The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000.
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- The following are the income of a resident citizen for the period: Interest Income from an investment in a 10-year bond 40,000 Interest Income from a 5-year time deposit in Philippine bank 50,000 Interest Income from expanded foreign currency by deposit 60,000 His taxable interest income isAssuming 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 P1,030,000Hayden Co, a resident citizen, earned the following interest income gross of applicable taxes: Interest income from PNB, a domestic bank P 40,000 Interest income from SVB, a domestic bank* 30,000 Interest income from THE, a non-resident foreign bank* 20,000 Interest income from XHE, a resident foreign bank* 10,000 *in Philippine Peso…
- Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. * Emman has the following items of income: Philippines P 200,000 100,000 400,000 300,000 20,000 30,000 Abroad P 100,000 50,000 Business income Professional fees Compensation income Rent income 200,000 30,000 10,000 Interest income-bank RoyaltyX, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?Compute the income tax due for 2021 if Yolanda is a resident foreign corporation: P5,750,000 P2,750,000 P8,500,000 P6,800,000
- 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 falseMary lives in New York and went on vacation to England where she bought a bond issued by the government of England. A month after returning the British pound (currency) appreciates relative to the U.S. dollar over the term of the bond. How does this affect Mary?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 4,000,000
- Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? * a. P300 b. P720 c. P1,200 d. P1,500Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income from his long-term bank deposit here in the Philippines. How much is the income tax due of the said alien?If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then takes the $1 million and buys U.S. government bonds with the money how would this be recorded in the US Balance of payments according to IMF standards? OA debit in the Financial Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds A credit in the Capital Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds OA debit in the Capital Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds OA credit in the Financial Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds None of the above