Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC?  a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter8: Payroll Accounting: Employee Earnings And Deductions
Section: Chapter Questions
Problem 3MC
icon
Related questions
Question

Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? 

a. Salary received by a managing director of a general professional partnership.

b. A passive income in the form of a prize win in a raffle amounting to P4,000.00.

c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner.

d. A gain on sale of a real property for private use of the family of the taxpayer.

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Non Resident Aliens and Foreign Corporations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage