1. Determine the amount of basic tax if the person is classified as resident citizen2. Determine the amount of basic tax if the person is classified as non-resident citizen3. Determine the amount of final tax if the person is classified as resident citizen Gross business income, Philippines4,000,000Gross business income, Singapore3,000,000Business expenses, Philippines1,500,000Business expenses, Singapore1,750,000Interest income - BPI Philippines90,000Interest income - BPI Singapore70,000Dividend income from a domestic Corp.150,000Dividend income - resident foreign Corp.75,000Dividend income - non-resident foreign Corp.125,000Interest income received from a depository FCDU50,000Philippine lotto winnings10,000Philippine Charity sweepstakes winnings400,000Singapore sweepstakes winnings250,000Other winnings - Philippines50,000Prizes - Robinsons ManilaPrizes - SM manila9,00020,000Prizes - Singapore30,000Interest income from long-term deposit10,000Interest income from long-term investment (pre-terminated on5,0002nd year)Share dividend from San Miguel Corp.7,500Interest income from loans receivable10,000Royalty income from franchise100,000Royalty income from books50,000

If a person is a resident citizen then whole world income will be taxable and the final tax amount…

Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Interest income - BPI Philippines Interest income - BPI Singapore Dividend income from a domestic Corp. Dividend income - resident foreign Corp. Dividend income - non-resident foreign Corp. Interest income received from a depository FCDU Philippine lotto winnings Philippine Charity sweepstakes winnings Singapore sweepstakes winnings Other winnings - Philippines Prizes - Robinsons Manila Prizes - SM manila Prizes - Singapore Interest income from long-term deposit Interest income from long-term investment (pre-terminated on 2nd year) Share dividend from San Miguel Corp. Interest income from loans receivable Royalty income from franchise Royalty income from books 4,000,000 3,000,000 1,500,000 1,750,000 90,000 70,000 150,000 75,000 125,000 50,000 10,000 400,000 250,000 50,000 9,000 20,000 30,000 10,000 5,000 7,500 10,000 100,000 50,000

Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Interest income - BPI Philippines Interest income - BPI Singapore Dividend income from a domestic Corp. Dividend income - resident foreign Corp. Dividend income - non-resident foreign Corp. Interest income received from a depository FCDU Philippine lotto winnings Philippine Charity sweepstakes winnings Singapore sweepstakes winnings Other winnings - Philippines Prizes - Robinsons Manila Prizes - SM manila Prizes - Singapore Interest income from long-term deposit Interest income from long-term investment (pre-terminated on 2nd year) Share dividend from San Miguel Corp. Interest income from loans receivable Royalty income from franchise Royalty income from books 4,000,000 3,000,000 1,500,000 1,750,000 90,000 70,000 150,000 75,000 125,000 50,000 10,000 400,000 250,000 50,000 9,000 20,000 30,000 10,000 5,000 7,500 10,000 100,000 50,000

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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