Mr. James Santiago created two (2) trusts designating Atty. Mars Bonafe and the Philippine Trust Company as trustees. The common beneficiary of the two (2) trusts was his son, James II, married, and with two (2) qualified dependent children. The following data were made available for the year 2019: Trust No.1 Trust No.2 Gross income P 600,000 P 700,000 Business expenses 300,000 400,000 Income distribution to beneficiary 100,000 200,000 James Santiago II Gross income P 800,000 Business expenses 250,000 Income distribution received, gross of 15% creditable withholding tax 300,000 Income tax paid, previous 3 quarters 40,000 How much is the tax still payable of Trust no. 1? How much was the tax payable of James Santiago II after tax credits?
Mr. James Santiago created two (2) trusts designating Atty. Mars Bonafe and the Philippine Trust Company as trustees. The common beneficiary of the two (2) trusts was his son, James II, married, and with two (2) qualified dependent children. The following data were made available for the year 2019:
Trust No.1 Trust No.2
Gross income P 600,000 P 700,000
Business expenses 300,000 400,000
Income distribution to beneficiary 100,000 200,000
James Santiago II
Gross income P 800,000
Business expenses 250,000
Income distribution received, gross of 15%
creditable withholding tax 300,000
Income tax paid, previous 3 quarters 40,000
How much is the tax still payable of Trust no. 1?
How much was the tax payable of James Santiago II after tax credits?
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