Josie is a resident citizen who earned the following during the current taxable year: (1) Royalty income from abroad - P120,000; (2) Interest income from his loan extended to his friend living abroad - P30,000; (3) Dividend income from Globe Telecom Inc - P10,000.

Josie is a resident citizen who earned the following during the current taxable year: (1) Royalty income from abroad - P120,000; (2) Interest income from his loan extended to his friend living abroad - P30,000; (3) Dividend income from Globe Telecom Inc - P10,000.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 6BCRQ

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Question

Josie is a resident citizen who earned the following during the current taxable year:

(1) Royalty income from abroad - P120,000;

(2) Interest income from his loan extended to his friend living abroad - P30,000;

(3) Dividend income from Globe Telecom Inc - P10,000.

How much income is subject to regular income tax?

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