Assuming Emman is a resident alien,compute the total income subject toPhilippine income tax.*Emman has the following items of income:PhilippinesP 200,000100,000400,000300,00020,00030,000AbroadP 100,00050,000Business incomeProfessional feesCompensation incomeRent income200,00030,00010,000Interest income-bankRoyalty

The total income of emman are as follows:

Answered: Emman has the following items of…

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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ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000
2. Individual earning income purely from business/profession Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines - Sales Less: Cost of sales Gross income Less: Operating expenses Net income from operation Add: Other non-operating income Taxable income - Philippines Abroad - country X Taxable income Income tax paid P21,000,000.00 12,600,000.00 8,400,000.00 5,250,000.00 3,150,000.00 1,050,000.00 4,200,000.00 2,688,000.00 940,800.00 Required: Compute income tax still due or payable after tax credit for year 2023.
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
10. ABC Company is an operator of service equipments for overseas communications / calls. During the 3rd quarter of the year 2018, SAN JOSE, an international news services agency, made calls originating from Philippines to CANADA and paid to ABC the total gross payment for sale of services amounting to P 110,000, inclusive of all charges and taxes, if any. How much will be paid by ABC as percentage tax due for the 3rd quarter?
F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000
Problem 20. A Domestic Corporation subject to 25% RCIT had the following data on its Philippine and foreign operations in 2021: Taxable Income in the Philippines P1,800,000 1,500,000 Taxable Income from Taiwan Taxable Income from Japan 1,200,000 Net Loss from South Korea (500,000) 300,000 200,000 Quarterly Income tax paid in the Philippines Income tax paid in Taiwan Income tax paid in Japan Income tax paid in South Korea 400,000 What is the income tax still due after foreign tax credits?
A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.
Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign corporation 40,000 Dividends received from a non-resident foreign corp 30,000 • The domestic corporation is doing 40% of its business outside the Philippines. • The resident foreign corporation has been doing 60% of its business in the Philippines. • The taxpayer is a resident citizen How much dividend income is taxable? . How much is the final tax on his dividend income? Assuming taxpayer is domestic corporation, how much dividend income is taxable?
21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000
22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000
A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
Question 5) Canada, US, and China. Taxable income Net Canadian active business income manages by Canadian citizens who are in Ontario. They have activities in Net taxable capital gain royalty income interest expense Foreign Dividend salary expense Foreign tax paid for business Foreign tax paid for None business 250,000 $ 50,000 $ 15,000 $ 5,000 $ 2,000 $ 5,000 $ 75,000 $ 8,000 $ 12,000 $ How much they have to pay for Federal tax? Canada salary 45,000 $ China 5,000 $ US 25,000 $ revenue 150,000 $ 40,000 $ 60,000 $

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Emman has the following items of income: Philippines P 200,000 100,000 Abroad P 100,000 50,000 Business income Professional fees Compensation income Rent income Interest income-bank 400,000 300,000 200,000 30,000 10,000 Royalty 20,000 30,000