How much is the total income tax expense of Ana for the year? *
Q: Carl received the following passive income in 2019: (in Peso) Interest, peso deposit, BPI…
A: The term "passive income" refers to money earned without active participation. Cash flow from rental…
Q: The following interest income are earned by May during the year: a. Interest income earned from bank…
A: 1. her income subject to final tax = 80,000 + 75,000 + 40,000 = 1,95,000 ( C)
Q: 1. Ana (resident citizen), earning compensation income and from self-employment, provided the…
A: The income of an individual generated from compensation and self-employment is calculated on a…
Q: Manny Pacquiao borrowed money from Mayweather in the amount of Php 1 Million with an interest rate…
A: The source of the interest income of Mayweather is Within Total income considered under Total…
Q: An individual (Resident citizen) earning compensation and business income provided the following…
A: Basic salary (Net of withholding tax) 400,000 Withholding tax on salary 30,000 Director's fee…
Q: taxable income
A: Correct Answer :- 4 ( P29,000,000 )
Q: Jen is a resident citizen who had the following information for the taxable year: P100,000 interest…
A: Total Income Calculation of the total income for the purpose of taxation is to be determined by…
Q: Katya Corporation had the following data in 2022: Gross Income, Philippines 600,000 Gross Income,…
A: 1) Domestic Corporation Particulars Amount (P) Gross income, Phillipines 600000 Less:…
Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…
A: The income tax is payable on the earned income. The tax rates in Country P are different for the…
Q: tan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above…
A: The tax on prizes and winnings is calculated using a flat rate as specified by the tax laws of…
Q: BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax…
A: Income tax due is the amount which is due to the taxpayer which have to be paid to the government…
Q: Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance…
A: Taxes are the charges levied by the state and central government on total income generate by an…
Q: Jane received $1,530 of dividends from a foreign public corporation. $270 in foreign tax was…
A: Canadian residents getting the DTC against the dividend. Which they were getting from the government…
Q: Mr. Jerico, a nonresident Filipino actor, shot his movie under Star Cinema, Inc. (domestic…
A: The taxability of an income is based on the residential status of the individual. The ordinary…
Q: red in Cavite, P120,000. The sale was perfected in Hong Kong. Business income of a service business…
A: Total income liable to income tax -If Resident citizen, In case of resident CitizenIncome earned…
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: Juan, resident citizen, had the following income: Interest income from deposits in a foreign bank…
A: Answer: The income that is earned within Philippines are taxable within Philippines. Any income…
Q: A taxpayer received during the taxable year the following passive income derived from within the…
A: The income is the income earned without the use of time and labor of the taxpayer. Passive income…
Q: Gross Sale 400,000 100,000 Cost of Sale Long term capital gain Short term capital loss Dividend from…
A: Taxable Income:- It is an income that is liable to pay tax to the government bodies as per the rules…
Q: ,000 and a net income from business of P700,000 for a year. Compute for the total income subject to…
A: Income is the sum value of money collected by an entity through multiple sources in a particular…
Q: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable…
A: Calculation of Tax Credit Allowed: Foreign Estate tax paid = P600,000 Estate Tax Credit = (Net…
Q: Brianna (resident citizen), earning compensation income and from self-employment, provided the…
A: Here discuss about the details of business tax due and its total amount of tax which are payable…
Q: Corporation owns a residential house with a fair market value of $10,000,000 and a carrying amount…
A: Fringe benefits tax refers to the tax levied by the authoritative government over the perks received…
Q: How much is the income from sources within? Gross Income from the practice of profession as CPA in…
A: The income which has derived from the properties held in or any kind of activities undertaken in the…
Q: Mr. Jin, a non-resident alien stockholder, received a dividend income from a resident foreign…
A:
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: The Amendment considers an American citizen to be a resident of America if he or she is not subject…
Q: 38 PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting…
A: Taxable Income Taxable Income means the part of income that is subject to taxes. It is calculated by…
Q: INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide…
A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: Income tax is the tax levied on the total income generated during the accounting period by the state…
Q: FFF is a Filipino CPA. She is an employee of XXX Corporation and owner of www Accounting Services.…
A: Calculation of Net income Particular Amount Amount Gross compensation income 900,000…
Q: Assuming Emman is a domestic corporation, compute the total income subject to Philippine income tax.…
A: Total income Subject to philippine income tax assuming Jasmine is a resident Citizen.... So, the…
Q: China Airlines Inc., a resident foreign corporation, has the following data for the taxable year…
A: SOLUTION- PASSENGER ORIGINATING FROM PHILIPPINES AND CARGOES ORIGINATION FROM PHILIPPINES ARE…
Q: Within without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent…
A: a person who is not a citizen of Philippines is recognised as alien. it is regardless of whether…
Q: he executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…
A: Answer: Niel is citizen of Philippines He has income from both Philippines and Canada Philippines…
Q: Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income…
A: The answer is stated below:
Q: 3. A resident citizen of the Philippines had the following data for the calendar year 2019: * Gross…
A: Tax is considered as the amount that is paid by the taxpayer to the state or local government from…
Q: From the following details of sale of a principal residence located in the Philippines by a resident…
A: Calculation of capital gain liability are as follows.
Q: Compute for the tax due of the following self-employed individuals: PHILIPPINES 1. John Wick…
A: 1. John Wick operates books stores and renders services as professional broker. In 2018, Gross sales…
Q: A resident citizen, mamied, with two dependent children, received the following income: Business…
A: Non-Resident Non-resident has a business or other interests in a region, but he is not domiciled…
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: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…
A: Tax is a charge on the income which is to be paid towards government by the tax payer. Estate tax is…
Q: A resident citizen has a compensation income of P2,280,000 within the Philippines and P1,370,000…
A: As the person is resident Therefore Income from abroad also taxable in Phillipans WOrking Notes are…
Q: Rylie fhad the following income and expenses for the year: ( he is from Philippines) Compensation…
A: The ascertainment of gross income for a resident or citizen of any country is about ascertaining the…
Q: ase problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Rylie fhad the following income and expenses for the year: ( he is from Philippines) Compensation…
A: The gross income ascertainment differs through the residential status of the taxpayer. The…
Q: Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. *…
A: Resident Citizen receiving income from sources within or outside the Philippines will be included in…
Q: Case problem An individual taxpayer provided the following information in 2020 as follows: Gross…
A: An individual tax payer provides the information in 2020 are : Gross business income, Philippines =…
Q: Based on the below data, answer as required: WITHIN OUTSIDE Gross…
A:
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: Dynasty Corp. just completed its third year of operations. It has the following financial…
A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…
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 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
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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 P652,000Dakota, 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 P358,000Dakota, 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
- problem 2 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 bank deposit under FCDS 120,000Gain 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%?Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: P 1,800,000 2,800,000 1,125,000 Compensation income Sales Cost of sales Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as Capital asset with cost P1.5M when zonal is P1.2M 500,000 650,000 80,000 120,000 How much is her total income tax expense assuming she opted to be taxed at 8% P321,500 O P788,500 O P808,000 O P652,000The 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
- 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?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 1,100,000.00The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax. Net income from the Philippines P520,000 Net income from Indonesia 400,000 Capital gain on sale of land in the Philippines on a Selling price of P4,000,000 4,000,000
- 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.China Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines P 1,800,000 Passengers airfare from the Philippines to China 1,500,000 Airfare for cargoes from China to the Philippines 700,000 Airfare for cargoes from the Philippines to China 1,300,000 Compute the income tax payable.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