Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000
Q: Carl received the following passive income in 2019: (in Peso) Interest, peso deposit, BPI…
A: The term "passive income" refers to money earned without active participation. Cash flow from rental…
Q: During the year, Mina earned the following. • Rent received during trip in Macau for properties in…
A: SOLUTION TAXABLE INCOME IS THE AMOUNT OF INCOME USED TO CALCULATE THE TAXES OWED BY AN INDIVIDUAL…
Q: 1. Ana (resident citizen), earning compensation income and from self-employment, provided the…
A: The income of an individual generated from compensation and self-employment is calculated on a…
Q: 1. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Manny Pacquiao borrowed money from Mayweather in the amount of Php 1 Million with an interest rate…
A: The source of the interest income of Mayweather is Within Total income considered under Total…
Q: BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax…
A: Income tax due is the amount which is due to the taxpayer which have to be paid to the government…
Q: Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance…
A: Taxes are the charges levied by the state and central government on total income generate by an…
Q: A, resident citizen, had the following data for 2018: Ordinary Taxable Income Gain from sale of…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data…
A: The capital gains tax is a tax levied just on profit made on a sale of an investment. When you sell…
Q: USCo incurred $100,000 in interest expense for the current year. The tax book value of USCo’s assets…
A: Interest to be apportioned to foreign-source income = Interest Expense x % of Foreign source income
Q: Gross Sale 400,000 100,000 Cost of Sale Long term capital gain Short term capital loss Dividend from…
A: Taxable Income:- It is an income that is liable to pay tax to the government bodies as per the rules…
Q: ,000 and a net income from business of P700,000 for a year. Compute for the total income subject to…
A: Income is the sum value of money collected by an entity through multiple sources in a particular…
Q: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable…
A: Calculation of Tax Credit Allowed: Foreign Estate tax paid = P600,000 Estate Tax Credit = (Net…
Q: Brianna (resident citizen), earning compensation income and from self-employment, provided the…
A: Here discuss about the details of business tax due and its total amount of tax which are payable…
Q: Mr. Jin, a non-resident alien stockholder, received a dividend income from a resident foreign…
A:
Q: a citizen and resident of the Philippines, sold to Mr. B on July 1, 2019 a piece of land held as…
A: If Buyer (Mr. B) is an individual not engaged in trade or business, the Tax calculation is as…
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: The Amendment considers an American citizen to be a resident of America if he or she is not subject…
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: Income tax is the tax levied on the total income generated during the accounting period by the state…
Q: A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and…
A: Answer: Compensation Income for services rendered in Makati = P 1,200,000 = Taxable Rental…
Q: FFF is a Filipino CPA. She is an employee of XXX Corporation and owner of www Accounting Services.…
A: Calculation of Net income Particular Amount Amount Gross compensation income 900,000…
Q: Stan a non-resident citizen not enganged in trade or business, won P 2,000,000 in a raffle draw held…
A: Winning from lottery in Singapore is not taxable as these winnings are considered as windfalls and…
Q: Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax.…
A: Total income Subject to philippine income tax assuming Jasmine is a resident Citizen.... So, the…
Q: Gross income from trading business Expenses and losses in the trading business Capital gain on a…
A: Taxable income is the part of income for which the individual or organisation is liable to pay tax.…
Q: Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax…
A: The gross estate is the total amount of assets held by the deceased person at the time of his or her…
Q: Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income…
A: The answer is stated below:
Q: 3. A resident citizen of the Philippines had the following data for the calendar year 2019: * Gross…
A: Tax is considered as the amount that is paid by the taxpayer to the state or local government from…
Q: From the following details of sale of a principal residence located in the Philippines by a resident…
A: Calculation of capital gain liability are as follows.
