A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.

A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lois works for Marian Transport in Québec and is paid $2,541.13 semi-monthly. Her employer provides group term life insurance coverage and pays 100% of the premiums for Lois's coverage. This non-cash taxable benefit is $24.00 per pay. She contributes 5% of her gross earnings to the company's Registered Pension Plan each pay and pays $20.00 semi-monthly for union dues. Her federal TD1 claim code is 1 and her provincial TP-1015.3-V deduction code is A. Lois will not reach the Québec Pension Plan, Employment Insurance or Québec Parental Insurance Plan annual maximums this pay period. Calculate Lois's net pay, following the steps in the payroll calculation template.
1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen 4. Determine the amount of final tax if the person is classified as non-resident citizen 5. Determine the amount of final tax if the person is classified as non-resident alien engaged in trade and business
Philippines - P700,000 Foreign - 400,000 Expenses: Philippines - 380,000 Foreign - 220,000 Compute for the income tax due assuming the individual tax payer is a Non- resident citizen/Resident alien/Non-resident alien engaged in trade/business. O P55,000 O P17,500 O P105,000 O Tax exempt O P14,000
The Tax Code provides that an international carrier doing business in the Philippines shall pay a tax of two and 1⁄2 percent on its Gross Philippine Billings. What is meant by Gross Philippine Billings?
Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales, Philippines 1,000,000.00 Cost of goods sold, Philippines 300,000.00 Interest from bank deposits, Philippines 200,000.00 Interest from bank deposits, Abroad 100,000.00 How much is the taxable net income using itemized deduction? O 1,300,000.00 1,000,000.00 800,000.00 O 1,100,000.00
4. A, non-resident citizen, has the following income within and without the Philippines for 2018: Abroad Within the Phil 70,000 Interest income from depository bank under expanded foreign currency deposit system in Philippines Dividend income Royalty income-others Business income-net of expenses Interest income-bank deposits 90,000 50,000 200,000 30,000 60,000 40,000 300,000 40,000 What is the total final income tax due of A?
1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen
Answer the ff. requirements
A resident international carrier has the following data for the current year:Gross income of P10,000,000 and expenses of P6,000,000 from the Philippines;Gross income of P5,000,000 and expenses of P1,000,000 from Hongkong.How much is the income tax payable of the corporation?
1. Determine the amount of final tax if the person is classified as non-resident citizen 2. Determine the amount of final tax if the person is classified as resident alien
Tax Dilemma The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one of the…
2. Individual earning income purely from business/profession Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines - Sales Less: Cost of sales Gross income Less: Operating expenses Net income from operation Add: Other non-operating income Taxable income - Philippines Abroad - country X Taxable income Income tax paid P21,000,000.00 12,600,000.00 8,400,000.00 5,250,000.00 3,150,000.00 1,050,000.00 4,200,000.00 2,688,000.00 940,800.00 Required: Compute income tax still due or payable after tax credit for year 2023.