How does Ms. Lavabo pay the final tax on the royalty she received? Miss Lavabo, a composer,
Question:
How does Ms. Lavabo pay the final tax on the royalty she received? Miss Lavabo, a composer, received royalty from a recording company.
The sole proprietor of a business received a car from his owned business as consolation for his efforts to help the business succeed. Is this subject to Fringe Benefit Tax? Is the benefit taxable to him?
If Tina is a stockholder receiving dividends from the issuing corporation, how does Tina pay the required final tax?
If a taxpayer received a 13th month pay of P40,000, Christmas bonus of P15,000, and other bonuses amounting to P18,000 for taxable year 2021, the amount of deductions would be P30,000. Comment on this.
A person engaged in business may use the Optional Standard Deduction (OSD) or the itemized method in reporting his income tax. Which method ensures a fair payment of income tax to the government?
Expert Answer:
To pay the final tax on the royalty she received Ms Lavabo as a composer would typically include the royalty income in her annual tax return The tax o... View the full answer
