If the taxpayer is a non-resident citizen, how much is the final withholding tax?
if the taxpayer is a resident citizen, how much income is subject to regular income tax?

Transcribed Image Text:

A taxpayer received the following items of income during the taxable year 2021: Interest income from BPI- Pateros branch from checking account Interest from BDO - Intramuros branch from savings account Interest income from PNB - Quiapo branch from foreign currency deposit account under the expanded currency deposit system Interest income from dollar deposits on Bank of New Jersey in the United States Interest income from promissory note of Mr X, Philippines Interest income from promissory note of Mr X, United States Yield from deposit substitute, Philippines Interest from Philippine government securities Interest income from long-term deposits, Philippines Interest income from long-term deposits, Egypt Royalties from books, Philippines Royalties from paintings, Philippines Royalties from musical compositions, Japan 62,000 38,500 42,000 130,000 58,400 62,000 87,000 21,000 57,000 62,500 16,000 60,000 50,000 A taxpayer received the following items of income during the taxable year 2021: Interest income from BPI- Pateros branch from checking account Interest from BDO - Intramuros branch from savings account Interest income from PNB - Quiapo branch from foreign currency deposit account under the expanded currency deposit system Interest income from dollar deposits on Bank of New Jersey in the United States Interest income from promissory note of Mr X, Philippines Interest income from promissory note of Mr X, United States Yield from deposit substitute, Philippines Interest from Philippine government securities Interest income from long-term deposits, Philippines Interest income from long-term deposits, Egypt Royalties from books, Philippines Royalties from paintings, Philippines Royalties from musical compositions, Japan 62,000 38,500 42,000 130,000 58,400 62,000 87,000 21,000 57,000 62,500 16,000 60,000 50,000

Answer rating: 100% (QA)

Since the taxpayer is a nonresident citizen they are subject to a final withholding tax of 25 on all Philippinesource income This means that they will ... View the full answer