The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur,
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The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen.
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||
| Gross sales | 300,000.00 | 650,000.00 | 910,000.00 | 1,200,000.00 | |
| Cost of Sales | 120,000.00 | 262,000.00 | 405,890.00 | 426,700.00 | |
| Creditable Withholding Tax | - | 5,000.00 | 25,000.00 | 25,000.00 | |
| Dividends-domestic corporation | 20,000.00 | 20,000.00 | 30,000.00 | 30,000.00 | |
| Interest income - domestic | |||||
| BPI | 4,000.00 | 8,000.00 | 12,000.00 | 16,000.00 | |
| UCPB | 8,000.00 | 12,000.00 | 16,000.00 | 18,000.00 | |
| METROBANK | 5,000.00 | 10,000.00 | 15,000.00 | 30,000.00 | |
| CAPITAL GAIN ON SALE OF LAND | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | |
| >SELLING PRICE IS P600,000 COST IS P450,000 |
How much is the total final tax on interest income?
Expert Answer:
For final taxes the rates are 20 on interest income from Philippine currency deposit received by a r... View the full answer
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Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-0078110917
9th edition
Authors: Ronald W. Hilton
Posted Date:
