The problem is in the attached picture below. NOTE:Make sure that your solutions are complete, meaning with label and numbers. For example, do not just write P1,000,000 but instead, write House and Lot P1,000,000. Carlo, married, received the following income:Rent Income, PHRent, HongkongInterest, peso deposit, Philippine bankInterest, US $ deposit, in Philippine Bank under FCDS (amount in pesos)Interest, deposit in Hongkong bankPrize won in a local contestPrize won in a local lotteryPCSO/Lotto WinningsPrize won in contest in U.S.Lotto winning in U.S.Dividend from a domestic companyP1,000,000200,000100,000420,00050,0008,0002,000,0002,000,000300,000100,000600,000Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page77)4. Resident Citizen?5. Nonresident Citizen?6. Non Resident Alien engaged in trade or business?7. Non Resident Alien not engaged in trade or business?

Taxable income:The tax income refers to the amount on which tax liability needs to be calculated…

Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: P 1,800,000 2,800,000 1,125,000 Compensation income Sales Cost of sales Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as Capital asset with cost P1.5M when zonal is P1.2M 500,000 650,000 80,000 120,000 How much is her total income tax expense assuming she opted to be taxed at 8% P321,500 O P788,500 O P808,000 O P652,000
The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000. 1. If May is a resident citizen, how much is her income subject to final tax? a. P175,000 b. P155,000 c. P195,000 d. P125,000 2. If May is a resident alien, how much is her income subject to basic income tax? a. P90,000 b. P20,000 c. P50,000 d. P60,000 3. If May is a resident alien, how much is her final income tax? a. P11,250 b. P16,000 c. P31,250 d. P27,250
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 P652,000
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