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  • INCOME TAX Part 2

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    honeylove u
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    The taxpayer had 1 million PHP in gross business income from the Philippines and 500,000 USD gross business income from the US. After deducting business expenses of 700,000 PHP and 430,000 USD, the taxpayer's taxable income was 1,050,000 PHP. The taxpayer's income tax payable was 40,000 PHP and their final tax on passive income was 57,500 PHP, resulting in a total income tax expense of 222,500 PHP.

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    Tax on individual

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    INCOME TAX part 2

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    The taxpayer had 1 million PHP in gross business income from the Philippines and 500,000 USD gross business income from the US. After deducting business expenses of 700,000 PHP and 430,000 USD, the taxpayer's taxable income was 1,050,000 PHP. The taxpayer's income tax payable was 40,000 PHP and their final tax on passive income was 57,500 PHP, resulting in a total income tax expense of 222,500 PHP.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    3 views1 page

    INCOME TAX Part 2

    Uploaded by

    honeylove u
    The taxpayer had 1 million PHP in gross business income from the Philippines and 500,000 USD gross business income from the US. After deducting business expenses of 700,000 PHP and 430,000 USD, the taxpayer's taxable income was 1,050,000 PHP. The taxpayer's income tax payable was 40,000 PHP and their final tax on passive income was 57,500 PHP, resulting in a total income tax expense of 222,500 PHP.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    (10) Gross nusiness income, PH 1,000,000.

    00
    Gross nusiness income, USA 500,000.00
    Business expenses, PH (700,000.00)
    Business expenses, USA (430,000.00)
    Compensation income, PH 600,000.00
    Dividend from foreign corp. 40,000.00
    Interest income from bank deposits abroad 30,000.00
    Raffle draw prizes 10,000.00
    Taxable income 1,050,000.00

    Tax due:
    1st 800,000 102,500.00
    Excess 62,500.00
    165,000.00
    Less: CWT on business (125,000.00)
    Income tax payable 40,000.00

    Dividend income from domestic corp. 5,000.00


    Interest income bank deposit, PH 4,000.00
    Interest income FCDS deposit 6,000.00
    Royalty income from composition 2,500.00
    PSCO Winnings 40,000.00
    Total Final tax on passive income 57,500.00

    Tax due 165,000.00


    Final tax on passive income 57,500.00
    Total income tax expense 222,500.00

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