Case 1 An individual taxpayer provided the following information for the year 2021: Gross business income, PhilippinesP5,000,000 Gross business income, Canada2,000,000 Gross business income, Singapore1,000,000 Business expense, Philippines3,000,000 Business expense, Canada1,000,000 Business expense, Singapore500,000 1.What is the taxable income assuming the taxpayers is: a.A resident citizen Gross business income, PhilippinesP5,000,000 Gross business income, Canada2,000,000 Gross business income, Singapore1,000,000 Business expense, Philippines(3,000,000) Business expense, Canada(1,000,000) Business expense, Singapore(500,000) Taxable IncomeP 3,500,000 b.A non-resident citizen Gross business income, PhilippinesP5,000,000 Business expense, Philippines(3,000,000) Taxable IncomeP 2,000,000 c.A resident alien Gross business income, PhilippinesP5,000,000 Business expense, Philippines(3,000,000) Taxable IncomeP 2,000,000 d.A non-resident alien - engaged in trade or business Gross business income, PhilippinesP5,000,000 Business expense, Philippines(3,000,000) Taxable IncomeP 2,000,000 e.A non-resident alien - not engaged in trade or business Taxable IncomeP 5,000,000 2.What is the income tax payable for each classification?
Resident CitizenP970,000(400,000+480,000) Non-resident citizenP490,000(130,000+360,000) Resident alienP490,000(130,000+360,000) Non-resident alien - engaged in trade or businessP490,000(130,000+360,000) Non-resident alien - not engaged in trade or businessP1,450,000
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order Now
Get Online
Assignment Help Services
