Determine the income tax and final tax

Assignment Help Accounting Basics

Reference no: EM132842963

Question - Country: Philippines (home country)

Determine the income tax and final tax for a (1) Resident citizen tax payer, (2) Non-resident citizen (3) Resident alien (4) Non-resident alien engaged in trade, and (5) Non-resident alien not engaged in trade or business provided the following information:

Gross business income, Philippines 4,000,000

Gross business income, Singapore 3,000,000

Business expenses, Philippines 1,500,000

Business expenses, Singapore 1,750,000

Interest income - BPI Philippines 90,000

Interest income - BPI Singapore 70,000

Dividend income from a domestic Corp. 150,000

Dividend income - resident foreign Corp. 75,000

Dividend income - non-resident foreign Corp. 125,000

Interest income received from a depository FCDU 50,000

Philippine lotto winnings 10,000

Philippine Charity sweepstakes winnings 400,000

Singapore sweepstakes winnings 250,000

Other winnings - Philippines 50,000

Prizes - Robinsons Manila 9,000

Prizes - SM manila 20,000

Prizes - Singapore 30,000

Interest income from long-term deposit 10,000

Interest income from long-term investment (pre-terminated on 2nd year) 5,000

Share dividend from San Miguel Corp. 7,500

Interest income from loans receivable 10,000

Royalty income from franchise 100,000

Royalty income from books 50,000

Reference no: EM132842963

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