Y received the following items of income during the taxable year: If Y is aresident alien, how much is the total income subject to regular incometax? (Within means earned within the Philippines, without means earnedoutside of the Philippines).WithinWithoutBusiness Income400,000.00200,000.00Professional Fees200,000.00100,000.00Rent income600,000.00200,000.00Interest income60,000.0040,000.00P1,800,000P1,740,000P1,700,000O P1,200,000

The question is related to taxation. In the given question Y is a resident of Philippines and his…

Answered: Y received the following items of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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?
The executor of Niel, a Canadian in the Philippines, provided details of his properties in correction with the processing and payment of his estate tax: Philippines Canada Gross Estate 5,000,0000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 200,000 How much is the allowable Estate tax payable?
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