Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction is A.P 400,000 Final Tax B.P 500,000 Final Tax C.P 490,000 Income Tax D.Tax Exempt
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Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction is
A.P 400,000 Final Tax
B.P 500,000 Final Tax
C.P 490,000 Income Tax
D.Tax Exempt
Step by step
Solved in 2 steps
- Which of the following income is subject to final tax if received by an individual taxpayer? I. Share of a partner in the net income of a business partnership. II. Cash divided received by a stockholder from a domestic corporation. III. Winnings in lotto. IV. Raffle prizes amounting to PHP 6,000 Choices: I, II and III I, III and IV I, II, III and IV III and IVHow much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000Stan a non-resident citizen not enganged in trade or business, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above transaction is A.P 400,000 Final Tax B.P 500,000 Final Tax C.P 490,000 Income Tax D.Tax Exempt
- US Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property taxes $6,000; DMV, $500. His state tax deduction on schedule A would be A. $14,000 B. $13,500 C. $6500 D. $10,000 E. Some other amountQuestion2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) 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 P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000A won P50,000.00 in his employer's Christmas raffle. How much is the tax payable? Group of answer choices Non-taxable No tax because it is not an income No tax. Donation. P10,000.00
- Compute taxoble income under the head Income from other sources of Mrs. X from the following data: Porticulars Amount Private tuitlon fee recelved Winning from lottery Award from KBC (a TV show) [Gross] Pension from employer of deceased husband 10,000 2,000 3.20,000 25,000 25.000 Interest on bank deposit Directors fee (Gross) 5,000 25,000 Letting out of vacant land Remuneration for checking the examiniation copy of employer's school 10,000 10,000 Remuneration for checking the examinatlon copy of CA 5,000 Income tax refund 100 Interest on income tax refund 10,000 Composite rent (related expenditures are t 5,000) 20,000 Rent on sub-letting of house property (rent paid to original owner 12,000) 2,000 Income tax paid 18,000 Payment made for personal expenses 2,000 Payment made to LIC as premlumYou determined the following tax information for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard Deduction: $12,400 Filing Single, calculate your taxable income and tax liability. Taxable Income: Tax Liability:FICA Taxes. For each of the following individuals, calculate the FICA taxes and income taxes to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA income taxes. Assume that all the individuals are single and take the standard deduction. Use the tax rates on Table 4.9. Jack earned a salary of $44,800 and received $1,250 in interest The solution this problem FICA Tax = $3,427; Income tax = $4881; total tax = $8308; tax rate = 18.0%