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1 Y received the following items of income during the taxable year: If Y is a resident citizen, how much is the total income subject
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Y received the following items of income during the taxable year: If Y is a resident citizen, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). * Within Without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent income 600,000.00 200,000.00 Interest income 60,000.00 40,000.00 Y received the following items of income during the taxable year: If Y is a resident alien, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). * Within Without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rentincome 500,000.00 200,000.00 Interest income 60,000.00 40,000.00 0 [31,300,000 0 P1,740,000 O P1,700,000 O P1,200,000 Bronx Corporation, a domestic corporation engaged in merchandising business, sold its parking lot for P3,500,000 payable on installment. The lot was previously acquired for P2,800,000. The buyer was required to make a down payment in the amount of P200,000. The buyer has outstanding unpaid balance of P2,700,000 as of December 31 of the taxable year 2020. Compute the gross income in 2020 using the installment method. * O P160,000 P120000 P40,000 OOO Installment method does not apply Y received the following items of income during the taxable year: If Y is a resident citizen, how much is the total income subject to Philippine income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). * Within Without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent income 600,000.00 200,000.00 Interest income 60,000.00 40,000.00Step by Step Solution
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