1 A resident citizen, maried, with two dependent children, received the following income:Business income, PhiligpinesBusiness income, SingaporeInterest on peso deposit, BDOInterest on US$ deposit, BDO ($1,000 x P 54)Interest bank deposit in SingaporeDividend from domestic corporationPrize (TV) won in a local lotteryPCSOlotto winningsDividend from foreign corporationP1,000,000500,00050,00034,000120,000250,00020,000150,00050,000The total final tax is:Except that if he is a non-resident citizen, the total final tax is:

Non-Resident Non-resident has a business or other interests in a region, but he is not domiciled…

Answered: A resident citizen, mamied, with two…

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

Rex, a Filipino residing in Laguna, has the following income for 2021: Compute the net income subject to regular income tax
A non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000Interest income on his bank deposit under the EFCDS ($1 = P50), $500How much is the income tax due?
The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000. 1. If May is a resident citizen, how much is her income subject to final tax? a. P175,000 b. P155,000 c. P195,000 d. P125,000 2. If May is a resident alien, how much is her income subject to basic income tax? a. P90,000 b. P20,000 c. P50,000 d. P60,000 3. If May is a resident alien, how much is her final income tax? a. P11,250 b. P16,000 c. P31,250 d. P27,250
YOU, single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, borrowed money from Vic Canilao Gudani. BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000 while Vic, a CPA by profession was assigned TIN 987-654-321-0000. Terms of the loan agreement are hereunder given: Total amount loaned - Php 100,000.00 Payable in five years Loan agreement notarized on October 1, 2020 what is the DST payable?
1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then takes the $1 million and buys U.S. government bonds with the money how would this be recorded in the US Balance of payments according to IMF standards? OA debit in the Financial Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds A credit in the Capital Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds OA debit in the Capital Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds OA credit in the Financial Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds None of the above
Kindly help me with tax in the Philippines. Thank you!
4. A, non-resident citizen, has the following income within and without the Philippines for 2018: Abroad Within the Phil 70,000 Interest income from depository bank under expanded foreign currency deposit system in Philippines Dividend income Royalty income-others Business income-net of expenses Interest income-bank deposits 90,000 50,000 200,000 30,000 60,000 40,000 300,000 40,000 What is the total final income tax due of A?
Rex, a Filipino residing in Laguna, has the following income for 2021: Compute the income subject to regular income tax he has stayed abroad from March 15, 2020 to August 31, 2021.
Based on Philippines Stan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above transaction is A.P 400,000 Final Tax B.P 500,000 Final Tax C.P 490,000 Income Tax D.Tax Exempt
A non-resident alien not engaged in trade or business derived P 50,000 interest income from his long-term bank deposit in the Philippines. How much is the income tax due of the said alien? P 5,000 P 12,500 P 10,000 Nil
The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax. Net income from the Philippines P520,000 Net income from Indonesia 400,000 Capital gain on sale of land in the Philippines on a Selling price of P4,000,000 4,000,000

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