A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exception

A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. Assuming the taxpayer is a resident or citizen, received money from Philippine Charity Sweepstakes and Lotto winnings, his income is Group of answer choices Subject to 20% final tax if less than P10,000 Exempt from income tax Subject to 20% final tax except P10,000 or less from PCSO and Lotto shall be exempt Subject to 20% final tax without exception

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 4BCRQ

See similar textbooks

Similar questions

Under the TRAIN law, if monthly rental does not exceed Php 15,000.00 and the total gross receipts does not exceed Php 3 Million, the taxpayer is: Group of answer choices Exempt from Percentage Tax only Exempt from VAT only VATable if the taxpayer is a VAT-registered taxpayer Exempt from VAT and Percentage Tax
1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network.He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registeredtaxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts above, if Mr. Park is a VAT-registered taxpayer, how much is his total incometax still due? Consider withholding taxes.
A resident Filipino engaged in business has a cost ratio to sales of 50%. All expenses are supported with proper documentation. What type of income tax deduction should the individual taxpayer avail of to minimize his/her taxable income? (Explain your answer in not more that three sentences.)
A purely self-employed individual’s gross sales/receipts and other non-operating income do not exceed the VAT threshold. If he failed to signify his intention to avail of the 8% income tax rate on his first quarter return, he will pay: Group of answer choices Income tax on based on graduated income tax rates only. Income tax on gross sales/receipts excluding non-operating income in excess of P250,000 in lieu of graduated tax rates and percentage tax under Section 116. Income tax based on graduated income tax rates and percentage tax under Section 116 if not-Vat registered. Percentage tax under Section 116 only in lieu of income tax.
Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?
I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network. He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registered taxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts in Number 5, if Mr. Park is a VAT-registered taxpayer, how much is his total income tax still due? Consider withholding taxes.
How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000
1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000. a. True b. False 2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed. a. True b. False 3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count determining taxable self-employment income for OASDI taxes. a. $68,600 b. $147,000 c. $53,500 d. $93,500 of his earnings in
Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?
Diosdado Gomez, Jr. is a non-resident citizen taxpayer. He has the following interest income for the year 2019: Interest income - BDO Philippines 120,000 Interest income - Bank of China 250,000 Interest income received by a taxpayer from a depository bank under FCDS, Philippines 80,000 1. How much is the Final Withholding Tax on interest income of taxpayer from BDO Philippines? 2. How much is the Final Withholding Tax on interest income of taxpayer from Bank of China? 3. How much is the Final Withholding Tax on interest income received by a taxpayer from a depository bank under FCDS, Philippines? 4. How much of the total interest income of Mr. Gomez is subject to the Final withholding Tax? 5. How much is the total Final Withholding Tax of the taxpayer for the year 2019?
Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable income