Question
Determine his income tax due.? How much is the total final tax due? . A taxpayer who is a resident entrepreneur with a legitimate child,
Determine his income tax due.?
How much is the total final tax due?
. A taxpayer who is a resident entrepreneur with a legitimate child, illegitimate child, and a senior citizen dependent, furnished us his financial data for the taxable year 2019 as follows: Salary from employment, gross annual, P70,000 Allowances from employment, gross annual, P5,000 Commission income from employment, P20,000 Interest income on bank deposit, P4,000 Cash dividend, P8,500 Gross business income, P930,000 Other income (15% pf other income is income exempt), P80,000 Business expenses, P480,000 10% of the above expenses are not deductible
received P100,000 interest, net of the applicable final tax, from BPI. How much is the final income tax on the said interest? (Final tax on certain passive income)
earned P250,000 interest income under the expanded foreign currency deposit system. How much is the final tax on the interest? a composer of the hit song "Kulay Rosas Sana Ang Bukas." In 2022, she earned P10,000,000 royalty fees. How much is the final tax on these royalty fees?
a non-resident alien engaged in trade or business, owns 1,000,000 shares of MWC, Inc. In 2022, MWCI declared P0.30 dividends per share. How much is the final tax on the dividends?
a resident citizen, had the following income and expenses. Interest from savings deposit, BPI, P50,000 Interest under the expanded foreign currency deposit system, P75,000 Interest on Government bonds, P30,000 Interest on 7-year deposit substitute, P70,000 Gain from sale of bonds (maturity is 6 years), P5,000 Royalties on books, Philippines, P100,000 Royalties on Books, USA, P30,000 PCSO and Lotto winnings, P10,000 Prize in a literary contest he joined, P100,000 Prize received for achievement in literature (did not join the contest), P10,000 Dividends from BDO, P40,000 Dividends from Wal-Mart, USA Corp, P80,000 Tax informer's reward, P500,000 Winnings from illegal gambling, P15,000
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Answer To determine the income tax due for the taxpayer we need to calculate the taxable income first and then apply the appropriate tax rates based o...Get Instant Access to Expert-Tailored Solutions
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