The taxpayer is a resident citizen. Compute for the taxable income subject to REGULAR income tax given the following: GIVEN:. Тахрауer:Resident citizenIN (Phils)P550,000DescriptionOUT (Abroad)Business gross incomeBusiness expenses100,000Compensation incomeInterest income from long term bank depositInterest income from short term bank depositRoyalty incomeDividend incomeP600,0005,0002,000160,00025,00018,000COMPUTE: Taxable income subject to REGULAR income tax.

Income tax liability is the amount of tax that an individual or entity owes to the government based…

GIVEN: . Taxpayer: Resident citizen Description Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income IN (Phils) P550,000 100,000 COMPUTE: Taxable income subject to REGULAR income tax. 5,000 2,000 18,000 OUT (Abroad) P600,000 160,000 25,000

GIVEN: . Taxpayer: Resident citizen Description Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income IN (Phils) P550,000 100,000 COMPUTE: Taxable income subject to REGULAR income tax. 5,000 2,000 18,000 OUT (Abroad) P600,000 160,000 25,000

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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