Juan, resident citizen, had the following income: Interest income from deposits in a foreign bank located in China – 300K Interest from domestic bonds – 50K Royalties from books published in the Philippines – 100K Rent income from properties abroad (the lease contracts were executed in the Philippines) – 150K Professional fees for services rendered in the Philippines to non-residen
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- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000The 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. 1. If May is a resident citizen, how much is her income subject to final tax? a. P175,000 b. P155,000 c. P195,000 d. P125,000 2. If May is a resident alien, how much is her income subject to basic income tax? a. P90,000 b. P20,000 c. P50,000 d. P60,000 3. If May is a resident alien, how much is her final income tax? a. P11,250 b. P16,000 c. P31,250 d. P27,250Manny Pacquiao borrowed money from Mayweather in the amount of Php 1 Million with an interest rate of 10%. The transaction was made in the Philippines. The source of the interest income of Mayweather is: A. Within B. Without C. Partly within, partly without Is the interest income? A. Taxable B. Exempt
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000How much is the income from sources within?Gross Income from the practice of profession as CPA in the Philippines, P220,000;Rent on a building located in Makati, net of 5% withholding tax, P95,000;Rent on a commercial building located in USA, P70,000;Interest income, debtor resides in Hongkong, P10,000;Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;Royalties received from Ford Motors for use of patents in the USA, P30,000;Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;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 P1,030,000
- RM, a resident of Batangas Province had the following data for the taxable year: (Exchange rate is $1=PHP50) Philippines Abroad Salaries P 165,000 $ 2,000 Business Income P 450,000 $ 6,000 Business Expense P 120,000 $ 1,500 Interest Income: Personal Receivable P 10,000 FCDU $ 2,500 On bank deposits (20%long term) P 25,000 $ 3,000 Royalty Income (20% from books) P 22,000 $ 1,000 Prize won in contest P 10,000 Winnings from Phil. Charity Sweepstakes P 80,000 Sale of shares of stocks of a domestic corporation directly to a buyer (cost PHP 10,000) P 30,000 RM received the following dividend income during the taxable year: P70,000 from the domestic corporation, 30% of its income is attributed to its operations abroad. P60,000 from the resident foreign corporation. The ratio of its gross income in…A non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000Interest income on his bank deposit under the EFCDS ($1 = P50), $500How much is the income tax due?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 is
- A non-resident alien not engaged in trade or business derived P 50,000 interest income from his long-term bank deposit in the Philippines. How much is the income tax due of the said alien? P 5,000 P 12,500 P 10,000 NilProblem 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?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