Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

give solution ty Determine the amount if basic income tax assuming the individual is classified as resident citizen. Gross business income, Philippines 4,000,000 Gross business

give solution ty

Determine the amount if basic income tax assuming the individual is classified as resident citizen.

Gross business income, Philippines 4,000,000
Gross business income, Singapore 3,000,000
Business expenses, Philippines 1,500,000
Business expenses, Singapore 1,750,000
Interest income BPI Philippines 90,000
Interest income BPI Singapore 70,000
Dividend income from a domestic Corp. 150,000
Dividend income resident foreign Corp. 75,000
Dividend income non-resident foreign Corp. 125,000
Interest income received from a depository FCDU 50,000
Philippine lotto winnings 10,000
Philippine Charity sweepstakes winnings 400,000
Singapore sweepstakes winnings 250,000
Other winnings Philippines 50,000
Prizes Robinsons Manila 9,000
Prizes SM manila 20,000
Prizes Singapore 30,000
Interest income from long-term deposit 10,000
Interest income from long-term investment (pre-terminated on 2nd year) 5,000
Share dividend from San Miguel Corp. 7,500
Interest income from loans receivable 10,000
Royalty income from franchise 100,000
Royalty income from books 50,000

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

Step: 3

blur-text-image

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

Tax Audit Techniques In Cash Based Economies A Practical Guide

Authors: Sheikh Sajjad Hassan

2nd Edition

0955354048, 978-0955354045

More Books

Students also viewed these Accounting questions

Question

Solve Prob. 11 by considering complements

Answered: 1 week ago

Question

Identify how culture affects appropriate leadership behavior

Answered: 1 week ago