Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner.

Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 2BCRQ

See similar textbooks

Related questions

Q: Consider the following information: A (Click the icon to view the taxpayer information.) Requirement…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Franklin Stewart arrived at the following tax information Gross salary Interest earnings Eligible…

A: Taxable income is used to calculate a taxpayer's tax burden. The tax must be paid to the tax…

Q: a. Assume that Eva is concidered to be an employee. What amount of FICA taxes is she required to pay…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Which of the following is a true statement? Multiple Choice Rental expenses are deducted for AGI but…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

Q: Which of the following statements is incorrect on winnings of a resident citizen?

A: Income tax is defined as the compulsory charge being levied upon the incomes of various sources by…

Q: 1:An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date…

A: Explanation1. Calculation for the U.S. Virgin IslandsStep 1: Calculate the total taxable earnings…

Q: are Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information…

A: Solution: Calculation for Income Tax Particulars Amount ($) Income from Salary 90,000 Less:…

Q: who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local…

A: The question is related to taxation and civil law.

Q: A taxpayer must report the full amount of gambling winnings on Schedule 1, line 8. How are gambling…

A: Gambling Losses shall be allowed as an itemized deductions on Schedule, subject to certain…

Q: I am stuck on the Self-Study Problem 2.9 in 2019 Income Tax Fundamentals. I am suppose to on #1…

A: Form 1040 is an official document used by taxpayers to file their income tax return. Form 1040…

Question

Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC?

a. Salary received by a managing director of a general professional partnership.

b. A passive income in the form of a prize win in a raffle amounting to P4,000.00.

c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner.

d. A gain on sale of a real property for private use of the family of the taxpayer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Non Resident Aliens and Foreign Corporations

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayer
Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporation
Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?
Which of the following may be exempt from Canadian withholding tax when paid to a non-resident? a. dividends b. interest paid to an arm's-length party c. Pension benefits d. Registered retirement income fund payments
A taxpayer received during the taxable year the following passive income derived from within the Philippines.Interest on bank deposit under FCDU (net), P170,000Royalty on a software application (gross), P95,000Dividend income from domestic corporation (gross), 150,000If the taxpayer is a non-resident alien engaged in business, what is the amount of Final Tax from the above passive Income?
Which of the following taxpayers is taxable on income from all sources within and outside the Philippines? a) Domestic corporation b) Resident foreign corporation c) Resident citizen d) Both "a" and "c"
Taxpayers who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local transportation, and incidental expenses in full. b.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is outside the United States. c.Can take a tax deduction only for the personal part of the trip. d.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is within the United States.
The winnings of a resident alien from abroad is * a. subject to regular tax. b. subject to final tax. on C. subject to either final or regular tax. d. not subject to Philippine income tax.
Which of the following statements is incorrect on winnings of a resident citizen? a. Lotto winnings in the United States is subject to income tax in the Philippines d. Winnings in a raffle draw sponsored by a cigarette company is subject to tax based on the schedule of rates in the tax table if the amount involved does not exceed P10,000. c. Winnings of brand new cars in a raffle draw sponsored by SM are taxable b. Lotto winnings sponsored by the Philippine Charity Sweepstakes Office is taxable subject final tax
Taxation NOTE: Compute the Percentage payable, if any. Disregard any penalty, if any. Relevant information: YOU are single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila As a nonVAT-registered taxpayer engaged in trading, the BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000. As a person exempt from VAT due to not meeting the VAT threshold of Php 3 Million, YOU have made available the following transactions during the 3rd quarter of 2020. Total gross receipts for the July - Php 100,000.00 Total gross receipts for the August - Php 200,000.00 Total gross receipts for the September - Php 300,000.00 You opted for graduated tax rate
According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 4: Berta JimenezBerta Jiménez is a secretary and is divorced. Her W2 shows a salary of $60,000 and tax withheld of $6,000. Berta is a college student and paid $5,000 for her bachelor's degree tuition. She has a son who was born on March 22, 2013. Berta is an Army Veteran.
Which of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.