Y received the following items of income during the taxable year: If Y is a resident citizen, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines) Within Without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent income 600,000.00 200,000.00 Interest income 60,000.00 40,000.00 O P1,800,000 O P1,740,000 O P1,700,000 O P1,200,000
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- X, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently after many years of living abroad. He had the following data in 2022:Gross income, foreign sources, January 1 to July 31, P500,000Gross income, Philippine sources, August 1 to December 31, P300,000Gross income, foreign sources, August 1 to December 31, P200,000How much of his gross income is subject to Philippine Income Tax?Zandro has the following items of income earned during the taxable year: Income earned in the Philippines- 1,000,000 Income earned in the USA - Income earned in Japan - 500,000 300,000 Compute for the taxable income and tax due if; 1. Zandro is resident citizen; 2. Zandro is non-resident citizen; 3. Zandro is resident alien; 4. Zandro is non-resident alien. Show your solution and/or explanation. Use graduated income tax table.An alien received P200,000 compensation income in the Philippines and P300,000 rental income from abroad. How much will be subject to Philippine income tax? * a. None O b. P200,000 O c. P300,000 O d. P500,000
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000A taxpayer received during the taxable year the following passive income derived from within the Philippines.Interest on bank deposit under FCDU (net), P170,000Royalty on a software application (gross), P95,000Dividend income from domestic corporation (gross), 150,000If the taxpayer is a non-resident alien engaged in business, what is the amount of Final Tax from the above passive Income?Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- A resident and citizen of the Philippines had a compensation income (net ofexclusions) of P200,000 and a net income from business of P700,000 for a year.Compute for the total income subject to Philippine Tax.(resident citizen from philippines) Question: How much is the taxable income?Which of the following taxpayers is taxable on income from all sources within and outside the Philippines? a) Domestic corporation b) Resident foreign corporation c) Resident citizen d) Both "a" and "c"
- D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000An alien received P400,000.00 rental income from his property abroad and P200,000.00 compensation income in the Philippines. How much will be subject to Philippine income tax?