Kickbacks received from suppliers of clientsInterest income on time deposit (net)Dividend income from domestic corporationsProfessional expensesHousehold expenses,Premium payment on health insuranceFacilitation fees paid to government agenciesa. P325,000b. P340,000Compute the amount of his taxable income subject to basic tax for2021?c. P415,000d. P445,000Gross sales, UkraineSales returns and allowances, UkraineCost of sales, UkraineUse the following data for the next three (3) questions:A resident citizen, married, with two (2) qualified dependent children hasthe following data for the year 2021:Gross sales, PhilippinesSales returns and allowances, PhilippinesCost of sales, PhilippinesBusiness expenses, PhilippinesBusiness expenses, UkraineInterest income, peso bank deposit BDO-MarikinaInterest income, US dollar deposit, BDO-MandaluyongGain from sale of residential house and lot (selling price,P3,000,000; FMV, time of sale, P5,000,000)Gain from sale of shares of stock listed and traded in thelocal stock exchange (selling price, P100,000)Gain from sale of shares of stock not traded in the localstock exchange33. How much is the total final tax on passive income?a. P14,000c. P4,000b. P7,750d. P11,50034. How much is the capital gains tax due?a. P310,000c. P180,000b. P300,000d. P322,50040,00032,00075,000325,00024,00035. How much is the taxable net income?a. P4,700,000b. P4,280,0004,00015,000c. P2,900,000d. P4,200,000P5,000,000500,0001,500,0003,000,000200,000800,000500,000300,00020,00050,000500,00030,000150,000N

Final Tax on Passive income in Philippines Everyone who receives income, whether it is their only…

33. How much is the total final tax on passive income? a. P14,000 b. P7,750 c. P4,000 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 c. P2,900,000 d. P4,200,000

33. How much is the total final tax on passive income? a. P14,000 b. P7,750 c. P4,000 d. P11,500 34. How much is the capital gains tax due? a. P310,000 c. P180,000 b. P300,000 d. P322,500 35. How much is the taxable net income? a. P4,700,000 b. P4,280,000 c. P2,900,000 d. P4,200,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24P

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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
How much is the total gross income? a. 1,320,000 b. 1,400,000 c. 1,470,000 d. 1,550,000
GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000
Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
. Calculation of Net U.S. Tax Liability (on foreign source income)
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
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?
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Deductions from Gross Income Classify the items for deduction in the following scenarios. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 6,200,000 2,500,000 100,000 100,000 190,000
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 75,000Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
Which passive income is subject to regular tax? Dividend income from resident corporation P10,000 winnings Royalties from musical composition Interest on Peso bank deposit