what is the DST payable?
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YOU, single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, borrowed money from Vic Canilao Gudani.
BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000 while Vic, a CPA by profession was assigned TIN 987-654-321-0000.
Terms of the loan agreement are hereunder given:
- Total amount loaned - Php 100,000.00
- Payable in five years
- Loan agreement notarized on October 1, 2020
what is the DST payable?
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- Nicanor, a resident citizen residing in Sampaloc, Manila, deposited $2,000 in BPI, Morayta Branch, a local bank authorized by the Banko Sentral ng Pilipinas (BSP) to engage in foreign-currency denominated transactions, given by his mother, Helen, an OFW, residing in Saudi Arabia. S1: If the deposited money earns $20 interest income, the interest income is subject to 15% final tax. S2: If the deposited money earns P1,000 interest income, the interest income is subject to 20% final tax. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true d. Both are falseAna, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- BUSINESS TAXATION NOTE: Compute the DST payable, if any. Disregard any penalty, if any. Relevant information: YOU, single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, borrowed money from Vic Canilao Gudani. BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000 while Vic, a CPA by profession was assigned TIN 987-654-321-0000. Terms of the loan agreement are hereunder given: Total amount loaned - Php 100,000.00 Payable in five years Loan agreement notarized on October 1, 2020Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
- Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following from your salary: SSS – Php 5,000 Philhealth – Php 5,000 Pagibig – Php 5,000 Withholding tax on compensation – Php 10,000 Your PRC CPA License No. is…Juliet, a Filipina made the following donations: To Nick Land in Manila 450,000 To Rosalee Jewelry in Japan 100,000 To Adalind PLDT Shares 150,000 To Renard Building in Italy with mortgage of P50,000 assumed by the done 1,600,000 To Drew Land in Davao 300,000 To Hank Cash in PNB New York 300,000 REQUIREMENT: DONOR’S TAX DUE
- A, student, deposited 1M in a bank (BDO) with interest rate of 10% per annum. After 6 months, A withdraw the principal and interest. A is a Filipino and lives in Manila. How much is the tax imposed to A?Manny Pacquiao borrowed money from Mayweather in the amount of Php 1 Million with an interest rate of 10%. The transaction was made in the Philippines. The source of the interest income of Mayweather is: A. Within B. Without C. Partly within, partly without Is the interest income? A. Taxable B. ExemptMr. 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