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    05-Task-Performance Tax.

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    edwinbarbadillo
    Mark Remus has various sources of passive income both in the Philippines and abroad. The document provides scenarios to calculate Mark's total final income taxes depending on whether he is a resident citizen, resident alien, non-resident citizen, non-resident alien engaged in trade or business, or non-resident alien not engaged in trade or business. The answers compute taxes on Mark's interest, royalty, dividend, and other income according to Philippine tax laws for each of his statuses.

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    05-Task-Performance Tax.

    Uploaded by

    edwinbarbadillo
    125 views2 pages
    Mark Remus has various sources of passive income both in the Philippines and abroad. The document provides scenarios to calculate Mark's total final income taxes depending on whether he is a resident citizen, resident alien, non-resident citizen, non-resident alien engaged in trade or business, or non-resident alien not engaged in trade or business. The answers compute taxes on Mark's interest, royalty, dividend, and other income according to Philippine tax laws for each of his statuses.

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    Mark Remus has various sources of passive income both in the Philippines and abroad. The document provides scenarios to calculate Mark's total final income taxes depending on whether he is a resident citizen, resident alien, non-resident citizen, non-resident alien engaged in trade or business, or non-resident alien not engaged in trade or business. The answers compute taxes on Mark's interest, royalty, dividend, and other income according to Philippine tax laws for each of his statuses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    125 views2 pages

    05-Task-Performance Tax.

    Uploaded by

    edwinbarbadillo
    Mark Remus has various sources of passive income both in the Philippines and abroad. The document provides scenarios to calculate Mark's total final income taxes depending on whether he is a resident citizen, resident alien, non-resident citizen, non-resident alien engaged in trade or business, or non-resident alien not engaged in trade or business. The answers compute taxes on Mark's interest, royalty, dividend, and other income according to Philippine tax laws for each of his statuses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Taxation (Income Taxation)

    05 Task Performance
    Final Taxes on Passive Income (5 items x 10 points)

    Compute for the final income tax due given the following scenarios on passive income.

    Mark Remus has the following data on his passive income the current year:

    Philippine Abroad

    Interest income from long-term peso bank deposits P 45,000 P 25,000

    Interest income from long-term Foreign Currency


    Deposit Unit (FCDU) deposits P 50,000 P 60,000

    Royalties from books P 20,000 P 30,000

    Royalties from computer programs P 20,000 P 40,000

    Winnings from an electronic raffle during Smart


    Communication’s 50th Anniversary(chosen randomly by the
    network using Smart subscribers’ sim card numbers) P 10,000 P-

    Dividend income from a domestic corporation P 27,000 P 13,000

    Dividend income from a foreign corporation P 33,000 P 22,000

    Requirements:

    1. Assuming that Mark is a resident citizen, compute for his total final income taxes from his
    passive income.
    Answer:
    Income interest: peso bank deposit (P45,000 x 20%) P9,000
    Income interest: FCDU deposit (50,000 x 15%) P7,500
    Total final income taxed P 16,500

    2. Assuming that Mark is a resident alien, compute for his total final income taxes from his passive
    income.
    Answer:
    Philippines
    Royalties from books P50,000
    Royalties from computer programs P20,000
    Total final income taxes P70,000
    Abroad
    Royalties from books P60,000
    Royalties from computer programs P30,000
    Total final income taxes P90,000
    3. Assuming that Mark is a non-resident citizen, compute for his total final income taxes from his
    passive income.
    Answer:

    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.
    Answer:

    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.
    Answer:
    It depends. The interest income from such investment is subject to income tax (final tax) if
    peregrinated before the five-year maturity. However, the interest income therefrom shall be
    exempted from tax withdrawn upon maturity.

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