PHILIPPINES IS THE HOME COUNTRY (2021)

Instructions: Show your solution and answer for each requirement.

Determine the income tax and final tax for a (1) Resident citizen tax payer, (2) Non-resident citizen (3) Resident alien (4) Non-resident alien engaged in trade, and (5) Non-resident alien not engaged in trade or business provided the following information: 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 Interest income from long-term investment (pre-terminated on 24 year) Share dividend from San Miguel Corp. Interest income from loans receivable Royalty income from franchise 10,000 5,000 7,500 10,000 100,000 Royalty income from books 50,000 Determine the income tax and final tax for a (1) Resident citizen tax payer, (2) Non-resident citizen (3) Resident alien (4) Non-resident alien engaged in trade, and (5) Non-resident alien not engaged in trade or business provided the following information: 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 Interest income from long-term investment (pre-terminated on 24 year) Share dividend from San Miguel Corp. Interest income from loans receivable Royalty income from franchise 10,000 5,000 7,500 10,000 100,000 Royalty income from books 50,000