Professional Fees                  100,000                  50,000                 Compensation Income          400,000                    ---                 Rent Income                            300,000                 200,000                 Interest Income                       30,000                  40,000  If Sarah is a resident citizen, how much is the total Income subject to Philippine Tax?   2. For data given on no.1, if Sarah is a resident alien, how much is the total Income subject to Philippine Tax? 3. For data given on no. 1, if Sarah is a resident corporation, how much is the total Income subject to Philippine Tax?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

1. Sarah has the following items of Income:

                                                            Philippines                Abroad

                Business Income                P200,000                P100,000

                Professional Fees                  100,000                  50,000

                Compensation Income          400,000                    ---

                Rent Income                            300,000                 200,000

                Interest Income                       30,000                  40,000

 If Sarah is a resident citizen, how much is the total Income subject to Philippine Tax?

 

2. For data given on no.1, if Sarah is a resident alien, how much is the total Income subject to Philippine Tax?

3. For data given on no. 1, if Sarah is a resident corporation, how much is the total Income subject to Philippine Tax?

4. For data given on no. 1, if Sarah is a domestic corporation, how much is the total Income subject to Philippine Tax?

Expert Solution
steps

Step by step

Solved in 5 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education