Compute and solve for the following:
⮚ A taxpayer, married, had the following data for taxable year 2018:
Gross income, Philippines
Gross income, USA
Expenses, Philippines
Expenses, USA
P800,000
600,000
400,000
300,000
For 25 points, Determine the taxable income and tax due if:
1.
2.
3.
4.
5.
resident citizen
non-resident citizen
resident alien
non-resident alien engaged in trade and business
non-resident alien not engaged in trade and business
⮚ Pedro is resident citizen, earning purely compensation income as follows for the taxable
year 2018:
For 20 points, Determine the income tax due:
a.
b.
c.
d.
P200,000
P250,000
P800,000
P2,800,000
⮚ Compute for the taxable income and tax due if Juan is a resident citizen earning purely
business income for 2018 taxable year.
Gross sales
P2,800,000
Cost of sales
1,200,000
Operating expenses
650,000
CWT
80,000
⮚ Using the same data above, but assume that Juan opted to be taxed using 8% income tax
rate. How much is the taxable due?
⮚ CJ, single, had the following data for 2018 taxable year:
Gross business income, Philippines
Gross business income, USA
Business expenses, Philippines
Business expenses, USA
Compensation income, Philippines
Dividend income from a domestic corporation
Dividend income from a foreign corporation
P1,000,000
500,000
700,000
430,000
600,000
50,000
40,000
Interest income from peso bank deposit- Philippines
Interest income from bank deposits abroad
Interest income from FCDS deposits
Royalty income from composition
Raffle draw winnings
PCSO winnings
Creditable withholding taxes on business income
20,000
30,000
40,000
25,000
10,000
200,000
125,000
REQUIRED: 20 points per number
1.
a.
b.
c.
d.
Determine the following assuming the taxpayer is a resident citizen:
Taxable net income
Income tax payable
Total final taxes on passive income
Total income tax expense
2.
a.
b.
c.
d.
Determine the following assuming the taxpayer is a nonresident citizen:
Taxable net income
Income tax payable
Total final taxes on passive income
Total income tax expense
3.
a.
b.
c.
d.
Determine the following assuming that taxpayer is resident alien:
Taxable net income
Income tax payable
Total final taxes on passive income
Total income tax expense
4. Determine the following assuming that taxpayer is nonresident alien engaged in trade or
business:
a. Taxable net income
b. Income tax payable
c. Total final taxes on passive income
d. Total income tax expense