Jannah received royalty fee from Viva Records Corporation, a domestic corporation, for her musical composition under the album “Bakit Singko” Jannah is an American composer and has never set foot in the Philippines. The royalty fee shall be subject to a final withholding tax of
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Jannah received royalty fee from Viva Records Corporation, a domestic corporation, for her musical composition under the album “Bakit Singko” Jannah is an American composer and has never set foot in the Philippines. The royalty fee shall be subject to a final withholding tax of _____.
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- acques is an alien assigned in the Philippines to manage the regional area headquarters of Deli France, a multinational company Juan is Jacques counterpart in the said office and receives the same salary as Jacques. Juan's salary for the year 2022 is: A. tax at 10% on gross income B. tax at 0% - 35% on taxable income C. exempted from tax like Jacques D. tax at 15% on gross incomeJacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli France, a multinational company. Jacques sold his condo unit where he is residing at P5Million. A. Sale is not taxable B. Sale is taxable at 15% on the gains C. Sale is subject to the 6% capital gains tax D. Sale is taxable at 5% - 32% on the gainsErica is a citizen of a foreign country and works as an employee for Fco, a foreign corporation that manufactures industrial equipment. Fco does not have a permanent establishment in the United States. Erica’s job is to provide technical assistance to customers who purchase Fco’s products. Many of Erica’s customers are located in the United States. Consequently, Erica consistently spends about 120 working days per year in the United States. Erica does not possess a green card. Assume that the United States has entered into an income tax treaty with Erica’s home country that is identical to the United States Model Income Tax Convention of 2016. How does the United States tax Erica’s activities?
- 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. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner. d. A gain on sale of a real property for private use of the family of the taxpayer.May Tan, a 50-year-old Canadian citizen entered Singapore on 1 June 2020 to work for a Singapore company. Her contract is for 1 year. Which of the following statements is/ are TRUE? (i) May will be taxed as a non-resident for Year of Assessment 2021 as she is not a Singaporean(ii) May’s income from Singapore will be exempt from tax as she is not a tax resident(iii) May will be taxed as a resident for the Year of Assessment 2021 but as a non-resident for the Year of Assessment 2022. Question 8 options: 1) i only 2) ii only 3) iii only 4) None of the aboveColeen is a citizen and bona fide resident of Ireland. During the current year, she received the following income: Cash dividends of $2,000 from a U.S. corporation's stock. Interest of $1,000 on a U.S. corporation bond. Royalty of $100,000 from a U.S. corporation for use of a patent she developed. Rent of $3,000 from U.S. individuals renting her cottage in Maine. Identify the U.S. withholding tax rate on the payment of each item of income under the U.S.–Ireland income tax treaty and cite the appropriate treaty article. You can access the 1997 U.S.–Ireland income tax treaty on the IRS website, www.irs.gov. Note: Leave no answer blank. Enter zero if applicable.
- Lebron James received royalty fee from Viva Records Corporation, a domestic corporation, for his musical composition under the album “Whatever it takes”. James is an American composer and has never set foot in the Philippines. The royalty fee shall be subject to: 15% FWT 20% FWT 5-32% graduated tax rate 25% FWTAs per Australian tax law Emma runs a business selling scarves. She purchases the scarves directly from scarf makers in Cambodia and sells them in makers markets in Victoria. The following transactions have taken place during the 2020/21 income year. Please advise Emma as to the tax consequences of each of these transactions (from (a)-(d)), referring where appropriate to legislation in your answer: Emma purchased $3,000 of scarves on 5 July from a scarf maker in Cambodia. The scarves were loaded onto a ship the next day and under the terms of the contract, Emma was to take ownership and control of the scarves once they were loaded on that ship. Half of the scarves were delivered to Emma on 8 August. The rest of the scarves were delivered directly to a customer in Indonesia on 10 August. The customer had purchased the scarves from Emma on 20 July. Click or tap here to enter text. At 30 June, Emma had 30 scarves in stock. The scarves had cost her $3 each Click or tap here to enter…Xavyera is a citizen and resident of the Philippines. On July 8, 2021, she made donations to Xeng, a friend, of properties in Australia and Thailand. Donor's taxes paid in Australia and Thailand amounted to P95,000 and P10,000, respectively. The property in Australia had a fair market value of P800,000 while the property in Thailand had a market value of P400,000. How much was the donor's tax still due after credit for foreign donor's taxes?
- Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…Kim, a U.S. citizen and resident, owns and operates a novelty goods business. During 2023, Kim reports taxable income of $115,000: $50,000 from foreign sources and $65,000 from U.S. sources. In calculating taxable income, the standard deduction is used. The income from foreign sources is subject to foreign income taxes of $17,500. For 2023, Kim files a joint return with her spouse. Question Content Area a. Assuming that Kim chooses to claim the foreign taxes as an income tax credit, what is her net Federal income tax payable for 2023?