b. A resident alien individual with three qualified dependent adopted children asked you to assist him...
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b. A resident alien individual with three qualified dependent adopted children asked you to assist him in the preparation of his tax return for his income in 2011. He provided you the following information: Gross business income, Philippines (gross sales, P3,000,000) Gross business income, Japan (gross sales, P7,000,000) Business expenses, Philippines Business expenses, Japan Philippine Charity Sweepstakes winnings Japanese Sweepstakes winnings Interest income, Bank of Tokyo, Japan Interest income received from a depository bank under P 1,000,000 5,000,000 200,000 800,000 500,000 400,000 100,000 300,000 100,000 50,000 2- How much was the tax due after deducting the quarterly tax payments? 3- How much was the final tax on passive income? Expanded Foreign Currency Deposit System (EFCDS), Philippines Interest on peso bank deposit, Philippines Quarterly income taxes paid Question 1 How much was the taxable net income? 4- How much was the taxable net income using optional standard deduction? b. A resident alien individual with three qualified dependent adopted children asked you to assist him in the preparation of his tax return for his income in 2011. He provided you the following information: Gross business income, Philippines (gross sales, P3,000,000) Gross business income, Japan (gross sales, P7,000,000) Business expenses, Philippines Business expenses, Japan Philippine Charity Sweepstakes winnings Japanese Sweepstakes winnings Interest income, Bank of Tokyo, Japan Interest income received from a depository bank under P 1,000,000 5,000,000 200,000 800,000 500,000 400,000 100,000 300,000 100,000 50,000 2- How much was the tax due after deducting the quarterly tax payments? 3- How much was the final tax on passive income? Expanded Foreign Currency Deposit System (EFCDS), Philippines Interest on peso bank deposit, Philippines Quarterly income taxes paid Question 1 How much was the taxable net income? 4- How much was the taxable net income using optional standard deduction?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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