A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.

A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 51P

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