VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero
Q: An alien received P400,000.00 rental income from his property abroad and P200,000.00 compensation…
A: Income tax is the amount which is to be paid by the income earner as per the tax brackets. These tax…
Q: total income subject to Philippine Tax
A: The income from sources outside Philippines is not taxable in the hands of non resident citizens of…
Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…
A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: 20. A taxpayer is employed by a shipping company touching Philippine and foreign ports. In 2018, he…
A: The gross income will be considered as per the stay of the vehicle. Hence the gross income will be…
Q: A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data…
A: The capital gains tax is a tax levied just on profit made on a sale of an investment. When you sell…
Q: A VAT-taxpayer made the following sales during the year: Domestic Sales P100,000 Export Sales…
A: From manufacture through the point of sale, value-added tax (VAT) is collected on a product at every…
Q: Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income…
A: Government charges tax from individuals and other entities with a view to finance the…
Q: A resident citizen has the following data on income and expenses in 2018: Gross…
A: Instead of tracking all of your expenses to determine your net expense, you can simply claim that…
Q: A loaned B P100,000.00, which in turn produced an interest of P6,000.00 per annum. All else being…
A: A loaned B amount of P100,000 and interest produced = P6000 so, the income tax payable of A for the…
Q: A non-resident alien not engaged in trade or business derived P 50,000 interest income from his…
A: The benefits of tax exemption is not applicable in case of non resident alien not engaged in…
Q: A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and…
A: Answer: Compensation Income for services rendered in Makati = P 1,200,000 = Taxable Rental…
Q: 20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000…
A: Taxable income is the income on which the individual, resident of the country require to pay the…
Q: Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income…
A: Taxable incomes which are chargeable at the rates of the ordinary income taxes is the income only…
Q: Taxpayer is a VAT registered with the following data for August 1, 2021 vat not included: Sales,…
A: The Value Added Tax (VAT) is an indirect tax on the sales and purchase of the goods and…
Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…
A: Tax liability refers to the actual amount due to the revenue collection authority by the income…
Q: tent 12 months P 4,600,000 1.920,000 140,000 10 An insi month 700,000 200.000 Premiums from life…
A: VAT payable is mentioned on the invoices which is forwarded to the customer or in short, it is…
Q: Philippines - P700,000 Foreign - 400,000 Expenses: Philippines - 380,000 Foreign - 220,000 %3D
A: Answer: The taxes of Philippines tax non resident alien only for the income that is earned in…
Q: 20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000…
A: The resident citizen taxed worldwide income. The compensation income is taxable on the progressive…
Q: An alien received P200,000 compensation income in the Philippines and P300,000 rental income from…
A: Income tax is a form of direct tax which is being payable on amount of income earned by the…
Q: 9. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000…
A: 9. A citizen of the Philippines is allowed a full tax credit of the foreign tax paid by the citizen…
Q: Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales,…
A: Taxable net income is the amount of earnings on which tax liability is determined. The taxable…
Q: J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange…
A: Here discuss about the details of the computation of VAT payable for the purchase on importation and…
Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…
A: Foreign tax credit Along with deduction and exemption, the foreign tax credit is one of the three…
Q: . If X is a domestic corporation, how much is the taxable income and income tax due in the…
A: The Personal Income Tax Rate in the Philippines is a tax that is levied on many forms of income,…
Q: 4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by a VAT at the rate…
A: given that, Mahmood buys a commodity from the wholesaler at OMR1200 Mahmood sells a commodity at…
Q: what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000…
A: Non Resident Foreign Corporation A Non Resident Foreign Corporation is one which does not have any…
Q: Sale of personal clothing for P10,000 by a foreign non-business seller to a resident non-business…
A: Concept of Consumption tax
Q: 21. A resident alien has a net business net income of P2,200,000 in the Philippines and P1,250,000…
A: A resident of the Philippines has to pay income tax on worldwide income. The income tax is payable…
Q: Based on the below data, answer as required: WITHIN OUTSIDE Gross…
A:
Q: The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up…
A: Income Tax Computation for an income of M125000: Income Tax = (10% x M70000) + (16% x M55000) =…
Q: Compute for the capital gains tax
A: Capital gains tax is the tax amount which has to be paid to the government on the gains which has…
Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…
A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the…A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and rental income of 100,000HKD from his properties in Hongkong. Assuming 1HKD is equivalent to 6.5PHP, how much will be subject to Philippines income tax? a.P1,850,000b.P1,200,000c.P650,000d.0. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:
- The taxpayer had the following data at the end of the current year: Philippines South Korea Gross profit from sales P3,000,000 P10,000,000 Interest from FC bank deposit 20,000 40,000 Royalties from patents 60,000 100,000 Dividends from domestic corporation 50,000 0 Prizes 12,000 0 Operating expenses 2,000,000 5,000,000 Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be: P1,000,000 P6,282,200 P6,000,000 P6,140,00020. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000 from abroad. Compute the income tax due * О а. Р 320,000 ОБ.Р310,000 О с. Р 300,000 O d. 09. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000 income taxes abroad. Compute the allowable tax credit for the income taxes paid abroad. с. Р 45, 000 d. P 55, 000 а. РО b. Р 40, 000 10. In the preceding problem, what is the tax credit if the taxpayer was a non-resident citizen or a resident alien? с. Р 45, 000 d. P 55, 000 а. РО b. P 40, 000
- pls help will rate u high for the answersA non-resident alien not engaged in trade or business derived P 50,000 interest income from his long-term bank deposit in the Philippines. How much is the income tax due of the said alien? P 5,000 P 12,500 P 10,000 NilJ, VAT registered taxpayer, had the following data on importation in 2022:Invoice cost (exchange rate $1: P46), $56,500Custom duties, 12%Freight, P200,000Insurance, P280,000Other charges before release from customs house, P70,000Facilitation fee, P100,000Freight from customs house to warehouse (net of VAT), P120,000The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after itsdelivery to the warehouse.How much is the VAT Payable?
- Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.Please show the solution21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000