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Accounting Taxation

Stefanny Orosco's document outlines the income tax calculations for various taxpayer statuses in the Philippines: 1. A resident citizen would pay a total of P388,040 in income taxes on P1,322,000 taxable income. 2. A non-resident citizen would pay P255,880 in taxes on P909,000 taxable income. 3. A resident alien's tax calculation and liability would be the same as a non-resident citizen. 4. A non-resident alien employed by the Philippines with no reciprocity agreement would pay P295,880 in taxes on P1,034,000 taxable income.

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Patrick R. Orosco
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52 views4 pages

Accounting Taxation

Stefanny Orosco's document outlines the income tax calculations for various taxpayer statuses in the Philippines: 1. A resident citizen would pay a total of P388,040 in income taxes on P1,322,000 taxable income. 2. A non-resident citizen would pay P255,880 in taxes on P909,000 taxable income. 3. A resident alien's tax calculation and liability would be the same as a non-resident citizen. 4. A non-resident alien employed by the Philippines with no reciprocity agreement would pay P295,880 in taxes on P1,034,000 taxable income.

Uploaded by

Patrick R. Orosco
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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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Name: Stefanny Orosco Section: Collaboration

1. Resident Citizen
Compensation income, Philippines 400,000
Compensation income, Japan 350,000
Business income, Philippines 900,000
Business income, Britain 100,000
Total Gross Income: 1,750,000
Less:
Business expenses, Philippines (266,000)
Business expense, Britain (37,000)
Basic personal exemptions (50,000)
Additional personal exemption (75,000)
Taxable Income: 1,322,000
On the first P500,000 125,000
On the remaining P822,000 (32%) 263,040
Income Tax Payable: 388,040

2. Non-resident citizen
Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
Less:
Business expenses, Philippines (266,000)
Basic personal exemptions (50,000)
Additional personal exemptions (75,000)
Taxable Income: 909,000
On the first P500,000 125,000
On the remaining P409,000 130,880
Income Tax Payable: 255,880

3. Resident alien
Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
Less:
Business expenses, Philippines (266,000)
Basic personal exemptions (50,000)
Additional personal exemptions (75,000)
Taxable income: 909,000
On the first P500,000 125,000
On the remaining P409,000 130,880
Income Tax Payable 255,880

4. NRA-ETB, with no reciprocity


Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
Less:
Business expenses, Philippines (266,000)
Basic personal exemptions 0
Additional personal exemptions 0
Taxable Income: 1,034,000
On the first P500,000 125,000
On the remaining P534,000 170,880
Income Tax Payable: 295,880
5. NRA-ETB, with reciprocity from foreign country that gives P60,000 personal
exemption to Filipinos in that foreign country
Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
Less:
Business expenses, Philippines (266,000)
Basic personal exemptions (50,000)
Additional personal exemptions 0
Taxable Income: 984,000
On the first P500,000 125,000
On the remaining P409,000 154,000
Income Tax Payable: 279,880

6. NRA-ETB, with reciprocity from foreign country that gives P30,000 personal
exemption to Filipinos in that foreign country
Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
Less:
Business expenses, Philippines (266,000)
Basic personal exemptions (30,000)
Additional personal exemptions 0
Taxable Income: 1,004,000
On the first P500,000 125,000
On the remaining P409,000 161,280
Income Tax Payable: 286,280
7. NRA-NETB
Compensation income, Philippines 400,000
Business income, Philippines 900,000
Total Gross Income: 1,300,000
X25% Final tax rate x.25
Income Tax Payable: 325,000

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