INCOME TAXATION

Final Taxes on Passive Income

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 P 20,000 P 40,000 Winnings from an electronic raffle during Smart Communication's 50th Anniversary (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