User Account

All Pages

How much is total income liable to income tax

Assignment Help Accounting Basics
Reference no: EM132778059

During the year, Levis earned the following.

  1. Rent received during trip in Macau for properties in Bulacan, P370,000.
  2. Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong.
  3. Business income of a service business in Ireland, P600,000.
  4. Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000.
  5. Compensation income from a domestic employer, P420,000.
  6. Consultancy fees for professional services rendered to an Filipino company, P100,000.
  7. Increase in the fair value of domestic stocks, P80,000.

Problem 1: If Levis is a resident citizen, how much is her total income liable to income tax?

Reference no: EM132778059

Questions Cloud

Why is this an inappropriate behavior for a learner : Discuss how you would respond if you were the agency supervisor. How might you address this situation and what would you say to the learner?
How much of invoice cost be assigned to bush department : Columbus Company provides the following ABC costing information: How much of invoice cost will be assigned to the Bush Department
Software piracy negatively impact consumers : How does software piracy negatively impact consumers? How does BSA deal with violators of software copyright law?
How the given might impact the global economy : Networks have changed drastically over the last 30 years. With the first introduction of the 56k modem, which was about 3 typewriter pages per second.
How much is total income liable to income tax : Business income of a service business in Ireland, P600,000. If Levis is a resident citizen, how much is her total income liable to income tax?
Organization responsibility to ensure protection : What do you think is an organization's responsibility to ensure protection and proper destruction of any sensitive or personal information regarding employees,
Nutritional adequacy of the mother diet : What sort of scientific study would she be using?
How is technology used in these settings for supervision : Based on your personal experience, what do you see as the positives and negatives of TAST - Respond to the posts of at least two other learners by comparing
How much is the total other revenues : Purchased medicines from Unilove Pharma, P40,000 but was not charged because it was deemed donated to Resilience. How much is the total other revenues

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would this payment be treated

Corporation pays $10,000 to Tim before he increases his basis. How would this payment be treated and what would be his loan basis.

  Compute the gain or loss recognized by Bruno

Bruno, an individual and the sole shareholder of Green, has a basis of $280,000 in his stock. Compute the gain or loss recognized by Bruno

  Discuss what is bobs basis in the warehouse and in the land

What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse is $105,750, and the appraised value of the land

  Reports the company inflows in the income statement

Reports the company's inflows and outflows in the income statement. This basically shows how much cash was generated from the company's services

  Discuss how much is deductible

a real estate rental activity in which he actively participates. His modified adjusted gross income is $100,000. Of the $69,000 loss, how much is deductible

  Determine the unit cost for each job

Determine the unit cost for each job using a traditional plantwide overhead rate based on direct labor hours

  Referring to the multi station serial system in the series

Continuing Problem 50, you might expect that the system will be only as good as the station with the smallest value of siµi (called the bottleneck station). This problem asks you to experiment with the simulation to gain some insights into bottlene..

  Compute the net income for johnson inc

An analysis of Johnson, Inc. Equipment of P20,000 was donated by shareholders during the year. Compute the net income for 2017.

  Prepare the journal entry for the dismantling of the depot

Prepare the journal entry for the dismantling of the depot, assuming that the payment to the demolition entity is P1,400,000

  Identify the specific paragraph of the fasb codification

Does the stock dividend declared and distributed in early YR02 affect the EPS disclosure that will appear in the December 31, YR01 annual report?

  Jasper company has 30000 shares of 80 par value 5

jasper company has 30000 shares of 80 par value 5 cumulative preferred stock and 140000 shares of 20 par value common

  Determine the toal bond interest expense

Hillside issues $4,000,000 of 6%, 15 year bonds dated Jan 1, 2015 that pay interest semiannually on June 30 and December 31.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd