Total income subject to Philippine income tax assuming Jasmine is a resident citizen Jasmine has the following items of income Business income Professional fees Compensation income 400,000 Philippines Abroad P200,000 100,000 P100,000 50,000 Rent income Interest income 300,000 30,000 200,000 40,000
Q: Consider the situation below showing the weekly income tax of a single (civil status) employee in a…
A: Given income tax is $1,980.18 From the given table we can observe that if income is more than $7,958…
Q: A law is passed requiring all Filipino income earners to pay an income tax of 80% of their gross…
A: The policy of taxation in the Philippines is governed by the Constitution of the Philippines and…
Q: 11. Jacques is an alien assigned in the Philippines to manage the regional area headquarters of…
A: Taxation system in Philippines According to Philippines taxation there are different category in…
Q: A law is passed requiring all Filipino income earners to pay an income tax of 80% of their gross…
A: Taxation in Philippines The policy of taxation in the Philippines is governed chiefly by the…
Q: Given the following tax rates, Calculate the total tax paid on a British Columbia resident earning…
A: Total tax amount includes both amount paid as federal taxes and amount paid as British Columbia.
Q: total income subject to Philippine Tax
A: The income from sources outside Philippines is not taxable in the hands of non resident citizens of…
Q: US Tax System 1.) Vincent has income from taxable wages totaling $150,000. How much Social…
A: Social security tax (SST) is a sort of payroll tax which has to be withheld from the salary of the…
Q: An individual (Resident citizen) earning compensation and business income provided the following…
A: Basic salary (Net of withholding tax) 400,000 Withholding tax on salary 30,000 Director's fee…
Q: Katya Corporation had the following data in 2022: Gross Income, Philippines 600,000 Gross Income,…
A: 1) Domestic Corporation Particulars Amount (P) Gross income, Phillipines 600000 Less:…
Q: tan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above…
A: The tax on prizes and winnings is calculated using a flat rate as specified by the tax laws of…
Q: How much is the income from sources within? Gross Income from the practice of profession as CPA in…
A: The income which has derived from the properties held in or any kind of activities undertaken in the…
Q: 1)Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from…
A: a). i). Federal Tax amount = $ 29465.50ii). Average tax rate = 19.64 % (approx)iii). Effective tax…
Q: San Carlos Corporation, a U.S. multinational, had pretax U.S. source income and foreign source…
A: If the foreign tax credit is taken then the credit is reduced from the total tax liability. If the…
Q: X, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently…
A: The liability is determined based on the residential status for any person. There are two…
Q: A resident Chinese national died and left assets in China valued at P80 million and in the…
A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. The gross…
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: The Amendment considers an American citizen to be a resident of America if he or she is not subject…
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…
Q: A non-resident alien not engaged in trade or business derived P 50,000 interest income from his…
A: The benefits of tax exemption is not applicable in case of non resident alien not engaged in…
Q: Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax.…
A: Domestic Corporation: It is the corporation that is created or organized under Philippine law and…
Q: Calculate his self-employment tax.
A: Given information is: Darius' net income from self-employment reported on Schedule C is $25,000.
Q: Stan a non-resident citizen not enganged in trade or business, won P 2,000,000 in a raffle draw held…
A: Winning from lottery in Singapore is not taxable as these winnings are considered as windfalls and…
Q: Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax.…
A: Total income Subject to philippine income tax assuming Jasmine is a resident Citizen.... So, the…
Q: Nicanor, a Resident Citizen, bought shares of established under the laws of the Philippines. Later,…
A: P50,000- Gain on Sale of Shares is: S1: An Income derived from sources within the Philippines; The…
Q: His tax liability for the year ended 31st December 2021
A: Tax liability is the liability which the person or the employee who has to pay to the government on…
Q: arah has the following items of income:…
A: Question is based on the concept of taxation accounting
Q: Professional Fees 100,000 50,000 Compensation…
A: Accounting income is defined as the period's net profit before taxes, as shown in the profit and…
Q: 34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business…
A: Professional fee is charged by the professionals in the particular field. They charge fees for the…
Q: How much is the total income tax expense of Ana for the year? *
A: NOTE : As per BARTLEBY guidelines, when multiple independent questions are given, then first…
Q: 9. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000…
A: 9. A citizen of the Philippines is allowed a full tax credit of the foreign tax paid by the citizen…
Q: A resident citizen, mamied, with two dependent children, received the following income: Business…
A: Non-Resident Non-resident has a business or other interests in a region, but he is not domiciled…
Q: US Tax System Ellen, a single taxpayer, has $160,000 of taxable income plus $30,000 income from…
A: Compute the total tax for Person E as follows: Note: The tax bracket for single year 2020 has been…
Q: A resident citizen has a compensation income of P2,280,000 within the Philippines and P1,370,000…
A: As the person is resident Therefore Income from abroad also taxable in Phillipans WOrking Notes are…
