Michelle, a resident alien individual, supports two qualified dependent children. In 2020, The following data are available for Michelle: 

Gross income (gross sales are 3M) in Phil is 1,000,000; 

Gross income (gross sales of 7M) in Japan of 5,000,000;

Business expenses in the Philippines is 300,000; 

Business expenses in Japan is 800,000; 

Japanese Lotto winnings is 400,000; 

Interest income in Tokyo Japan is 100,000; 

Interest income from a depository bank under EFCDS, Philippines is 300,000; 

Interest income on pesos bank deposits in the Philippines is 100,000; 

Income taxes paid for the last three quarters is 50,000;

How much is the taxable net income of Michelle?

Answer rating: 100% (QA)

To compute for the taxable net income of Michelle we need to determine her gross income and allowabl... View the full answer