Individual taxpayers are subject to the following income tax: I. Basic tax in graduated tax table (progressive – Sec. 24A) II. Final withholding tax on passive income derived from sources within the Philippines III. Capital gains tax IV. Stock transaction tax of 6/10 of 1% of gross selling price. I, II, and III only I and II only All of the above I and III only
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I. Basic tax in graduated tax table (progressive – Sec. 24A)
II. Final withholding tax on passive income derived from sources within the Philippines
III.
IV. Stock transaction tax of 6/10 of 1% of gross selling price.
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- Listed below are technical tax terms Normal Tax Year Resident Deductible Allowance Non-Resident Special Tax Year Total Income Salaried Individual Business Individual Taxable Income Worldwide Income Pakistan Source of Income Admitted Income Tax Fill below Blanks from above tax terms. You can use some term twice and leave any term found irrelevant. (Note: Be careful in spellings while typing in provided boxes) is the aggregate of Income chargeable to Tax under each head of Income i.e. Income from Salary; Income from property; Income from business; Capital gains; and Income from Other Sources Is a period of twelve months not ending on 30th day of June. Irrespective of its Nationality, any individual person having physical stay in Pakistan for more than 119 days is call Individuals A person having more than 75% of his income from salary will be term as A represents an amount that directly reduces the total income to arrive at the taxable income…INSTRUCTION: 1. On each transaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final Withholding Tax (FWT) or Exempt (E) from income tax. 2. On the tax rate column, write the respective rates of the tax type from 0% to 32% , Exempt or Graduated Tax Rate (GTR). TRANSACTIONS TAX TYPE TAX RATE1. Royalties, books published in the Philippines2. Interest from overdue accounts receivable, Philippines 3. Interest from peso bank deposit, BPI, Quezon City 4. Interest from US dollar bank deposit, BDO, Manila 5. Prizes amounting to P30,000, Philippines 6. Prizes amounting to P10,000, Philippines 7. Compensation income, Philippines 8. Gain from sale of car for personal use 9. Dividend income from a domestic corporation by a nonresident alien not engaged in trade or business..10. Interest income from long-term bank deposit by a resident alien. 11. Dividend income from a resident foreign corporation. 12. Gain on sale of real properties used in business 13. P15,000…PHILIPPINES - Income Tax A. Using itemized deductions, determine the income tax payable at the end of the year (TRAIN LAW) B. Determine the final tax on passive income.
- 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?Assuming that Oman is proposing to impose tax on Individuals, you are required to prepare a tax structure in the format of: i) Flat rate ii) Progressive rateiii) Dual rate(Hint: keep the starting slab level of income not less than 1,000 OMR) Based on the tax structure made by you, compute the tax for the individuals, under all the above structures.27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
- Statement 1: Under Schedular Tax System, income tax rules vary and made to depend on the kind or category of taxable income of the taxpayer Statement 2: Global Tax System imposes uniform tax rates. Which statement/s is/are correct? a.Both statements b.Statement 2 c.Statement 1 d.Neither statementOn each transaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final Withholding Tax (FWT) or Exempt (E) from income tax. On the tax rate column, write the respective rates of the tax type from 0% to 32% , Exempt or Graduated Tax Rate (GTR).MC: Topic: Income Taxation Under this income taxation scheme, the full amount of tax is withheld by the payor before such income is received by the payee taxpayer. * Final income tax scheme Capital gains tax scheme Regular income tax scheme Any one of the above
- Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables and tax rate schedules to determine tax liability. Required: a. Single taxpayer, taxable income of $30,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables and tax rate schedules to compute tax liability. Required: a. Single taxpayer, taxable income of $31,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %Directions: Read each sentence carefully and detemine whether the statement is TRUE or FALSE. 1. The Philippine individual income tax is characterized by increasing tax rate as the tax base increases. 2. Income tax is a tax on the net income or the ertire income realized in one taxable year less deductions allowed by law. 3. An employee eaming purely compensation income is exempt from filing an income tax retum anly if his or herincome taxes were properly withheld by the employer. 4. Social Security System (SSS) contributions are required from individuals who are employed in the public sector. 5. Taxable income represents the amount of tax required to be paid to the BIR. 6. Ms. A eams a gross salary of Pl0,000 during the month of May 2019. Ms. A's SSS, PhilHealth, and Pag-IBIG contributions for the month of May amounted to P2,000. Ms. A's taxable income is P8,000. 7. Tax due is gross income mins the deductions allowed by law. 8. Compensation income is income that is typically derived…