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05 Task Performance - ARG: Requirements

The document provides 5 scenarios to compute Mark's total final income tax from passive income under different residency statuses: 1. As a resident citizen of the Philippines, Mark's total final tax is 25,000 pesos. 2. As a resident alien, Mark's total final tax is 38,500 pesos. 3. As a non-resident citizen, Mark's total final tax is 15,700 pesos. 4. As a non-resident alien engaged in trade or business, Mark's total final tax is 18,400 pesos. 5. As a non-resident alien not engaged in trade or business, Mark's total final tax is 32,500 pes

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270 views3 pages

05 Task Performance - ARG: Requirements

The document provides 5 scenarios to compute Mark's total final income tax from passive income under different residency statuses: 1. As a resident citizen of the Philippines, Mark's total final tax is 25,000 pesos. 2. As a resident alien, Mark's total final tax is 38,500 pesos. 3. As a non-resident citizen, Mark's total final tax is 15,700 pesos. 4. As a non-resident alien engaged in trade or business, Mark's total final tax is 18,400 pesos. 5. As a non-resident alien not engaged in trade or business, Mark's total final tax is 32,500 pes

Uploaded by

sungit comia
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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05 Task Performance – ARG

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


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

Requirements:

1. Assuming that Mark is a resident citizen, compute for his total final income taxes from his passive
income.

Resident Citizen

Interest income from long-term peso bank deposits (45,000 x 20%) 9,000

Interest income from long-term (50,000 x 15%) 7,500


Foreign Currency Deposit Unit (FCDU) deposits

Royalties from books (20,000 x 10%) 2,000

Royalties from computer programs (20,000 x 20%) 4,000

Winnings from an electronic raffle during Exempt 2,000


Smart Communication’s 50th Anniversary

Dividend income from a domestic corporation (27,000 x 30%) 2,700

Total Final Tax 27,200

-2,000

25,000

2. Assuming that Mark is a resident alien, compute for his total final income taxes from his passive
income.

Resident Alien

Interest income from long-term peso bank deposits (45,000 x 20%) 9,000

Interest income from long-term (50,000 x 15%) 7,500


Foreign Currency Deposit Unit (FCDU) deposits

Royalties from books (20,000 x 10%) 2,000

Royalties from computer programs (20,000 x 10%) 2,000

Dividend income from a domestic corporation (27,000 x 30%) 8,100

Dividend income from a foreign corporation (33,000 x 30%) 9,900

Total Final Tax 38,500


3. Assuming that Mark is a non-resident citizen, compute for his total final income taxes from his
passive Income.

Non-resident citizen

Interest income from long-term peso bank deposits (45,000 x 20%) 9,000

Interest income from long-term exempt 7,500


Foreign Currency Deposit Unit (FCDU) deposits

Royalties from books (20,000 x 10%) 2,000

Royalties from computer programs (20,000 x 10%) 2,000

Winnings from an electronic raffle during Exempt


Smart Communication’s 50th Anniversary

Dividend income from a domestic corporation (27,000 x 10%) 2,700

Total Final Tax 15,700

Philippines Abroad

(45,000 x 20%) = 9,000 (25,000 x 20%) = 5,000

Resident citizen

(45,000 + 25,000) x 20% = 14,000

(50,000 + 60,000) x 15% = 16,500

(20,000 + 30,000) x 10% = 5,000

(20,000 + 40,000) x 10% = 6,000

(27,000 + 13,000) x 30% = 12,000

(33,000 + 22,000) x 30% = 16,500

Total Final Tax = 70,000

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.

Non-resident alien engaged in trade or business

Interest income from long-term peso bank deposits (45,000 x 20%) 9,000

Interest income from long-term exempt


Foreign Currency Deposit Unit (FCDU) deposits

Royalties from books (20,000 x 10%) 2,000

Royalties from computer programs (20,000 x 10%) 2,000

Winnings from an electronic raffle during Exempt


Smart Communication’s 50th Anniversary
Dividend income from a domestic corporation (27,000 x 20%) 5,400

Total Final Tax 18,400

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.

Non-resident alien not engaged in trade or business

Interest income from long-term peso bank deposits (25,000 x 25%) 6,250

Interest income from long-term (60,000 x 25%) exempt


Foreign Currency Deposit Unit (FCDU) deposits

Royalties from books (30,000 x 25%) 7,500

Royalties from computer programs (40,000 x 25%) 10,000

Dividend income from a domestic corporation (13,000 x 25%) 3,250

Dividend income from a foreign corporation (22,000 x 25%) 5,500

Total Final Tax 32,500

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