DJ, single, had the following data for 2020 taxable year: Gross business income, Philippines P1,000,000 Gross business
Question:
DJ, single, had the following data for 2020 taxable year:
Gross business income, Philippines P1,000,000
Gross business income, USA 500,000
Business expenses, Philippines 700,000
Business expenses, USA 430,000
Compensation income, Philippines 600,000
Dividend income from a domestic corporation 50,000
Dividend income from a foreign corporation 40,000
Interest income from peso bank Deposit-Philippines 20,000
Interest income from bank deposit abroad 30,000
Interest income from FCDS deposits 40,000
Royalty income from composition 25,000
Raffle draw prizes 10,000
PCSO winnings 200,000
Creditable withholding taxes on business income 125,000
REQUIRED:
Determine the following assuming the taxpayer is a resident citizen:
- a. Taxable Income
b. Final taxes on Passive income