Q: Richard has $30,000 of income from a country that imposes a 40-percent income tax and $30,000 of…
A: Net taxable income is to be multiplied with the tax rate to get the foreign tax credit. Formula:…
Q: ase problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. *…
A: Resident Citizen receiving income from sources within or outside the Philippines will be included in…
Q: The executor of Niel, a Canadian in the Philippines, provided details of his properties in…
A: From 01 January 2018 in the Philippines, the estate tax is payable at 6% of the value of the Net…
Q: The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…
A: Estate tax in Philippines is a tax imposed on the event of demise of the owner of the property or…
Q: Han Geu Ru, a resident alien, made the following donations during the year: * SOUTH KOREA DONATION…
A: Donors tax refers to the form of tax which is levied on the donations or gifts and it is imposed on…
Q: A resident citizen provided the following information for 2018: Compensation income Gross business…
A: Taxable Income For calculating the taxable income in Philippines first to taken up the gross income…
Q: Jhaeron is a stockholder in both Agrix Corporation (domestic corporation) and Atlanta corporation…
A: Dividend income can be defined as the distribution of the taxable income of the company to its…
Q: Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign…
A: Step 1 Dividends distributed by a Philippine company to a resident individual are taxed at a rate of…
Q: 21. A resident alien has a net business net income of P2,200,000 in the Philippines and P1,250,000…
A: A resident of the Philippines has to pay income tax on worldwide income. The income tax is payable…
Q: An individual taxpayer provided the following information in 2020 as follows: Gross business…
A: An alien that has been present in Philippines for more than 2 years is referred to as resident alien…
Q: How much is the income tax due assuming the taxable year is 2021? 2. Assuming the corporation is a…
A: A non-resident foreign corporation is the corporation have to pay tax to the Philippines country…
Q: Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the…
A: Taxable income is the income earned by a person and he\she is liable to pay tax on it. Corporate…
Q: Case problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: An individual tax payer provides the information in 2020 are : Gross business income, Philippines =…
Q: Consider a country that taxes its citizens Individually according to the following rate sched…
A: Calculation of Taxable income of Hannah Particular Marginal Tax rate (%) Amount Tax First…
Q: A, non-resident alien not engaged in business in the Philippines, has the following income within…
A: A non-resident alien engaged in trade or business If a person stays for an aggregate period of…
Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…
A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…
Q: Dynasty Corp. just completed its third year of operations. It has the following financial…
A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00Assuming Carding uses OSD, how much is the net taxable income from profession? a. 460,000 b. 540,000 c. 600,000 d. 610,000Compute the income tax due for 2021 if Yolanda is a General Professional Partnerahip P3,400,000 P10,200,000 P8,500,000 0 Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000
- Dividends and Capital Gains. Calculate the total tax (FICA adn income taxes) owed by each individual in the following pairs. Compare their overall tax rates. Assume that all the individuals are single and take the standard deduction. Use the tax rates in Table 4.9 and the special rates for dividends adn capital gains given in the text. Pierre earned $120,000 in wages. Katarina earned $120,000, all from dividends adn long-term capital gains.Daniel Simmons arrived at thefollowing tax information:Gross salary,$62,250Dividend income,$140Standarddeduction, $12,400Interest earnings,$75Adjustments toincome, $850 What amount would Daniel report astaxable income?I. Explain the 3 Classification of individuals based on type of earnings: a. Pure compensation income earner b. Pure business or professional income c. Mixed income earner II. Multiple Choice. 1. Rewards received by Hidilyn Diaz from government is a. Subject to income tax b. Subject to donor’s tax c. Exempted from income tax 2. Rewards received by Hidilyn Diaz from private individuals/ organizations is a. Subject to income tax b. Subject to donor’s tax c. Exempted from income tax
- This is a taxation question Q4) Betty owns two residential investment properties in Singapore which are rented out. She has the following income for the year 2020:Net rent surplus of $10.000 from Property 1Net rent deficit of $11,500 from Property 2Interest income from loan to her company of $1,500The amount of taxable income derived by Betty for the Year of Assessment 2021 is: Group of answer choices a) $11,500. b) $1,500 c) $0 d) None of the aboveDividends and Capital Gains. Calculate the total tax (FICA and income taxes) owed by each individual in the following pairs. Compare their overall tax rates. Assume that all individuals are single and take the standard deduction. Use the tax rates in Table 4.9 and the special rates for dividends and capital gains given in the text. Pierre earned $120,000 in wage The answer for Pierre is: FICA $9,180; Income Tax = $23,670; Total tax = $32,850. Tax Rate = 27.4. Thank you. I have included the attachment for the solution the problem.A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- If Your Taxable Income Is Up to $19,050 $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 $500,000 Over $500,000 Standard deduction for individual: $12,000 You Pay This Amount on the Base of the Bracket $ $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married…A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income