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    Acc-311 Exercise

    Uploaded by

    Argem Jay Porio
    The document provides examples of calculating taxable income and tax due for different scenarios involving a taxpayer's gross income, expenses, itemized deductions, and applicable tax rates. It demonstrates how taxable income is determined differently depending on whether the taxpayer is a resident or nonresident and the sources and types of their income. The examples show how to correctly apply tax rates and calculate taxes owed based on the taxpayer's specific circumstances.

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    © All Rights Reserved
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    Acc-311 Exercise

    Uploaded by

    Argem Jay Porio
    231 views15 pages
    The document provides examples of calculating taxable income and tax due for different scenarios involving a taxpayer's gross income, expenses, itemized deductions, and applicable tax rates. It demonstrates how taxable income is determined differently depending on whether the taxpayer is a resident or nonresident and the sources and types of their income. The examples show how to correctly apply tax rates and calculate taxes owed based on the taxpayer's specific circumstances.

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    Acc-311_exercise

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    The document provides examples of calculating taxable income and tax due for different scenarios involving a taxpayer's gross income, expenses, itemized deductions, and applicable tax rates. It demonstrates how taxable income is determined differently depending on whether the taxpayer is a resident or nonresident and the sources and types of their income. The examples show how to correctly apply tax rates and calculate taxes owed based on the taxpayer's specific circumstances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    231 views15 pages

    Acc-311 Exercise

    Uploaded by

    Argem Jay Porio
    The document provides examples of calculating taxable income and tax due for different scenarios involving a taxpayer's gross income, expenses, itemized deductions, and applicable tax rates. It demonstrates how taxable income is determined differently depending on whether the taxpayer is a resident or nonresident and the sources and types of their income. The examples show how to correctly apply tax rates and calculate taxes owed based on the taxpayer's specific circumstances.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 15

    Explanation

    Gross Income PH 400000 A is resident, therefore


    USA 300000
    Total 700000
    Expenses
    PH 200000
    USA 150000 350000
    Taxble Income 350000

    2
    Gross Income PH 400000 In no. 2, because A is aN
    Expenses
    PH 200000
    Taxble Income 200000

    3
    Taxble Income If A is a nonresident alie
    Gross Income PH 400000
    Explanation

    A is resident, therefore all his income within and outside the PH is subject to tax. Expenses within and wi

    In no. 2, because A is aNonresident cetizen, only income within shall be subject to tax. Also, only Expense

    If A is a nonresident alien not engage in business, only income in the PH shall be taxable. Expenses within
    . Expenses within and without is also deductible in computing the taxable income of A.

    to tax. Also, only Expenses within shall be deductible.

    taxable. Expenses within the PH shall not be deductible in computing the taxable income of NRA-NETB
    e income of NRA-NETB
    Joey's taxable income 500000

    Tax due

    500000 Taxable Income

    400000 30000
    100000 25% 25000
    55000
    a
    a Sales 2,500,000
    Less: Cost of sales 1000000
    Gross Income 1,500,000
    LessL
    Itemized deduction 900000
    Taxable income 600,000

    400000 30000
    200000 25% 50000
    80000

    c.
    300,000 20% 60000 This is not added in getting the t

    d 2500000 When the taxpayer opt to be taxed at 8% pr

    e 2,500,000 x 8% = 200,000
    s not added in getting the taxable income because this is a passive income. Passive income are subject to

    er opt to be taxed at 8% preferrential tax rate, the taxable income is already the gross sales and/or gross r
    ve income are subject to final tax.

    gross sales and/or gross receipts.


    Gross Business income 1,500,000.00
    Gross compensation income 600,000.00
    Less: Itemized deductions 500,000.00
    Taxable income' 1,600,000.00

    Tax due
    800000 130,000.00
    800000 30% 240,000.00
    370,000.00

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