The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000.
The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following interest income are earned by May during the year:
a. Interest income earned from bank deposits in the Philippines, P80,000
b. Interest income earned from trade receivables, P20,000
c. Interest income earned from FCDU, P75,000
d. Interest income from government bonds, P40,000
e. Interest income earned from loans to friends abroad, P30,000.
1. If May is a resident citizen, how much is her income subject to final tax?
a. P175,000
b. P155,000
c. P195,000
d. P125,000
2. If May is a resident alien, how much is her income subject to basic income tax?
a. P90,000
b. P20,000
c. P50,000
d. P60,000
3. If May is a resident alien, how much is her final income tax?
a. P11,250
b. P16,000
c. P31,250
d. P27,250
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