Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 Cost of sales 1,125,000 Business expenses 650,000 Interest income from peso bank deposit 80,000 Interest income from bank deposit under FCDS 120,000 Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is the total income tax of Ana assuming she opted to be taxed at 8%?

Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 Cost of sales 1,125,000 Business expenses 650,000 Interest income from peso bank deposit 80,000 Interest income from bank deposit under FCDS 120,000 Gain on sale of land in the Philippines held as capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is the total income tax of Ana assuming she opted to be taxed at 8%?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 18P

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Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Dakota, 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 of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000
Dakota, 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
Based on the below data, answer as required: WITHIN OUTSIDE Gross Income P8,000,000 P4,000,000 Business Expenses 5,000,000 3,000,000 Sale of land and warehouse (cost P2M) 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 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 P6,140,000
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales, Philippines 1,000,000.00 Cost of goods sold, Philippines 300,000.00 Interest from bank deposits, Philippines 200,000.00 Interest from bank deposits, Abroad 100,000.00 How much is the taxable net income using itemized deduction? O 1,300,000.00 1,000,000.00 800,000.00 O 1,100,000.00
2. Individual earning income purely from business/profession Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines - Sales Less: Cost of sales Gross income Less: Operating expenses Net income from operation Add: Other non-operating income Taxable income - Philippines Abroad - country X Taxable income Income tax paid P21,000,000.00 12,600,000.00 8,400,000.00 5,250,000.00 3,150,000.00 1,050,000.00 4,200,000.00 2,688,000.00 940,800.00 Required: Compute income tax still due or payable after tax credit for year 2023.
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
Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.
How much is the income from sources within?Gross Income from the practice of profession as CPA in the Philippines, P220,000;Rent on a building located in Makati, net of 5% withholding tax, P95,000;Rent on a commercial building located in USA, P70,000;Interest income, debtor resides in Hongkong, P10,000;Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;Royalties received from Ford Motors for use of patents in the USA, P30,000;Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;