INCOME TAX FOR INDIVIDUALS 1. Lorna, a self-employed resident citizen provided the following data for the taxable year: Sales Cost of Sales Business Expenses Gain on Sale of shares of foreign corp. 2 800 000 1 125 000 650 000 50 000 Interest income from peso bank deposit 80 000 Interest income from bank deposit under FCDS 120 000 Gain on sale of shares of domestic corp (unlisted) 150 000 Gain on sale of shares of domestic corp (listed) 200 000 Gain on sale of land in the PH held as capital asset with cost 1.5M, zonal value 1.2M 500 000 How much is the total income tax expense of Lorna for the year? 2. Ana has the following data on his passive income earned during the year: (all amounts are in peso). Philippines Abroad Interest income on long term peso bank deposits 45 000 25 000 Interest income on long term bank FCDU deposits 50 000 60 000 Royalties from books 20 000 30 000 Royalties from computer programs 20 000 40 000 Winnings from an electronic draw during Smart Communication's 50th anniversary (randomly chosen by the network using smart subscribers sim card numbers) 30 000 0 Dividend income from a domestic corporation 27 000 13 000 Dividend income from a foreign corporation 33 000 22 000 How much is the final withholding tax if Ana is a resident citizen?