A taxpayer received during the taxable year the following passive income derived from within the Philippines. Interest on bank deposit under FCDU (net) P 231,250 Royalty on a software application (gross) 95,000 Dividend income RFC (gross) 150,000 If taxpayer is a non-resident alien engaged in business, the final tax on the above passive income would amount to P19,000 P 28,250 P 37,750 P 52,750

A taxpayer received during the taxable year the following passive income derived from within the Philippines. Interest on bank deposit under FCDU (net) P 231,250 Royalty on a software application (gross) 95,000 Dividend income RFC (gross) 150,000 If taxpayer is a non-resident alien engaged in business, the final tax on the above passive income would amount to P19,000 P 28,250 P 37,750 P 52,750

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transact Ions

Section: Chapter Questions

Problem 29P

See similar textbooks

Similar questions

A taxpayer received during the taxable year the following passive income derived from within the Philippines.Interest on bank deposit under FCDU (net), P170,000Royalty on a software application (gross), P95,000Dividend income from domestic corporation (gross), 150,000If the taxpayer is a non-resident alien engaged in business, what is the amount of Final Tax from the above passive Income?
Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.
Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the above
The amount of foreign tax withheld on foreign source income that a taxpayer can utilize in the computation of the foreign non-business tax credit is limited to 15% of foreign taxes paid limited to the amount of foreign taxes paid ) limited to 15% of foreign business income limited to 15% of foreign non-business income
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
D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.
.Statement 1: Non-resident individual taxpayer are also subject to 15% final tax on their income from expanded foreign currency deposit system.Statement 2: There can be a 6% capital gains tax on sale of a real property in USA. True, True False, False False, Truew True, False
Y received the following items of income during the taxable year: If Y is a resident alien, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). a. P1,800,000 b. P1,740,000 c. P1,700,000 d. P1,200,000
The taxpayer is a resident citizen. Compute for the taxable income subject to REGULAR income tax given the following:
An individual taxpayer had the following results of operations during the period Philippines Japan USA Gross income P1,000,000 P1,500,000 P2,500,000 Deductions 400,000 600,000 1,000,000 Net Income 600,000 900,000 1,500,000 Taxes Paid 150,000 200,000 500,000 Determine the tax payable or overpayment if: The foreign The taxpayer is income tax paid is Resident citizen Resident Alien claimed as (1) (2) 1. Tax Expense (3) (4) 2. Tax Credit
21. Ethel received in 2020 the following passive income within Philippines, net of applicable tax, if any: Interest on bank deposit under Foreign P212,500 Currency Deposit Royalty on books 94,500 Dividend income from a domestic corporation If Ethel is a resident alien, the final tax on the above passive income would amount to d. P84,000 а. Р41,194 b. P46,500 с. Р64,000 22. 144,000 If Ethel is a non-resident alien engaged in trade or business, the final tax on the above passive income would amount to d. P84,000 с. Рб4,000 b. P46,500 а. Р41,194
Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income from his long-term bank deposit here in the Philippines. How much is the income tax due of the said alien?