Mr. Cardo Dalisay had the following data for taxable year 2019: (Exchange rate $1-P40)

 

	Philippines	Abroad
Salaries	165,000	$2,000
Income from merchandise	450,000	$6,000
Business expenses	120,000	$1,500
Interest income:
Personal receivable	10,000
From expanded FCDS	$2,500
On bank deposits (20% long-term)	25,000	$3,000
Royalty income (20% from books)	22,000	$1,000
Prize won in contest	10,000
Cash Dividend income:
From domestic corporation	7,000
From resident corporation	5,000
From non-resident	8,000
Stock Dividend at FMV	15,000
Winning from the Charity sweepstakes	80,000
Shares of stocks of domestic corp. sold not thru the local stock exchange (cost P10,000)	30,000

 

Mr. Cardo is married with the following children as dependents:

 

Onyok, born March 15, 1987, Benny, born April 5, 1988, Elmo and Carmen, born May 6, 1990, and Awra, born February 27, 1992.

 

He also sold a condominium unit in Manila (residential) for P2,000,000 although its FMV is P3,000,000 but with a zonal value of P4,000,000.

 

Required:

If Cardo is a Resident Citizen, compute the following:

1. Taxable Income
2. Returnable Income tax due
3. Total passive income subject to final tax
4. Total final tax on passive income
5. Total capital gains tax

 

If Cardo is a Non-resident Citizen

1. Taxable Income
2. Returnable Income tax due
3. Total passive income subject to final tax
4. Total final tax on passive income
5. Total capital gains tax

If Cardo is a Resident Alien

1. Taxable Income
2. Returnable Income tax due
3. Total passive income subject to final tax   
4. Total final tax on passive income   
5. Total capital gains tax

Answer rating: 100% (QA)

If Mr Cardo Dalisay is a Resident Citizen Taxable Income Gross income from Philippines salaries P165000 Gross income from Philippines merchandise P450000 Gross income from Philippines interest income ... View the full answer