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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X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?
problem 2 Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bank deposit under FCDS 120,000Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is the total income tax of Ana assuming she opted to be taxed at 8%?
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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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Setting: Philippines 2021
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
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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