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    SOMERA, FRANCE MELVIN C.
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    The document presents a tax problem involving Ms. Jesally's income from various sources in 2021. It calculates her taxable income and tax due depending on her residency status - resident citizen, non-resident citizen, resident alien, or non-resident alien engaged in trade/business. Her taxable income ranges from PHP 1.85 million to PHP 2.775 million depending on the scenario. Her tax due as a resident citizen is PHP 738,000, which with a 25% surcharge for late payment and 16,013.59 in interest for paying on June 20, 2022, results in a total payable of PHP 938,513.59.

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    The document presents a tax problem involving Ms. Jesally's income from various sources in 2021. It calculates her taxable income and tax due depending on her residency status - resident citizen, non-resident citizen, resident alien, or non-resident alien engaged in trade/business. Her taxable income ranges from PHP 1.85 million to PHP 2.775 million depending on the scenario. Her tax due as a resident citizen is PHP 738,000, which with a 25% surcharge for late payment and 16,013.59 in interest for paying on June 20, 2022, results in a total payable of PHP 938,513.59.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    7 views3 pages

    Taxation Quiz

    Uploaded by

    SOMERA, FRANCE MELVIN C.
    The document presents a tax problem involving Ms. Jesally's income from various sources in 2021. It calculates her taxable income and tax due depending on her residency status - resident citizen, non-resident citizen, resident alien, or non-resident alien engaged in trade/business. Her taxable income ranges from PHP 1.85 million to PHP 2.775 million depending on the scenario. Her tax due as a resident citizen is PHP 738,000, which with a 25% surcharge for late payment and 16,013.59 in interest for paying on June 20, 2022, results in a total payable of PHP 938,513.59.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    INCOME TAXATION QUIZ

    Direction: Compute for the total amount to be paid by the taxpayer.


    Use the problem below to answer all the questions

    Ms. Jesally received the following income during 2021 taxable year:
    Gross Income, Philippines 3,850,000

    Gross Income, Canada 1,650,000

    Business expense, Philippines 2,000,000

    Business expense, Canada 725,000

    Interest on bank deposit, Metrobank Taguig 50,000

    Capital gain on sale of shares of closely held Domestic 180,000


    corporation

    1. How much is the taxable income of Ms. Jesally assuming she is a resident citizen? (2
    pts)
    Gross Income, Philippines 3,850,000

    Gross Income, Canada 1,650,000

    Business expense, Philippines -2,000,000

    Business expense, Canada -725,000

    TAXABLE INCOME 2,775,000

    2. How much is the taxable income of Ms. Jesally assuming she is a non-resident
    citizen? (2 pts)
    Gross Income, Philippines 3,850,000

    Business expense, Philippines -2,000,000

    TAXABLE INCOME 1,850,000

    3. How much is the taxable income of Ms. Jesally assuming she is a resident alien? (2
    pts)
    Gross Income, Philippines 3,850,000

    Business expense, Philippines -2,000,000

    TAXABLE INCOME 1,850,000

    4. How much is the taxable income of Ms. Jesally assuming she is a nonresident alien
    engaged in trade/business? (2 pts)

    Gross Income, Philippines 3,850,000

    Business expense, Philippines -2,000,000

    TAXABLE INCOME 1,850,000

    5. How much is the income tax due of Jesally assuming she is a resident citizen? (2 pts)

    TAXABLE INCOME 2,775,000

    Over P2,000,000 but not over P8,000,000 -2,000,000

    = 775,000

    x 32%

    = 248,000

    + 490,000

    TAX DUE 738,000

    6. How much is the income tax due of Jesally assuming she is a nonresident alien
    engaged in trade/business? (2 pts)

    TAXABLE INCOME 1,850,000

    Over P800,000 but not over P2,000,000 -800,000

    = 1,050,000

    x 30%

    = 315,000
    + 130,000

    TAX DUE 445,000

    7. Assuming she is a resident citizen with a calendar year taxable period and she will
    pay her tax due on June 20, 2022. Compute for the total payable, excluding the
    compromise penalty, to the BIR. (3 tps)

    TAX DUE 738,000

    Surcharge 25%

    = 184,500

    TAX DUE 738,000

    Interest 12%

    = 88,560

    x 66/365

    = 16,013.59

    TAX DUE 738,000

    SURCHARGE + 184,500

    INTEREST + 16,013.59

    TOTAL TAX DUE = 938,513.59

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