Question
Compute for the final income tax due given the following scenarios on passive income. Mark Remus has the following data on his passive income the
Compute for the final income tax due given the following scenarios on passive income.
Mark Remus has the following data on his passive income the current year:
| Philippines | Abroad |
Interest income from long-term peso bank deposits | P 45,000 | P 25,000 |
Interest income from long-term Foreign Currency Deposit Unit (FCDU) deposits | P 50,000 | P 60,000 |
Royalties from books | P 20,000 | P 30,000 |
Royalties from computer programs Winnings from an electronic raffle during Smart Communications 50th Anniversary | P 20,000 | P 40,000 |
(chosen randomly by the network using Smart subscribers sim card numbers) | P 10,000 | P - |
Dividend income from a domestic corporation | P 27,000 | P 13,000 |
Dividend income from a foreign corporation | P 33,000 | P 22,000 |
Requirements:
- Assuming that Mark is a resident citizen, compute for his total final income taxes from his passive income.
- Assuming that Mark is a resident alien, compute for his total final income taxes from his passive income.
- Assuming that Mark is a non-resident citizen, compute for his total final income taxes from his passive income.
- Assuming that Mark is a non-resident alien engaged in trade or business, compute for his total final income taxes from his passive income.
- Assuming that Mark is a non-resident citizen alien not engaged in trade or business, compute for his total final income taxes from his passive income.
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