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PART II- Problem Solving- Solve for the following. (show your solutions).( 6 items, 5 points each) 1. Sharon, received the following income in 2020: Compensation Income, Philippines (including 13" month pay and other benefits of P130,000) P1,300,000 Business Income, Philippines 500,000 Business income, USA 450,000 Mandatory deductions- compensation 10,000 Expenses, Philippines 200,000 Expenses, USA 125,000 Interest on deposit with Metrobank 3,000 Interest on deposit with Bank in New York (1$=40) 500 Cash Price won in local contest 6,000 Cash Price won in a contest in USA 10,000 Winnings in Lotto 20,000 Winnings in lotto USA 50,000 Dividends in SMC, a domestic Company 25,000 A. How much is the taxable income if Sharon is a resident citizen. B. How much is the taxable income if Sharon is a non-resident citizen and no compensation in the Philippines. C. How much is the income tax due if Sharon is a Resident Citizen. D. How much is the income tax due if Sharon is a non-resident Citizen. E. How much is the income tax due if Sharon is a Resident Citizen and opted to 8% standard deduction. F. How much is the income tax due if Sharon is a non-resident Citizen, no compensation income in the Philippines and opted to 8% standard deduction. Refer to Income tax Table below Annual Income Bracket Tax Rate Tax Rate (in PHP) (2018-2022) (2023 onwards) Ove But not over Basic Amount |Additional Rate Basic Amount | Additional Rate 0 250.000 250.000 400.000 20% 15% 400 000 BOO.000 30.000 25% 22 500 20% 800.000 2.000.000 130.000 30%% 102.500 25% 2,000.000 8.000,080 490,000 32% 402,500 30% 8.000 000 2,410.000 35%% 2.202 500 35% Table 1. Graduated Tax Rate on Personal Income Tax Sowce Revenue Regulation No. 8-2018, Implementing the Income Tax Provisions of Republic Act No. 10903, Otherwise known as the "Tax Reform for Acceleration and Inclusion (TRAIN) Act