Mark Remus has the following data on his passive income the current year. Interest income from...
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Mark Remus has the following data on his passive income the current year. Interest income from long-term peso bank deposits Interest income from long-term Foreign Currency Deposit Unit (FCDU) deposits Royalties from books Royalties from computer programs Winnings from an electronic raffle during Smart Communication's 50th Anniversary (chosen randomly by the network using Smart subscribers' sim card numbers) Dividend income from a domestic corporation Dividend income from a foreign corporation Philippines P 45,000 P 50,000 P 20,000 P 20,000 P 10,000 P 27,000 P 33,000 Abroad P 25,000 P 60,000 P 30,000 P 40,000 P P 13,000 P 22,000 Requirements: 1. Assuming that Mark is a resident citizen, compute for his total final income taxes from his passive income. 2. Assuming that Mark is a resident alien, compute for his total final income taxes from his passive income. 3. Assuming that Mark is a non-resident citizen, compute for his total final income taxes from his passive income. 4. Assuming that Mark is a non-resident alien engaged in trade or business, compute for his total final income taxes from his passive income. 5. Assuming that Mark is a non-resident citizen alien not engaged in trade or business, compute for his total final income taxes from his passive income. Mark Remus has the following data on his passive income the current year. Interest income from long-term peso bank deposits Interest income from long-term Foreign Currency Deposit Unit (FCDU) deposits Royalties from books Royalties from computer programs Winnings from an electronic raffle during Smart Communication's 50th Anniversary (chosen randomly by the network using Smart subscribers' sim card numbers) Dividend income from a domestic corporation Dividend income from a foreign corporation Philippines P 45,000 P 50,000 P 20,000 P 20,000 P 10,000 P 27,000 P 33,000 Abroad P 25,000 P 60,000 P 30,000 P 40,000 P P 13,000 P 22,000 Requirements: 1. Assuming that Mark is a resident citizen, compute for his total final income taxes from his passive income. 2. Assuming that Mark is a resident alien, compute for his total final income taxes from his passive income. 3. Assuming that Mark is a non-resident citizen, compute for his total final income taxes from his passive income. 4. Assuming that Mark is a non-resident alien engaged in trade or business, compute for his total final income taxes from his passive income. 5. Assuming that Mark is a non-resident citizen alien not engaged in trade or business, compute for his total final income taxes from his passive income.
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1 Resident Citizen Interest income from longterm peso bank deposits Philippines P45000 Abroad P25000 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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