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- 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.A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exceptionDuring the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.
- Mason works as Project manager in Melbourne CBD. His Taxable income for the year was $130,000. He does not have a private health Insurance. Mason is a Non-Resident for taxation purpose. What is Mason's total tax liability (Please show your working)Which of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 4: Berta JimenezBerta Jiménez is a secretary and is divorced. Her W2 shows a salary of $60,000 and tax withheld of $6,000. Berta is a college student and paid $5,000 for her bachelor's degree tuition. She has a son who was born on March 22, 2013. Berta is an Army Veteran.
- Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows: Thursday Depart for and arrive in Lisbon Friday Business transacted Saturday and Sunday Vacationing Monday through Friday Business transacted Saturday and Sunday Vacationing Monday Business transacted Tuesday Depart Lisbon and return to office in Boston a. For tax purposes, how many days has Monica spent on business?fill in the blank ff3ca702cfdf052_1 days b. What difference does it make? If Monica's trip satisfies the seven day/thirteen day test or the less-than-25/more-than-25 % test, then her transportation costs do not have to/must be allocated between business and personal. c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica can/cannot satisfy the seven-day/thirteen-day/less-than-25%/more-than-25%…Shenira is a resident of the Republic. She is 30 years old. She is married in community of property. Her husband did not earn any passive income. The following information relates to the 2021 year of assessment. Income from a Republic source 1. A salary of R420 000. 2. Net rentals of R40 000 were earned from a beach cottage. 3. Interest of R24 000 was earned from a fixed deposit. Foreign income 1. Foreign dividends of $760, before a withholding tax of 10% was deducted as a rebate. These dividends are not exempt in terms of section 10B(2). 2. Interest of £165 on an investment inherited from her aunt. The inheritance and the income on it are excluded from their joint estate. This interest was not subject to a withholding tax. 3. Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and £1 : R18 respectively. In terms of section 25D(3), she elected that her foreign receipts and accruals be translated into rand by applying the average exchange rate. Expenditure -…
- 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 How much should be the income tax withheld on compensation income?Federal Income Tax II Please show work by EXCEL Tristan, who is single, operates three sole proprietorships that generate the following information in 2023 (none are "specified services" businesses). (LO .4) Tristan chooses not to aggregate the businesses. She also earns $150,000 of wages from an unrelated business, and her modified taxable income (before any QBI deduction) is $380,000. a. What is Tristan's QBI deduction? b. Assume that Tristan can aggregate these businesses. Determine her QBI deduction if she decides to aggregate the businesses.64.Goyo, an active general in the Philippine Army, is engaged in trade or business. Goyo is: a.Compensation income earner b.Self-employed c.Mixed income earner d.Exempt from taxation 65.Is one who may either be a single proprietor engaged in business or in the practice of profession: a.Mixed income earner b.Marginal income earner c.Minimum wage earner d. Self-employed individua