Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be:
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The taxpayer had the following data at the end of the current year:
|
Philippines |
South Korea |
|
|
Gross profit from sales |
P3,000,000 |
P10,000,000 |
|
Interest from FC bank deposit |
20,000 |
40,000 |
|
Royalties from patents |
60,000 |
100,000 |
|
Dividends from domestic corporation |
50,000 |
0 |
|
Prizes |
12,000 |
0 |
|
Operating expenses |
2,000,000 |
5,000,000 |
Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be:
P1,000,000
P6,282,200
P6,000,000
P6,140,000
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- The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax. Net income from the Philippines P520,000 Net income from Indonesia 400,000 Capital gain on sale of land in the Philippines on a Selling price of P4,000,000 4,000,000Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
- Magdalene made the following computations of her annual financial savings from employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses Net savings for 2020 P 321,000 A P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 c. P 380,000 b. P 321,000 d. P 392,000 lead stilldeleb of strump)Compute the income tax due for 2021 if Yolanda is a resident foreign corporation: P5,750,000 P2,750,000 P8,500,000 P6,800,000How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
- Assuming Emman is a resident citizen, compute the total income subject to Philippine income tax. * Emman has the following items of income: Philippines P 200,000 Abroad P 100,000 Business income Professional fees 100,000 400,000 300,000 20,000 30,000 50,000 Compensation income Rent income 200,000 30,000 10,000 Interest income-bank Royalty P1,180,000 P1,420,000 P1,390,000 O P1,030,000Compute the income tax due for 2021 if Phils is a resident foreign corporation: * 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 P5,750,000 P2,750,000 P8,500,000 P6,800,000An individual taxpayer had the following results of operations during the period Philippines Japan USA Gross income P1,000,000 P1,500,000 P2,500,000 Deductions 400,000 600,000 1,000,000 Net Income 600,000 900,000 1,500,000 Taxes Paid 150,000 200,000 500,000 Determine the tax payable or overpayment if: The foreign The taxpayer is income tax paid is Resident citizen Resident Alien claimed as (1) (2) 1. Tax Expense (3) (4) 2. Tax Credit
- INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENTS: How much is the taxable income if the taxpayer is a resident citizen ?INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a nonresident citizen ?INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a nonresident alien not engaged in trade or business ?
