The problem is in the attached picture below. NOTE:Make sure that your solutions are complete, meaning with label and numbers. For example, do not just write P1,000,000 but instead, write House and Lot P1,000,000. Carlo, married, received the following income:Rent Income, PHRent, HongkongInterest, peso deposit, Philippine bankInterest, US $ deposit, in Philippine Bank under FCDS (amount in pesos)Interest, deposit in Hongkong bankPrize won in a local contestPrize won in a local lotteryPCSO/Lotto WinningsPrize won in contest in U.S.Lotto winning in U.S.Dividend from a domestic companyP1,000,000200,000100,000420,00050,0008,0002,000,0002,000,000300,000100,000600,000Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page77)4. Resident Citizen?5. Nonresident Citizen?6. Non Resident Alien engaged in trade or business?7. Non Resident Alien not engaged in trade or business?

Taxable income:The tax income refers to the amount on which tax liability needs to be calculated…

Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

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

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

The problem is in the attached picture below.

NOTE:

Make sure that your solutions are complete, meaning with label and numbers. For example, do not just write P1,000,000 but instead, write House and Lot P1,000,000.

Carlo, married, received the following income:
Rent Income, PH
Rent, Hongkong
Interest, peso deposit, Philippine bank
Interest, US $ deposit, in Philippine Bank under FCDS (amount in pesos)
Interest, deposit in Hongkong bank
Prize won in a local contest
Prize won in a local lottery
PCSO/Lotto Winnings
Prize won in contest in U.S.
Lotto winning in U.S.
Dividend from a domestic company
P1,000,000
200,000
100,000
420,000
50,000
8,000
2,000,000
2,000,000
300,000
100,000
600,000
Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page
77)
4. Resident Citizen?
5. Nonresident Citizen?
6. Non Resident Alien engaged in trade or business?
7. Non Resident Alien not engaged in trade or business?

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Step 1: Define taxable income:

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Step 2: Determine the taxable net income of resident citizen:

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Step 3: Determine the taxable income of nonresident citizen:

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Step 4: Determine the taxable income of non-resident alien:

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Step 5: Determine the taxable income of non-resident alien not engaged in trade and business:

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