Chris had the following data for the year 2020: Interest on bank deposit, BPI 20,000 Interest...

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Chris had the following data for the year 2020: Interest on bank deposit, BPI 20,000 Interest on FCDS, BDO 15,000 Interest on bank deposit, USA Bank 25,000 Share in the commercial partnership 30,000 Royalty from books 50,000 Compensation income 250,000 Income from practice of profession 400,000 Winnings in Lotto 5,000 Prizes given by PICPA 5,000 Sale of real property held as capital asset 1,200,000 Sale of domestic shares to Mr. Cruz 35,000 (net gain) -How much is the FWT on Mr. Chris? -How much is the taxable income of Mr. Chris? -How much is the CGT of Mr. Chris? Chris had the following data for the year 2020: Interest on bank deposit, BPI 20,000 Interest on FCDS, BDO 15,000 Interest on bank deposit, USA Bank 25,000 Share in the commercial partnership 30,000 Royalty from books 50,000 Compensation income 250,000 Income from practice of profession 400,000 Winnings in Lotto 5,000 Prizes given by PICPA 5,000 Sale of real property held as capital asset 1,200,000 Sale of domestic shares to Mr. Cruz 35,000 (net gain) -How much is the FWT on Mr. Chris? -How much is the taxable income of Mr. Chris? -How much is the CGT of Mr. Chris?

Answer rating: 100% (QA)

To calculate the FWT Final Withholding Tax on Mr Chris we need to determine the applicable tax rates ... View the full answer