Reference no: EM132949138
Question - Ms. Abs a resident alien individual, supports two qualified dependent children. In 2020, The following data are available for Mr. A:
Gross income (gross sales are P3 million) in Phil is P1,000,000;
Gross income (gross sales of P7 million) in Japan of P5,000,000;
Business expenses in the Philippines amounted to P200,000;
Business expenses in Japan amounted to P800,000;
Japanese Lotto winnings amounted to P400,000;
Interest income in Tokyo Japan is P100,000;
Interest income from a depository bank under EFCDS, Philippines is P300,000;
Interest income on pesos bank deposits in the Philippines is P100,000;
Income taxes paid for the last three quarters is P60,000;
Required - What is the income tax payable (refundable) of Ms. Abs if he avails of the 8% Optional Income Tax?
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