Season 6 Final Withholding Taxes PDF

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PHILIPPINE ASSOCIATION of CERTIFIED TAX TECHNICIANSONLINE SEMINARJanuary-February 2021SEASON 6 – FINAL WITHHOLDING TAXESTaxpayer P. Ramos received the following income during the year:Income from profession (gross of 2% CWT) P 500, Cost of services 150, Rent, Philippines (gross of 5% CWT) 140, Depre...

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PHILIPPINE ASSOCIATION of CERTIFIED TAX TECHNICIANS ONLINE SEMINAR January-February 2021

SEASON 6 – FINAL WITHHOLDING TAXES Taxpayer P. Ramos received the following income during the year: Income from profession (gross of 2% CWT) Cost of services Rent, Philippines (gross of 5% CWT) Depreciation Rent, Hongkong (net of depreciation) Interest, peso deposit, MBTC Interest, US$ deposit, BDO Prize (cash) won in a local contest Winnings, won in a local lottery valued at Lotto winning in US Dividend, AB Corp., domestic Dividend, YZ Corp., foreign Royalty as author of tax book

P 500,000 150,000 140,000 20,000 200,000 2,000 3,000 8,000 50,000 10,000 60,000 20,000 300,000

1. If the taxpayer is a resident citizen, his taxable income is: a. P470,000 c. P478,000 e. None of the above b. P708,000 d. P538,000 2. The total creditable withholding taxes is a. P17,000 c. P16,000 b. P10,000 d. P 7,000

e.

None of the above

3. The income tax payable is a. P470,000 c. P 90,000 b. P 91,000 d. P107,000

e.

None of the above

4. If the taxpayer is a nonresident citizen or resident alien his taxable income is: a. P470,000 c. P478,000 e. None of the above b. P708,000 d. P538,000 5. In the preceding item, the income tax payable is a. P 32,500 c. P478,000 e. b. P 49,500 d. P538,000

None of the above

6. The total income subject to final tax if the taxpayer is a resident citizen is a. P470,000 c. P415,000 e. None of the above b. P708,000 d. P538,000 7. The total final withholding taxes is a. P470,000 c. P415,000 b. P 50,450 d. P 46,850

e.

None of the above...