Income Taxation: INDIVIDUAL INCOME TAXATION in the philippinesCan you show me the solution as to why Letter b. P 47, 500 is the answer? 7. Shown below is the summarized of operations of Mr. Chiz Mozo'sbusiness:P 900, 000300, 000P 600, 000100, 000SalesCost of salesGross profitOther deductible expensesContributions expenses:Government priority projectNon-accredited non-profit institutionForeign foundation50, 00055, 00025, 000P 370, 000Net income 8. During the year, Coleen received compensation income of P455,000after P15,000 withholding tax on compensation. Compute her income taxstill due.a. P 48, 750b. P 47, 500c. P 28, 750d. P 32, 500

Taxable income:- It is income that is taxable and levies on gross income which one earns within the…

Answered: 8. During the year, Coleen received…

8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on compensation. Compute her income tax still due. a. P 48, 750 P 47, 500 c. P 28, 750 d. P 32, 500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 1. Tax Administration in Malaysia •Specific Income that is exempted from tax • Basis year and…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: pls answer it all in details ASAP 1. Discuss THREE advantages and THREE disadvantages of the…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is not a basic feature of Philippine Income Taxation? a.Comprehensive tax…

A: Governments charge taxes from individuals or firms with a view to finance the different…

Q: Explain the difference between tax reliefs and tax credits. Giving at two examples for each that…

A: Individuals and businesses have to pay taxes on their income and earnings. The government provides…

Q: Q4 Explain how interest income is deemed to be derived from Malaysia under the Income Tax Act…

A: Introduction: The amount of investment earnings during a specific period of time is referred to as…

Q: onsider “Optimal Taxation Theory” a) What is its objective? b) Summarize the main principles in…

A: Answer: The optimal taxation theory is the theory where tax system is chosen such that it can…

Q: 5. Do you agree that rich [Filipinos and aliens working in the Philippines] are not paying their…

A: Taxes are forced contributions imposed by a government agency on individuals or corporations,…

Q: Tax credit for income tax paid or incurred to a foreign country

A: A resident citizen may be subject to foreign taxes under two possible circumstances: (1) he has…

Q: Consider the economic debates about either 1) the effects of immigration on wages in receiving areas…

A: Economic theory predicts impacts on local worker employment and wages, United States deal with other…

Q: Classification of individual taxpayers and explain in country of the Philippines

A: Taxpayers means persons who are responsible for paying taxes to the government. In country of The…

Q: Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: Give three examples of tax evasion in the Philippines

A: Tax evasion means the act of reducing or avoiding taxes by illegal or fraudulent means.

Q: Good day This falls under caribbean Tax. Is is possible to get some assistance on this topic please…

A: A VAT (value-added tax), known in some countries as a goods and services tax, is a type of tax that…

Q: 6. A kind of tax paid once a person receive an amount of money from a living relative abroad. O…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Taxes and tax rate for indivual taxpayers in th Philippines Thank you

A: The Philippines levies tax on its people's worldwide earnings. Non-resident citizens and others,…

Q: taking into account tax framework and below table which shows two different countries tax rates,…

A: Taxes of income: Tax paid or levied on the level of income earned in a year Consumption tax: Tax…

Q: What is the basic income tax payable for a foreign resident individual with taxable Australian…

A: Introduction:The basic tax rates for Australian Residents Individual prevailing for the year 2022-23…

Q: Accounting Research Questions: What are the basic personal tax exemption for the provinces listed…

A: Basic Personal Tax Exemption (BPA) is a non refundable tax credit available to all individuals of…

Q: Pls answer the all questions Distinguish 1. Tax vs. Debt 2. Tax vs. Penalty 3. National Tax vs.…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: What are the steps to improve the taxation system in the Philippines that will benefit the poor…

A: In the philippines, the tax payer shall be subject to prior audit upon application for a tax…

Q: Sale of an capital assets

A: Sale of an capital assets is subject to CAPITAL GAIN.

