nor b. O tax credit.
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- A taxpayer with which of the following incomes is eligible to claim the Foreign Tax Credit? 1. Foreign taxable income. 2. Refundable foreign taxable income. 3. U.S. income tax on U.S.-source income. 4. U.S. income tax on foreign-source income imposed on another taxpayer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Which of the following may be exempt from Canadian withholding tax when paid to a non-resident? a. dividends b. interest paid to an arm's-length party c. Pension benefits d. Registered retirement income fund paymentsA _____________________________ is a means of ensuring that the expatriate’s after-tax income in the host country is similar to what the person’s after-tax income would be in the home country A) International tax management system B) HRM system C) Nucor sytem D) Tax deduction system E) Tax equalization system
- The following individuals are required to file an income tax return, except: a. Non-resident aliens not engaged in trade or business b. Resident Citizen c. Non-resident alien engaged in trade or business d. Non-resident citizenWhich of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and ivDiscuss the tax implications of the following terms: (a) Basic Rate Taxpayer, Higher Rate Taxpayer & Additional Rate Taxpayer LE (b) Balancing charge & Balancing allowance LE (c) Automatic overseas tests [ (d) Automatic UK tests (e) Sufficient UK ties tests
- 1. Determine the amount of final tax if the person is classified as non-resident citizen 2. Determine the amount of final tax if the person is classified as resident alienCompute the tax due if the corporation is a resident foreign corporation not availing OSD.1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.
- Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayer1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen 4. Determine the amount of final tax if the person is classified as non-resident citizen 5. Determine the amount of final tax if the person is classified as non-resident alien engaged in trade and businessHow to compute estate tax payable for a non-resident alien in the philippines?
