total income subject to Philippine Tax
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- The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax.
Net income from the Philippines P520,000
Net income from Indonesia 400,000
Selling price of P4,000,000 4,000,000
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- Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Gross income Deductions Taxable income Philippines Abroad P400,000 200,000 P 200.000 P300,000 150,000 P150,000 Total P700,000 350,000 P350,000If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a resident foreign corporation.Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the above
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporationQalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 Deductions P300,000 200,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. Total 150,000 P700,000Based 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?
- The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with the processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 500,000 How much is the ESTATE TAX PAYABLEDakota, 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.Statement 1: Non-resident individual taxpayer are also subject to 15% final tax on their income from expanded foreign currency deposit system.Statement 2: There can be a 6% capital gains tax on sale of a real property in USA. True, True False, False False, Truew True, False
- A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.Emma, a U.S. resident, received the following income items for the current tax year. Identify the sourcing of each item as either U.S. or foreign. $600 interest from a savings account at a Florida bank. $5,000 dividend from U.S. Flower Company, a U.S. corporation that operates solely in the eastern United States. $7,000 dividend from Stern Corporation, a U.S. corporation that generated total gross income of $4,000,000 from the active conduct of a foreign trade or busi- ness for the immediately preceding three tax years. Stern’s total gross income for the same period was $5,000,000.22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000
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