Compensation income, Philippines, P800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the taxable income?
Compensation income, Philippines, P800,000 Gross business income, Philippines, P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000 Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the taxable income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Compensation income, Philippines, P800,000
- Gross business income, Philippines, P1,200,000
- Business expenses, Philippines, P 800,000
- Gross business income, Canada, P600,000
- Business expenses, Canada, P 500,000
- Dividend income from a domestic corporation, P 60,000
- Dividend income from foreign corporation, P 50,000
- Interest income from peso bank deposit, Philippines , P 30,000
- Interest income from bank deposits, Canada, P 40,000
- Interest income from FCDS deposits, P 50,000
- Royalty income from literary works, P 35,000
- Raffle draw winnings, Philippines, P 10,000
- PCSO Lotto winnings, P 200,000
- Creditable withholding taxes on business income, P 125,000
Based on the following data above, what is the taxable income?
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