Determine the amount of basic income tax assuming the individual is classified as a resident citizen.

Gross business income, Philippines	4,000,000
Gross business income, Singapore	3,000,000
Business expenses, Philippines	1,500,000
Business expenses, Singapore	1,750,000
Interest income – BPI Philippines	90,000
Interest income – BPI Singapore	70,000
Dividend income from a domestic Corp.	150,000
Dividend income – resident foreign Corp.	75,000
Dividend income – non-resident foreign Corp.	125,000
Interest income received from a depository FCDU	50,000
Philippine lotto winnings	10,000
Philippine Charity sweepstakes winnings	400,000
Singapore sweepstakes winnings	250,000
Other winnings – Philippines	50,000
Prizes – Robinsons Manila	9,000
Prizes – SM manila	20,000
Prizes – Singapore	30,000
Interest income from long-term deposit	10,000
Interest income from long-term investment (pre-terminated on 2nd year)	5,000
Share dividend from San Miguel Corp.	7,500
Interest income from loans receivable	10,000
Royalty income from franchise	100,000
Royalty income from books	50,000

Answer rating: 100% (QA)

Solutiom The income tax is 1303250 as computed using the updates income tax ... View the full answer