Cong, single, had the following data for 2021 taxable year: Gross business income, Philippines, P1,000,000.00 Gross business income, USA, P500,000.00 Business expenses, Philippines, P700,000.00 Business expenses, USA, P430,000.00 Compensation income, Philippines, P600,000.00 Dividend income from a domestic corporation, P50,000.00 Dividend income from a foreign corporation, P40,000.00 Interest income from peso bank deposit – Philippines, P20,000.00 Interest income from bank deposits abroad, P30,000.00 Interest income from FCDS deposits, P40,000.00 Royalty income from composition, P25,000.00 Raffle draw winnings, P10,000.00 PCSO winnings, P200,000.00 Creditable withholding taxes on business income, P125,000.00 Required: 1. Net Taxable Income 2. Total final taxes on passive income 3. Income Tax Payable
Cong, single, had the following data for 2021 taxable year:
Gross business income, Philippines, P1,000,000.00
Gross business income, USA, P500,000.00
Business expenses, Philippines, P700,000.00
Business expenses, USA, P430,000.00
Compensation income, Philippines, P600,000.00
Dividend income from a domestic corporation, P50,000.00
Dividend income from a foreign corporation, P40,000.00
Interest income from peso bank deposit – Philippines, P20,000.00
Interest income from bank deposits abroad, P30,000.00
Interest income from FCDS deposits, P40,000.00
Royalty income from composition, P25,000.00
Raffle draw winnings, P10,000.00
PCSO winnings, P200,000.00
Creditable withholding taxes on business income, P125,000.00
Required:
1. Net Taxable Income
2. Total final taxes on passive income
3. Income Tax Payable
*Kindly provide calculations and explanation. Thanks!
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