Q: Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from…

A: "Filing status" refers to the category under which an individual or a married couple reports their…

Q: Explain the Value Added Tax (VAT) rate structure in Oman and what the types of business should…

A: Value Added Taxes (VAT) Recently Oman implemented Value added Tax (VAT) system into the country to…

Q: In the US/Canada tax treaty one of the factors considered when deciding which country has…

A: Dual residency refers to a situation wherein one particular individual qualifies to be a resident…

Q: Multiple choice: Topic: Income Taxation Which of the following gain is subject to capital gains…

A: Section 39 defines that a capital asset means all the properties which doesnt include the properties…

Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…

A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…

Q: The following list of balances appears, amongst others, in the accounting records of VanDerZon Ltd…

A: Capitalisation means recording of cost or the expense on the balance sheet for the motive of…

Q: compute estate tax payable for a non-resident alien in the philippines?

A: Estate tax : The tax imposed by the tax authorities on the personal or personal estate wealth of…

Q: why does the taxes diTfer among rious states in USA?

A: Tax expense: It can be defined as the taxes owed by an individual or an entity to be paid to the…

Q: c) What are the advantages and disadvantages of voluntarily registering for GST?

A: What are the Advantages and disadvantages of voluntarily registering for GST?

Q: What is valid? ○ Tax rate ties together the information you have defined for a Zone Definition and a…

A: Tax rate ties together the information you have defined for a zone definition and a tax class to…

Q: Which is TRUE? S1-Only the legislative body can exercise power to levy S2 - Only the executive…

A: The power to levy tax is generally exercised by governmental bodies or legislative bodies. In…

Q: 1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is…

A: As per our protocol we provide solutions to only one question but as you have posted multiple…

Q: Fill out the table below. Which among the types of taxes (national or local, Philippines) do you…

A: Taxation in Philippines There are different types taxation which are prevailed in the country like…

Q: Individual taxpayers are subject to the following income tax: I. Basic tax in…

A: The individual income tax is the tax liability levied on the earnings of a single taxpayer, a…

Q: Sheridan Company’s salaried employees are paid biweekly. Occasionally, advances made to employees…

A: Accrued liability: Accrued liability is a liability to pay for an expense that belongs to the…

Q: A domestic corporation is taxed on income earned from: Within the Philippines only Within…

A: A domestic corporation is a business that is based in its home country and conducts its operations…

Question

Income Taxation: INDIVIDUAL INCOME TAXATION in the philippines

Can you show me the solution as to why Letter b. P 47, 500 is the answer?

7. Shown below is the summarized of operations of Mr. Chiz Mozo's
business:
P 900, 000
300, 000
P 600, 000
100, 000
Sales
Cost of sales
Gross profit
Other deductible expenses
Contributions expenses:
Government priority project
Non-accredited non-profit institution
Foreign foundation
50, 000
55, 000
25, 000
P 370, 000
Net income

8. During the year, Coleen received compensation income of P455,000
after P15,000 withholding tax on compensation. Compute her income tax
still due.
a. P 48, 750
b. P 47, 500
c. P 28, 750
d. P 32, 500

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?
It is talking about Hong Kong Tax, Special Business, Profit Tax Computation of Financial instituition, please explain what is DIPN 21 and its related two concepts, "Initiation" and "funding" with example.
i want this topic in complete information like what are the types and concept everything Your topic of Assignment is "What are the taxation policy and administration in developing countries like Pakistan".
How to improve taxation system in the Philippines?
2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.
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?
Calculation of Foreign Tax Credit (here is the answer for A&F. You need to complete Basket B&D and Basket E
Ma3. e general rate reduction applies ONLY to ________. Question content area bottom Part 1 Choose the correct answer. A. income of CCPCs B. capital gains C. property income of Canadian corporations D. income of corporations that is NOT subject to other tax benefits
5. Provide the types of income subject to Income Tax in Malaysia. Elaborate the answer according to the question. Answer should not be less than 300 words. Thank you for your afford. This is not a essay question. This is Tax based question if can't answer don't reject let others to answer. athank you.
Malaysia's New Digital Service Tax: how the digital tax will effect the 1. Consumers
[item #9]
20-Which one of the following is other income as per the UK tax laws? O a. Income from property - rental income O b. All the options O c. Income from employment O d. Income from business