1. Determine the amount of final tax if the person is classified as non-resident citizen2. Determine the amount of final tax if the person is classified as resident alien Gross business income, Philippines4,000,000Gross business income, Singapore3,000,000Business expenses, Philippines1,500,000Business expenses, Singapore1,750,000Interest income - BPI Philippines90,000Interest income - BPI Singapore70,000Dividend income from a domestic Corp.150,000Dividend income - resident foreign Corp.75,000Dividend income - non-resident foreign Corp.125,000Interest income received from a depository FCDU50,000Philippine lotto winnings10,000Philippine Charity sweepstakes winnings400,000Singapore sweepstakes winnings250,000Other winnings - Philippines50,000Prizes - Robinsons ManilaPrizes - SM manila9,00020,000Prizes - Singapore30,000Interest income from long-term deposit10,000Interest income from long-term investment (pre-terminated on5,0002nd year)Share dividend from San Miguel Corp.7,500Interest income from loans receivable10,000Royalty income from franchise100,000Royalty income from books50,000

Introduction An individual who primarily resides in one region or jurisdiction but has interests in…

Answered: 1. Determine the amount of final tax if…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

t explains the nature (for example, the origin or the reason why the law is imposed) of the contributions from Puerto Rico. What is the history of the Puerto Rico tax system.
1. Determine the amount of basic tax if the person is classified as resident citizen 2. Determine the amount of basic tax if the person is classified as non-resident citizen 3. Determine the amount of final tax if the person is classified as resident citizen 4. Determine the amount of final tax if the person is classified as non-resident citizen 5. Determine the amount of final tax if the person is classified as non-resident alien engaged in trade and business
In addition to the basic tax assessed on the taxpayer, the following civil penalties will also be collected: Surcharge Interest I only c. Both I and II Il only d. Neither I nor Il
Which of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and iv
What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? The provision is designed to prevent from transferring generally to in order to take advantage of the tax rate.
Tax return preparers should be aware of which of the following? A) Taxpayers who have more than one Form W-2 B) Taxpayers without a state driver's license C) Taxpayers with more than two dependents D) Taxpayers with a non-standard or altered Form W-2
When a person is claimed as a dependant by another taxpayer, qualified tuition and expenses paid by that person during the tax year are instead considered as paid by the taxpayer who is entitled to the dependency deduction.
Does a sole trader have to register the business with the IRD for tax purposes in NewZealand? – explain your answer.
whats the best tax deduction i can get for adoption
1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt c. Returnable 2.) Personal expenses of officer which are used in connection with the trade or business of the company ar considered taxable fringe benefits a. True b. False
What is subject to final tax?
What do you believe led to the conclusion that a sole proprietorship should report its results on the owner’s tax return?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS