X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000 Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000 Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? None of the above 210,000 310,000 220,000 410,000

X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000 Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000 Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? None of the above 210,000 310,000 220,000 410,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 9MCQ: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in...

See similar textbooks

Similar questions

X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? a. 210,000 b. 410,000 c. 310,000 d. None of the above e. 220,000
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020, compute his taxable income for the assessment year 2020-21, if he is Resident and ordinarily resident Resident and not ordinarily resident Nonresident Profit on sale of shares in Indian company received in France-Rs.27,000; dividend from a Korean company received in Japan-Rs. 15000; Rent from a property in Hongkong, deposited in a bank in Hongkong but later remitted to India-Rs. 195000; dividend from R P Limited, an Indian Company-Rs. 16000; agriculture income from a land in Maharastra-Rs.43,000.
If Lorna Da Ganda is a resident citizen and is earning compensation income and business income for 2018 with the following details: Compensation income of Php1,400,000 and Gross sales of Php2,800,000 and Cost of Sales of Php1,200,000 and Operating expenses of Php650,000 and Withholding tax on compensation income of Php310,000 and other creditable withholding taxes of Php80.000; how much is the income tax due and payable of Lorna Da Ganda for the year 2018? * Php184,000 O Php 212,000 Php 95,000 Php144,000
During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
A taxpayer earned the following incomes (gross amounts) in 2020: (Assume source is Phils unless stated) Dividends from ABC Corp. a domestic corp - Php 1,000,000 Dividends from XYZ Corp. a foreign corp* (dominant income is abroad) - Php 1,000,000 Interest income from long-term investments (6th year) - Php 1,000,000 Interest income from short-term deposits - Php 1,000,000 Raffle Prize (car) - Php 1,000,000 Royalty - Php 1.000.000 *Assuming tax treaty rate is 10% Compute the ordinarv/active income if taxpayer is a domestic corporation: O Php4,000,000 O Php 3,000,000 O Php 6,000,000 O Php 5,000,000
In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000
X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following: Sales, P1,000,000; Cost of sales and expenses, P600,000Lotto winnings, USA, P20,000.Also, X claimed in his income tax return a personal exemption of 50,000, as head of the family. How much is the basic income tax due of X for the Taxable Year 2023?
Following Incomes are related with Mr. Devansh which is earned in the previous year 2020-21. (1) Salary received from Govt. of India (He lived in America for three months due to his service and received salary for such period there) `26,00,000 (2) Interest from foreign company received in America and deposited in a bank there `20,000 P.T.O. [4] F- 3053 (3) Income from House property in India received in America. `10,000 (4) Interest on debentures from an Indian company received in America and spent there. `15,000 (5) Income was earned in America and received there but brought in India. `18,000 (6) Income from business in Mumbai controlled from America. `22,000 (7) Income from business in America (controlled from Delhi Head Office). `10,000 (8) His brother sent gift to him from New York. `10,000 Calculate his gross total income if he is a: (A) Ordinary residence (B) Not-Ordinary residence, and (C) Non-residence