Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6.Mr. George Hames is a Syrian and a resident of Damascus, Syria. He requested you to file his Philippine income tax return for 2020. The

6.Mr. George Hames is a Syrian and a resident of Damascus, Syria. He requested you to file his Philippine income tax return for 2020. The following information were forwarded to you:

Gross income from Philippines

Interest income from BPI bank depositsP3,000,000

Dividend income from domestic corporations500,000

Less: Expenses(300,000)

Net income in the Philippines3,200,000

Add: Net income in Syria (Peso equivalent)5,000,000

Total net incomeP8,200,000

Taxable income you will report is:

P0

P3,500,000

P3,000,000

P3,200,000

7.Pedro, a resident citizen, received the following during 2020:

Proceeds from copyright royalty, net of taxP11,250

Proceeds from mineral claim royalty, net of tax12,000

Share from trading partnership, net of withholding tax270,000

How much is the total final tax on Pedro's income?

P50,000

P31,250

P4,250

P34,250

8.Pedro, a resident citizen, received the following during 2020:

Proceeds from copyright royalty, net of taxP11,250

Proceeds from mineral claim royalty, net of tax12,000

Share from trading partnership, net of withholding tax270,000

How much is the income tax still due and payable of Pedro in 2020?

P50,000

P0

P31,250

P34,250

9.A taxpayer received in 2018 the following passive income within Philippines, net of applicable tax, if any:

Interest on bank deposit under FCDUP212,500

Royalty on books94,500

Dividend income from a domestic corporation144,000

If taxpayer is a resident alien, the final tax on the above passive income would amount to

P46,500

P84,000

P41,194

P64,000

10.A taxpayer received in 2018 the following passive income within Philippines, net of applicable tax, if any:

Interest on bank deposit under FCDUP212,500

Royalty on books94,500

Dividend income from a domestic corporation144,000

If taxpayer is a non-resident alien engaged in business, the final tax on the above passive income would amount to

P64,000

P46,500

P84,000

P41,194

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Robert Hurt

2nd Edition

78111056, 978-0078111051

More Books

Students also viewed these Accounting questions