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Taxation Individuals-QUESTIONS

LJ is a married Filipino citizen who left the Philippines on July 1, 2018 to work abroad for 5 years. Based on income and expenses from January to December 2018 for both the Philippines and abroad, LJ's taxable income is P1,100,000. If LJ had not left the Philippines, his taxable income would be P1,150,000.

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537 views2 pages

Taxation Individuals-QUESTIONS

LJ is a married Filipino citizen who left the Philippines on July 1, 2018 to work abroad for 5 years. Based on income and expenses from January to December 2018 for both the Philippines and abroad, LJ's taxable income is P1,100,000. If LJ had not left the Philippines, his taxable income would be P1,150,000.

Uploaded by

AB Cloyd
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1.

LJ, married, left the Philippines in the middle of the year on July 1, 2018 to go abroad and work
there for five (5) years. The following data were provided as of December 31, 2018:
Gross Business Income Business Expenses
PERIOD Phls. Abroad Phls. Abroad
Jan. 1 to June 30 P300,000 P200,000 P100,000 P50,000
July 1 to Dec. 31 600,000 400,000 150,000 50,000

His taxable income is:


a. P800,000
b. P950,000
c. P1,100,000
d. P600,000
2. Based on the above problem, but assuming he arrived from abroad on July 1, 2018 to
permanently resettle in the Philippines, after working abroad for 5 years, his taxable income as
of December 31, 2018 is:
a. P750,000
b. P1,000,000
c. P1,100,000
d. P600,000
3. If he did not leave Philippines at all, LJ’s taxable income is:
a. P750,000
b. P950,000
c. P1,150,000
d. P600,000
4. Chris is a Filipino immigrant living in the United States for more than 15 years. He is retired and
he came back to the Philippines as a balikbayan. Every time he comes to the Philippines, he
stays here about a month. He regularly receives a pension from his former employer in the
United States, amounting to US$2,000 a month. While in the Philippines with his pension pay
from his former employer, he purchased three condominium units in Makati which he is renting
out for P25,000 a month each. Does the US$2,000 pension become taxable because he is now in
the Philippines?
a. Yes, income received in the Philippines by the non-resident citizens is taxable
b. Yes, income received in the Philippines or abroad by non-resident citizend is taxable.
c. No, income earned abroad by non-resident citizens are not taxable in the Philippines.
d. No, the person is exempt from taxation being one of the exclusions from gross income.
5. Floyd, an American citizen who is married to a beautiful Filipina owns a building in the United
States and leases the same to businesses owned by Filipino residents. Floyd has his residence in
the Philippines and all his children are studying in top Philippine universities. Which of the
following statements is true regarding the rental income?
a. Taxable in the Philippines because he had his residence in the Philippines
b. Taxable in the Philippines because his wife is a resident citizen and they are all residents
of the Philippines.
c. Taxable in the Philippines because he derives his income from Filipino resident lessees.
d. Exempt in the Philippines because Floyd is resident alien. As such, he is taxable only on
income derived from sources within the Philippines.

The next four (4) questions are based on the following data:
Carlo, married, with two dependent children, received the following income:
Business income, Philippines P1,000,000
Business income, Hongkong 200,000
Interest, peso deposit, MBTC 100,000
Interest, US$ deposit, BDO ($10,000 x P42) 420,000
Interest, deposit in Hongkong (HK$10,000 x P5) 50,000
Prize (TV) won in a local lottery 50,000
PCSO/Lotto winnings 2,000,000
Prize won in contest in U.S. 300,000
Lotto winning in U.S. 100,000
Dividend, domestic company 600,00

6. Determine the taxable net income assuming he is:


RC NRC RA NRA-ETB

a. P80,000 P180,000 P830,000 P180,000


b. 180,000 80,000 1,000,000 1,000,000
c. 1,558,000 908,000 908,000 908,000
d. 1,650,000 1,000,000 1,000,000 1,000,000

Use the following data for the next eight (8) questions:
Juan, married, supporting his three (3) minor children had the following data for The current taxable
year (Exchanging Rate $1 = P50):
Philippines Abroad
Business income P1,000,000 $20,000
Professional income 400,000 10,000
Salaries 200,000
Business and professional expenses 250,000 8,000
Income tax paid - 4,000

7. If Juan is a resident citizen and taxable year is 2017, his income tax payable is:
a. P434,000
b. P570,500
c. P589,000
d. P509,000
8. If Juan is a resident citizen and taxable year is 2018, his income tax payable is:
a. P434,000
b. P570,500
c. P589,000
d. P509,000
9. If he is a resident alien and the taxable year is 2017, his income tax payable is:
a. P360,580
b. P358,020
c. P384,380
d. P357,000
10. If he is a non-resident citizen and the taxable year is 2017, his income tax due after tax credit, if
any is:
a. P360,580
b. P358,020
c. P384,380
d. P357,000

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