An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a resident alien

An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a resident alien

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 27CE

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INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a nonresident alien not engaged in trade or business ?
. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:
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Please answer this questions I need help from your accounting expert. Help me. Please answer this questions by referring to the tax table on second image as given. !@@#$%^*(&@$^**@#$%^%#^&%$$%^&###########%$###$$
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24. Use the following information to answer the next two questions a) b) Bill has the following income and expense statement: C d) Income Salary Bonuses Rental income Capital gains Canadian dividends EI benefits Expenses Pension adjustment $0 Childcare expenses $1,500 RRSP contribution $2,700 Charitable donation $500 What is Bill's taxable income for Year 2? Year 2 $22,550.50 $27,400.00 $27,340.00 $31,987.45 $15,000 $500 $200 $16,000 $31500 Year 1 $67,000 $8,000 $600 $200 $2,600 $1,500 $5,200 $500 income - Expenses 31500 $4700 27340 $4700 = $27340
How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000
If Lorna Da Ganda is a resident citizen and is earning compensation income and business income for 2018 with the following details: Compensation income of Php1,400,000 and Gross sales of Php2,800,000 and Cost of Sales of Php1,200,000 and Operating expenses of Php650,000 and Withholding tax on compensation income of Php310,000 and other creditable withholding taxes of Php80.000; how much is the income tax due and payable of Lorna Da Ganda for the year 2018? * Php184,000 O Php 212,000 Php 95,000 Php144,000
Select the best answer. Which item of income has been constructively received by an individual taxpayer? O O O A. An increase in the value of stock owned estion Q 13 B. A check received for payment of services, but which has not yet been deposited C. Wages earned the last week of December but not paid until January of the following year O D. A line of credit available, but not yet drawn on Submit Answers 95% Complete
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Taxation Naga Tiddug applied and was hired as a cashier in Bagsakan Corporation. After saving enough money, he enrolled in the University of Saint Louis as an accountancy student. For 2021, he earned and incurred the following Salaries, net of: 162,000 SSS premium contribution -3600 Philhealth premium contribution -2400 Pag-ibig premium contribution- 3k Health and hospitalization premium contribution -2k Union dues- 3k Creditable withholding taxes-6k SSS loan- 10k Productivity bonus-12k Achievement award-cash -12k 13th month pay- 16k Christmas bonus- 16k Expense incurred: Tuition fee, board and lodging and other living expenses- 40k Medical expenses 10k Required A. How much is the non-taxable income of Naga? B. How much should be Naga's deductible expenses? C. How much is the taxable income of Naga? D. How much is the tax still payable (or refundable) of Naga?