TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines
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A: ANSWER:- True EXPLANATION:- The Foreign Account Tax Compliance Act (FATCA) requires foreign…
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Q: ssment, sh t is manuf
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A: Answer: A resident citizen and a resident alien have a final tax of 15% on interest on foreign…
Q: The amount of foreign tax withheld on foreign source income that a taxpayer can utilize in the…
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A: The fourth statement is incorrect because mixed income earners can claim more than just the 40%…
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A:
Q: Tax credit for income tax paid or incurred to a foreign country
A: A resident citizen may be subject to foreign taxes under two possible circumstances: (1) he has…
Q: In order to simplify the tax code, current regulations require that a dollar of income earned by a…
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Q: he following individuals are required to file an income tax return, except: a. Non-resident aliens…
A: Answer: All individuals are required to file income tax return except correct answer is option ( d)…
Q: _____________________________ is a means of ensuring that the expatriate’s after-tax income in the…
A: Tax equalisation will be reflective of a type of policy in order to neutralize the impact of various…
Q: Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation…
A: Domestic corporation is subject to text on its worldwide income on the other hand foreign…
Q: Give three examples of tax evasion in the Philippines
A: Tax evasion means the act of reducing or avoiding taxes by illegal or fraudulent means.
Q: A, resident citizen, had the following data for 2018: Ordinary Taxable Income Gain from sale of…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: why transport and traveling are not allowable for tax purposes
A: Transport and traveling expenses are typically not allowable for tax purposes because they are…
Q: A non-resident alien not engaged in trade or business derived the following income from the…
A: Introduction: A non-resident is someone who resides in one country but has interests in another.…
Q: Which of the following statements is incorrect? * A. If 5% special tax on gross income is…
A: If a firm pays a special added tax then it receives benefits in some form. Gross income is the…
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A: Pn the books the Value added tax is recorded as an expense or cost in Turkey. It is considered an…
Q: Ms. Filipina A. Ko, a Filipino, works abroad. Ms. Filipina’s work requires her to be overseas most…
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Q: Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income…
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Q: compute estate tax payable for a non-resident alien in the philippines?
A: Estate tax : The tax imposed by the tax authorities on the personal or personal estate wealth of…
Q: Which of the following is NOT excluded from income? O Foreign Earned Income Gifts Scholarships O…
A: When something is excluded from income, it means that it is not considered taxable and does not need…
Q: Within without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent…
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A: Disclaimer: "Since you have asked multiple questions ina single question so we solved first question…
Q: Which of the following income derived from within the Philippines by a resident individual is not…
A: Resident citizens are taxed on their income from all sources. A person who is not a citizen of the…
Q: The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000…
A: According to the principle of reciprocity, only the taxpayer's home state will deduct income taxes…
Q: Who among the following taxpayers may avail of the optional standard deduction? Non-resident alien…
A: The Optional Standard is available for Non-resident alien not engaged in trade or business in the…
Q: 2. Assume that a resident citizen has the following taxable income from sources in the Philippines…
A: The question asked to compute the tax still due or payable after the tax credit. According to the…
Q: received by nonresident individuals from a depository bank under the expanded foreign currency…
A: The answer has been mentioned below.
Q: An alien individual whether resident or not of the Philippines is taxable only on income from…
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A: Introduction:- Discussion of issue" U.S. corporations are eligible for a foreign tax credit for…
Q: From the following details of sale by a resident citizen of his principal residence located in the…
A: It is the tax paid on transfer of a capital asset.
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Q: An alien received P200,000 compensation income in the Philippines and P300,000 rental income from…
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Q: Y received the following items of income during the taxable year: If Y is a resident alien, how much…
A: The question is related to taxation. In the given question Y is a resident of Philippines and his…
Q: Which is not subject to final tax? A. Royalties earned in the Philippines B. Rental income earned…
A: Final tax is deducted at the point of source of income generation. It is a kind of withholding tax.…
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Q: Which of the following is taxable on income outside the Philippines? Resident alien Non-resident…
A: Resident alien is a foreign national individuals residing in Phillipines who has satisfied the…
Q: Jenna paid foreign income tax of $4,961 on foreign income of $24,806. Her worldwide taxable income…
A: The objective of this question is to calculate the amount of the foreign tax credit (FTC) allowed…
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- How are foreign branch income and foreign subsidiary income taxed differently be the United States?Which of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. E. Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. F. The option to avail of the OSD shall be irrevocable for the whole taxable year. G. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net incomeAn individual taxpayer had the following results of operations during the period Philippines Japan USA Gross income P1,000,000 P1,500,000 P2,500,000 Deductions 400,000 600,000 1,000,000 Net Income 600,000 900,000 1,500,000 Taxes Paid 150,000 200,000 500,000 Determine the tax payable or overpayment if: The foreign The taxpayer is income tax paid is Resident citizen Resident Alien claimed as (1) (2) 1. Tax Expense (3) (4) 2. Tax Credit
- Jenna paid foreign income tax of $3,194 on foreign income of $15,968. Her worldwide taxable income was $125,000, and her U.S. tax liability was $31,000. Required: What is the amount of the foreign tax credit (FTC) allowed? What would be the allowed FTC if Jenna had paid foreign income tax of $6,400 instead?Determine the taxable income for the year. (PHILIPPINES)I am stuck on the Self-Study Problem 2.9 in 2019 Income Tax Fundamentals. I am suppose to on #1 enter the amount from form 1040, line 10. However, if you are filing form 2555 or 2555-ez (relating to foreign earned income), enter the amount from line 3 of the foreign earned income tax worksheet. There is not a line #10 on the 1040 provided in the book???
- A non-resident alien not engaged in business in the Philippines, but with income from the Philippines: Statement 1. is taxed at 25% of gross income from within the Philippines. Statement 2. is entitled to personal exemptions on the basis of reciprocity. Both statements are true Both statements are false Only the first statement is true. Only the second statement is true.If the decedent was a nonresident alien and his country exempts a Filipinocitizen from estate tax, how much of his assets would be subject to reciprocity? P1,000,000P800,000P600,000P350,000IndustryCo, resident in Member State A has developed a patent and is thinking of transferring this patent to its permanent establishment on the Cayman Islands. What could be the tax implications arising from such transfer?
- US Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.A U.S. citizen who is married to a nonresident alien can file a joint return as long as both spouses: O Are living overseas and do not lan Have valid Social Security numbers. Sign the return and agree to be taxed on their worldwide income. Are physically present in the U.S.Income of kind, to the extent required by any treaty obligation binding upon theGovernment of the Philippines is exempt from income taxation. a.true b.false