. Boy, a resident citizen, received the following interest income: Php80,000 from short-term Peso time deposit Php16,000 from a five-year bonds issued by a commercial bank Php24,000 from 5/6 lending to market vendors How much final tax must have been withheld from Boy's interest income? * O 16,000 O 20,000 O 24,000

. Boy, a resident citizen, received the following interest income: Php80,000 from short-term Peso time deposit Php16,000 from a five-year bonds issued by a commercial bank Php24,000 from 5/6 lending to market vendors How much final tax must have been withheld from Boy's interest income? * O 16,000 O 20,000 O 24,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter17: Tax Practice And Ethics

Section: Chapter Questions

Problem 21P

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Rodrigo, a non-resident citizen, deposited his $2,000,000 savings in a 2- year time deposit in Blue Bank, a depositary bank under the expanded foreign currency deposit system. The deposit pays 8% annual interest. Compute the final tax to be withheld in dollars in the first year. O $0 O $24,000 O $64,000 $80,000
Hayden 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…
Mr. A, a resident citizen, earns the following passive incomes, gross of final taxes: INTEREST INCOME FROM A PESO BANK DEPOSIT - P2,000; INTEREST INCOME FROM A DOLLAR BANK DEPOSIT - $500; CASH DIVIDENDS FROM A DOMESTIC CORPORATION - P40,000. The peso-to-dollar exchange rate is P50:$1. HOW MUCH IS THE TOTAL FINAL TAX PAID ON THE PASSIVE INCOMES EARNED, IN PESOS?*
3. A man deposit P100,000.00 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax rate of return in his deposit.
Mr. Ramos opened a time deposit of Php200,000 that earns 2.5% per annum. Suppose he agreed to leave his money in the bank for 181 days. Considering the 20% withholding tax charged to peso time deposits, how much will he receive at the end of the agreed term if he chooses not to reinvest his money? Choices: a. 202479.45 b. 201983.56 c. 204000.56 d. none of the choices is correct
A man deposit ₱100,000.00 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax rate of return in his deposit. Ans. 4.8%
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