Q: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…
A: Estate Tax: Estate tax is charged on the estate of a person who has died and impose tax @ 6% based…
Q: A resident citizen taxpayer sold a principal residence located in the Philippines. Other data…
A: Introduction: The net price is the price at which a product or service is sold after all taxes and…
Q: How much is the total income tax expense of Ana for the year? *
A: NOTE : As per BARTLEBY guidelines, when multiple independent questions are given, then first…
Q: A resident citizen, mamied, with two dependent children, received the following income: Business…
A: Non-Resident Non-resident has a business or other interests in a region, but he is not domiciled…
Q: An individual (Resident citizen) earning compensation and business income provided the following…
A: GIVEN An individual (Resident citizen) earning compensation and business income provided the…
Q: Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been…
A: The taxable income of a taxpayer is equal to his or her total salary less any allowable tax…
Q: Emma, a U.S. resident, received the following income items for the current tax year. Identify the…
A: Answer : (1). $10,000 dividend from International Consolidated, Inc., a foreign corporation that…
Q: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…
A: Tax is a charge on the income which is to be paid towards government by the tax payer. Estate tax is…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: Ana, a self employed resident citizen for year 2018 are : Sales = P3800000 Cost of sales = P1125000…
Q: Rylie fhad the following income and expenses for the year: ( he is from Philippines) Compensation…
A: The ascertainment of gross income for a resident or citizen of any country is about ascertaining the…
Q: ase problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: During the year, Mina earned the following. • Rent received during trip in Macau for properties in…
A: SOLUTION TAX IS AN AMOUNT OF MONEY THAT YOU HAVE TO PAY TO THE GOVERNMENT SO THAT IT CAN PAY FOR…
Q: Rylie fhad the following income and expenses for the year: ( he is from Philippines) Compensation…
A: The gross income ascertainment differs through the residential status of the taxpayer. The…
Q: The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…
A: Estate tax in Philippines is a tax imposed on the event of demise of the owner of the property or…
Q: During the year, Mina earned the following. • Rent received during trip in Macau for properties…
A: A resident alien will be taxed only on the income earned by that person in Phillipines and that…
Q: A resident citizen provided the following information for 2018: Compensation income Gross business…
A: Taxable Income For calculating the taxable income in Philippines first to taken up the gross income…
Q: During the year, Mina earned the following. • Rent received during trip in Macau for properties in…
A: Total income liable to income tax -If Resident citizen Particulars Amount Rent received…
Q: How much is the income tax due assuming the taxable year is 2021? 2. Assuming the corporation is a…
A: A non-resident foreign corporation is the corporation have to pay tax to the Philippines country…
Q: Case problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: An individual tax payer provides the information in 2020 are : Gross business income, Philippines =…
Q: Based on the below data, answer as required: WITHIN OUTSIDE Gross…
A:
Q: Compute for the capital gains tax
A: Capital gains tax is the tax amount which has to be paid to the government on the gains which has…
Q: Dynasty Corp. just completed its third year of operations. It has the following financial…
A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year
|
sales |
php 2,800,000 |
|
cost of sale |
1,125,000 |
| business expenses | 650,000 |
|
interest income from peso bank deposit |
80,000 |
|
interest income from deposit under FCDS |
120,000 |
| gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 | 500,000 |
How much is the total income tax of Dakota assuming she opted to be taxed at 8%?
- P321,500
- P342,500
- P351,500
- P358,000
Step by step
Solved in 2 steps
- 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 bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Ana, 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 bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
- 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%?RM, a resident of Batangas Province had the following data for the taxable year: (Exchange rate is $1=PHP50) Philippines Abroad Salaries P 165,000 $ 2,000 Business Income P 450,000 $ 6,000 Business Expense P 120,000 $ 1,500 Interest Income: Personal Receivable P 10,000 FCDU $ 2,500 On bank deposits (20%long term) P 25,000 $ 3,000 Royalty Income (20% from books) P 22,000 $ 1,000 Prize won in contest P 10,000 Winnings from Phil. Charity Sweepstakes P 80,000 Sale of shares of stocks of a domestic corporation directly to a buyer (cost PHP 10,000) P 30,000 RM received the following dividend income during the taxable year: P70,000 from the domestic corporation, 30% of its income is attributed to its operations abroad. P60,000 from the resident foreign corporation. The ratio of its gross income in…User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000
- The taxpayer had the following data at the end of the current year: Philippines South Korea Gross profit from sales P3,000,000 P10,000,000 Interest from FC bank deposit 20,000 40,000 Royalties from patents 60,000 100,000 Dividends from domestic corporation 50,000 0 Prizes 12,000 0 Operating expenses 2,000,000 5,000,000 Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be: P1,000,000 P6,282,200 P6,000,000 P6,140,000Magdalene made the following computations of her annual financial savings from employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses Net savings for 2020 P 321,000 A P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 c. P 380,000 b. P 321,000 d. P 392,000 lead stilldeleb of strump)1. Ana (resident citizen), earning compensation income and from self-employment, provided the following data for the 1" quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset Loss on sale of land in the Philippines held as a capital asset with cost of P 1.5M when the zonal value is P 1,200,000. 70,000| 500,000 Required: a. Determine the total business tax due and payable for the first quarter. b. Determine the total business tax due and payable for the first quarter, if applicable, assuming Ana opted to be taxed at 8%.
- Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: P 1,800,000 2,800,000 1,125,000 Compensation income Sales Cost of sales Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as Capital asset with cost P1.5M when zonal is P1.2M 500,000 650,000 80,000 120,000 How much is her total income tax expense assuming she opted to be taxed at 8% P321,500 O P788,500 O P808,000 O P652,000The following are the income of a resident citizen for the period: Interest Income from an investment in a 10-year bond 40,000 Interest Income from a 5-year time deposit in Philippine bank 50,000 Interest Income from expanded foreign currency by deposit 60,000 His taxable interest income isQalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporation