The following individual taxpayers are subject to the graduated income tax rates of 20%-35%, except Select the correct response: Non-resident alien not engaged in trade or business in the Philippines Filipino citizens Resident aliens Non-resident alien engaged in trade or business in the Philippines

The following individual taxpayers are subject to the graduated income tax rates of 20%-35%, except Select the correct response: Non-resident alien not engaged in trade or business in the Philippines Filipino citizens Resident aliens Non-resident alien engaged in trade or business in the Philippines

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 7DQ

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The winnings of a resident alien from abroad is * a. subject to regular tax. b. subject to final tax. on C. subject to either final or regular tax. d. not subject to Philippine income tax.
A non-resident alien not engaged in business in the Philippines, but with income from the Philippines: Statement 1. is taxed at 25% of gross income from within the Philippines. Statement 2. is entitled to personal exemptions on the basis of reciprocity. Both statements are true Both statements are false Only the first statement is true. Only the second statement is true.
An individual taxpayer had the following results of operations during the period Philippines Japan USA Gross income P1,000,000 P1,500,000 P2,500,000 Deductions 400,000 600,000 1,000,000 Net Income 600,000 900,000 1,500,000 Taxes Paid 150,000 200,000 500,000 Determine the tax payable or overpayment if: The foreign The taxpayer is income tax paid is Resident citizen Resident Alien claimed as (1) (2) 1. Tax Expense (3) (4) 2. Tax Credit
Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayer
TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines
Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. * Emman has the following items of income: Philippines P 200,000 100,000 400,000 300,000 20,000 30,000 Abroad P 100,000 50,000 Business income Professional fees Compensation income Rent income 200,000 30,000 10,000 Interest income-bank Royalty
Y received the following items of income during the taxable year: If Y is a resident alien, how much is the total income subject to regular income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). a. P1,800,000 b. P1,740,000 c. P1,700,000 d. P1,200,000
The amount of foreign tax withheld on foreign source income that a taxpayer can utilize in the computation of the foreign non-business tax credit is limited to 15% of foreign taxes paid limited to the amount of foreign taxes paid ) limited to 15% of foreign business income limited to 15% of foreign non-business income
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.
1.A, non-resident alien not engaged in business in the Philippines, has the following income within and without the Philippines for 2018: Within the Phil Abroad Salary and allowances 100,000 150,000 Dividend income 90,000 60,000 Royalty income 50,000 40,000 What is the income tax due / payable of A?
Which statement is wrong? * A resident citizen and a resident alien have a final tax of 15% on interest on foreign currency deposit. A non-resident citizen is exempt from income tax on interest on foreign currency deposit. A non-resident alien engaged in business in the Philippines is subject to a final tax of 25% on gross income from within the Philippines from cinematographic films. A non-resident alien engaged in business in the Philippines has a final tax of 20% only if the interest is on a bank deposit
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