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 O 1,000,000.00 800,000.00 O 1,100,000.0o

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 O 1,000,000.00 800,000.00 O 1,100,000.0o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Source of income Taxable income before any foreign income foreign tax credit tax paidPhilippine 480,000 -Hongkong 192,000 45,000China 96,000 30,000total 768,000 75,000How much is the income tax payable of ABC assuming that foreign income taxes are claimed as tax credit?
21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000
20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000 from abroad. Compute the income tax due * О а. Р 320,000 ОБ.Р310,000 О с. Р 300,000 O d. 0
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PHILIPPINES - Income Tax A. Determine the total amount of deductible charitable and other contributions.
GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000
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6. China Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines Passengers airfare from the Philippines to China Airfare for cargoes from China to the Philippines Airfare for cargoes from the Philippines to China P 1,800,000 1,500,000 700,000 1,300,000 Compute the income tax payable. 6
6. What amount should be reported as total income tax expense? ₱ 1,350,000 ₱ 1,950,000 ₱ 2,250,000 ₱ 1,050,000
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
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
what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000