1. Sharon, received the following income in 2020:

Compensation Income, Philippines (including 13^th month

pay and other benefits of P130,000)

P1,300,000

Business Income, Philippines

500,000

Business income, USA

450,000

Mandatory deductions- compensation

10,000

Expenses, Philippines

200,000

Expenses, USA

125,000

Interest on deposit with Metrobank

3,000

Interest on deposit with Bank in New York (1$=40)

$500

Cash Price won in local contest

P6,000

Cash Price won in a contest in USA

10,000

Winnings in Lotto

20,000

Winnings in lotto USA

50,000

Dividends in SMC, a domestic Company

25,000

A.How much is the taxable income if Sharon is a resident citizen. .

B.How much is the taxable income if Sharon is a non-resident citizen and no compensation in the Philippines. .

C.How much is the income tax due if Sharon is a Resident Citizen. .

D.How much is the income tax due if Sharon is a non-resident Citizen. .

E.How much is the income tax due if Sharon is a Resident Citizen and opted to 8% standard deduction. .

F.How much is the income tax due if Sharon is a non-resident Citizen, no compensation income in the Philippinesand opted to 8% standard deduction. .

Annual Income Bracket Tax Rate Tax Rate (in PHP) (2018-2022) (2023 onwards) Over But not over Basic Am ount Additional Rate Basic Amount Additional Rate 0 250, 000 250, 000 400, 000 20% 15% 400, 000 800, 000 30,000 25% 22,500 20% 800, 000 2, 000,000 130, 000 30% 1 02,500 25% 2,000, 000 8, 000,000 490, 000 32% 402,500 30% 8,000, 000 2,410, 000 35% 2,202,500 35% 7a6/e f. Graduated Tax Rate on Personal Incom e Tax Source.' Revenue Reg ul ation Na 8-2018, I mplem enting the Income Tax Provisions of Republic Act No 10963 Otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act. "