Gross income from business (gross of P12, Business Expenses Royalty from books Gain on direct sale to buyer of shares of sto domestic corporation held as capital asset Loss on sale of land in the Philippines held capital asset with cost of P1,500,000 when the zonal value is P1,200,000 w much is the total income tax expense of Ana?

Gross income from business (gross of P12, Business Expenses Royalty from books Gain on direct sale to buyer of shares of sto domestic corporation held as capital asset Loss on sale of land in the Philippines held capital asset with cost of P1,500,000 when the zonal value is P1,200,000 w much is the total income tax expense of Ana?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transact Ions

Section: Chapter Questions

Problem 29P

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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 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 P652,000
Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset 70,000 Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 500,000 How much is the income tax payable of Ana? Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books…
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!
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
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 expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
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 P652,000
A resident and citizen of the Philippines had a compensation income (net ofexclusions) of P200,000 and a net income from business of P700,000 for a year.Compute for the total income subject to Philippine Tax.
A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains tax.
China Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines P 1,800,000 Passengers airfare from the Philippines to China 1,500,000 Airfare for cargoes from China to the Philippines 700,000 Airfare for cargoes from the Philippines to China 1,300,000 Compute the income tax payable.
U.S. International Corporation (USIC), a U.S. taxpayer, has investments in Foreign Entities A-G. Relevant Information for these entities for the current fiscal year appears in the following table: Entity Country % Owned Activity Income before tax ($ millions) Income Tax Rate Dividend Withholding tax Rate Net Amount Received by Parent ($ millions) USIC United States 35.00% Argentina Brazil Canada Hong Kong 100% Liechtenstein 100% A B C D E F G 100% 100% 100% 51% Japan New Zealand 60% Manufacturing $10.00 Manufacturing $1.00 Manufacturing $2.00 Manufacturing $3.00 Investment $2.00 Distribution $3.00 Manufacturing $2.00 $4.00 Banking 35.00% 34.00% 26.00% 16.50% 10.00% 38.00% 28.00% 0% 0% 5% 0% 4% 5% 5% $0.20 $2.50 $1.00 $1.50 S- $0.50 $1.00 Additional Information 1. USIC's $10 million income before tax is derived from the production and sale of products in the United States. 2. Each entity is legally incorporated in its host country other than Entity A, which is registered with the…
Based on the below data, answer as required: WITHIN OUTSIDE Gross income 8,000,000 4,000,000 Business expenses 5,000,000 3,000,000 Sale of land and warehouse (cost 2m) 3,000,000 - a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
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%.