Question
Provided the following information compute for the following a.Total Exempted/Excluded income, Compute for the Final Withholding Tax, Capital Gains Tax, and Income Tax Payable if
- Provided the following information compute for the following
a.Total Exempted/Excluded income, Compute for the Final Withholding Tax, Capital Gains Tax, and Income Tax Payable if the taxpayer is a
a.Resident Citizen
b.Non - Resident Citizen
c.Resident Alien
d.Non - Resident Alien Engaged in trade or business
e.Non - Resident Alien not Engaged in trade or business
Gross professional receipts, net of 15% withholding tax850,000
Cost of Services350,000
Professional Expenses300,000
Retirement benefits received from his previous employer that
maintained a reasonable pension plan (served for 12 years)250,000
Rental income (net of 5% withholding tax)950,000
Lump sum benefits from SSS200,000
Prize in sports competition sponsored by businessmen promoting
Health Products50,000
Gain from sale of bonds (maturity period is 4 years)10,000
Yield from long term bonds20,000
Interest in long term deposits30,000
Philippine lotto winnings500,000
Share in the net income of business partnership100,000
Cash inherited from his uncle100,000
Winnings from illegal gambling10,000
Separation pay from his former job (resigned)250,000
Interest income from long term foreign currency deposit200,000
- The following are the income of a corporation for the year 2019
Sales10,000,000
Cost of sales2,000,000
Gain from sale of an office equipment100,000
Gain from sale of land not used in business (SP = 300,000)200,000
Gain from sale of building used in business (SP=300,000)150,000
Gain from sale of domestic stocks directly to buyer40,000
Gain from sale of foreign stocks directly to buyer20,000
Interest income from long tern bank deposit, Philippines10,000
Interest income from long term foreign currency deposit80,000
Rental fees received (with unearned rent income of 400,000)600,000
Royalties, Philippines200,000
Royalties, USA300,000
Property dividend received from domestic corporation400,000
Cash dividend from foreign corporation500,000
Stock dividend from domestic corporation200,000
Prizes, Philippines120,000
Refund of Philippine percentage tax100,000
Refund of Value added tax200,000
Bad debt recovery500,000
Required:
a.How much is the total exempted/excluded income, Final Tax, Capital Gains tax, And Income tax payable if the taxpayer is a
a.Domestic corporation
b.Resident foreign corporation
c.Non - Resident foreign corporation
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Core Macroeconomics
Authors: Eric Chiang
3rd edition
978-1429278478, 1429278471, 978-1429278492, 1429278498, 1464191433, 978-1464191435
