Assuming the incomes were eamed during the effectivity of the CREATE law, how much isthe correct final withholding tax on passive income assuming further that Carlo is:NRCRCRANRA-ET Carlo received the following passive income in 2019:Interest, peso deposit, MBTCInterest, $ deposit, BDO ($10,000 x P42)Interest, deposit in Hongkong (HK$10,000 x P5)Prize (TV) won in a local lotteryPCSO winnings100,000420,00050,00050,0002,000,000300,000100,000600,000Prize won in contest in U.S.Lotto winning in U.S.Dividend, domestic companyDetermine the total final tax in 2019 assuming he is:RCNRCNRAETNRANET

CREATE Law: The Corporate Recovery and Tax Incentives for Enterprises Law is an act established by…

Answered: Assuming the incomes were eamed during…

Assuming the incomes were eamed during the effectivity of the CREATE law, how much is the correct final withholding tax on passive income assuming further that Carlo is: RC NRC RA NRA-ET

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Assuming the incomes were eamed during the effectivity of the CREATE law, how much is
the correct final withholding tax on passive income assuming further that Carlo is:
NRC
RC
RA
NRA-ET

Carlo received the following passive income in 2019:
Interest, peso deposit, MBTC
Interest, $ deposit, BDO ($10,000 x P42)
Interest, deposit in Hongkong (HK$10,000 x P5)
Prize (TV) won in a local lottery
PCSO winnings
100,000
420,000
50,000
50,000
2,000,000
300,000
100,000
600,000
Prize won in contest in U.S.
Lotto winning in U.S.
Dividend, domestic company
Determine the total final tax in 2019 assuming he is:
RC
NRC
NRAET
NRANET

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