Which of the following would not count as part of US GDP in 2019 A. Paul paid rent of $12,000 for his apartment in Maryland in 2019 B. Boeing ( a company based in Chicago) sells 10 airplanes to Norway C. Luigi, a foreign investor in New York, produces furniture worth $ 200,000 in 2019 D. Jane purchases 100 shares of stock in Amazon
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Which of the following would not count as part of US
| A. |
Paul paid rent of $12,000 for his apartment in Maryland in 2019
|
|
| B. |
Boeing ( a company based in Chicago) sells 10 airplanes to Norway
|
|
| C. |
Luigi, a foreign investor in New York, produces furniture worth $ 200,000 in 2019
|
|
| D. |
Jane purchases 100 shares of stock in Amazon |
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- 41-Jasmin is the owner of a food store in Central London. She made a purchase of food items worth £30,000 in the month of May 2019. How much VAT shall be paid by Jasmin on her purchases as per UK tax laws? O a. £0 O b. Exempted from VAT O c. £2,400 O d. £2,80034. Sara has the following items of income Philippines 200,000 P 100,000 Abroad Business income Professional fees Compensation income Rent income 100,000 400,000 300,000 30,000 50,000 200,000 40,000 Interest income a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax. END40 Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate: House and lot in New Jersey, USA P 8,000,000 Shares of stock of Pasig Textiles, Inc., a domestic corporation 600,000 Bank deposit at PNB – Manila 300,000 Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines 1,000,000 Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines 900,000 Promissory note from Jose Juan, a resident of Pampanga 200,000 Promissory note from John Weeks, a resident of New Jersey, USA 100,000 Condominium unit at Trafalgar Suites in Makati 2,800,000 Franchise of NJ Coffee, exercised in New Jersey 3,000,000…
- X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign corporation 40,000 Dividends received from a non-resident foreign corp 30,000 • The domestic corporation is doing 40% of its business outside the Philippines. • The resident foreign corporation has been doing 60% of its business in the Philippines. • The taxpayer is a resident citizen How much dividend income is taxable? . How much is the final tax on his dividend income? Assuming taxpayer is domestic corporation, how much dividend income is taxable?Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina for £152,000 in November 2020. How much Stamp Duty is payable on these transactions and by whom? £10,540 by Sarah O £21,000 by Sarah and £3,040 by Bettina O £10,500 by Sarah and E40 by Bettina O £24,040 by Sarah
- Which of the following are includible in gross income? A) Dividends from a corporation that has no earnings and profits OB) Stock Dividends where the taxpayer receives only stock C) $70,000 in wages earned by a US Citizen in Singapore when the taxpayer was present in Singapore the entire calendar year D) Manufacturer of Hot-tub Spas allows management employees to purchase hot-tubs at only 5% over cost. The Spas are sold to dealers at 20% over cost. E) A CPA firm provides free tax-preparation services to all its employees OF) All are excludible1. Darlene earns franchise fees from her Hot Burger franchise. He also deals in various properties. Johnny realized the following gains in 2021: P500,000 royalty fees from local Hot Burger outlets P200,000 royalty fees from foreign Hot Burger outlets P100,000 gain from sales of equipment to foreign franchisers P200,000 gain from sales of equipment to local franchisers P50,000 gains from sale of investment in domestic stocks to foreign investors P40,000 gains from sale of investments in foreign stocks to Filipino investors Compute the total income earned from sources within the Philippines. 2. For data given on no. 1, compute the total income earned from sources outside the Philippines.Sarah has the following items of income: Abroad P 100,000 50,000 Philippines P 200,000 100,000 400,000 300,000 30,000 000000 Business income Professional fees Compensation income Rent income 200,000 000.000,29 40,000 000.0oe 49 Interest income 1. Assuming Sarah is a resident citizen, compute the total income subject Philippine income tax. P1,390,000 b. P1,180,000 c. P1,030,000 d. P1,420,000 а. Sxel ol 0jdua omor Isto 2. Assuming Sarah is a resident alien, compute the total income subject to Philippine income tax. P1,420,000 b. P1,180,000 c. P1,030,000 d. P390,000 a. er-E maldor 19sd 2sd 3. Assuming Sarah is a resident corporation, compute the total income subject t Philippine income tax. P1,420,000 b. P1,030,000 gajon noile inabize c. P1,180,000 d. P390,000 ho ebs ni bogegns ton neils inabize1-no а. 4. Assuming Sarah is a domestic corporation, compute the total income subject Philippine income tax. P 390,000 b. P1,030,000 OS-E c. P1,180,000 o 2eniqqilid9 ors lol odw nshizar no 0sy o ol…
- 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. P27,250QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 ExpensesDoctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer.2. In March the employer provided him with the free use of a car with an engine capacity 3 200 cc. However, the motor vehicle was used 80% for private use during the tax…Required Information [The following information applies to the questions displayed below.] Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $12,000 per month if he accepts the assignment. Assume that the maximum foreign-earned Income exclusion for next year is $120,000. a-2. If Fred's employer also provides him free housing abroad (cost of $25,000), how much of the $25,000 is excludable from Fred's Income? Amount to be excluded
