34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.
34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:34. Sara has the following items of income
Philippines
200,000 P 100,000
Abroad
Business income
Professional fees
Compensation income
Rent income
100,000
400,000
300,000
30,000
50,000
200,000
40,000
Interest income
a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax.
b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax.
c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine
income tax.
d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income
tax.
END
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