Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

philippine taxation An individual income taxpayer, unmarried with 1 dependent child, derived the following income: Philippines Abroad Compensation income P 200,000 400,000 Rent income 150,000

philippine taxation

image text in transcribed

An individual income taxpayer, unmarried with 1 dependent child, derived the following income: Philippines Abroad Compensation income P 200,000 400,000 Rent income 150,000 180,000 Gain on sale of domestic bonds directly to buyer (held for 14 months) 5,000 2,000 Gain on sale of foreign bonds directly to buyer (held for 18 months) 38,000 Loss on sale of foreign shares directly to buyer (held for 12 months) 27,000 Gain on sale of domestic stock directly to buyer 45,000 40,000 Interest from FCDU dollar deposit, gross 12,000 24,000 Prizes from singing competition 7,500 12,000 Interest income from notes 12,000 23,000 Assuming the taxpayer is a resident alien, compute the regular income tax due. Assuming the taxpayer is a non-resident alien, not engaged in trade or business, compute the final tax. (2 points) Assuming the taxpayer is a resident alien, compute the capital gains tax. (2 points) Assuming the taxpayer is a resident citizen, compute the final tax. (2 points) An individual income taxpayer, unmarried with 1 dependent child, derived the following income: Philippines Abroad Compensation income P 200,000 400,000 Rent income 150,000 180,000 Gain on sale of domestic bonds directly to buyer (held for 14 months) 5,000 2,000 Gain on sale of foreign bonds directly to buyer (held for 18 months) 38,000 Loss on sale of foreign shares directly to buyer (held for 12 months) 27,000 Gain on sale of domestic stock directly to buyer 45,000 40,000 Interest from FCDU dollar deposit, gross 12,000 24,000 Prizes from singing competition 7,500 12,000 Interest income from notes 12,000 23,000 Assuming the taxpayer is a resident alien, compute the regular income tax due. Assuming the taxpayer is a non-resident alien, not engaged in trade or business, compute the final tax. (2 points) Assuming the taxpayer is a resident alien, compute the capital gains tax. (2 points) Assuming the taxpayer is a resident citizen, compute the final tax. (2 points)

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_2

Step: 3

blur-text-image_3

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

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0135982235, 9780135982235

More Books

Students also viewed these Accounting questions