Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property abroad Interest received from long-term deposit Interest received from short-term deposit Rent Income on property in Isabela 350,000.00 30,000.00 15,000.00 200,000.00
Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property abroad Interest received from long-term deposit Interest received from short-term deposit Rent Income on property in Isabela 350,000.00 30,000.00 15,000.00 200,000.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Rex, a Filipino residing in Laguna, has the following income for 2021:
Compute the net income subject to regular income tax
![Business Income-Philippines
1,000,000.00
Business Income-Abroad
500,000.00
Rent Income on property abroad
350,000.00
Interest received from long-term deposit
30,000.00
Interest received from short-term deposit
15,000.00
Rent Income on property in Isabela
200,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86f9c454-99ff-430e-a04d-f55ff5788da3%2F0d1b3fb3-ac78-419f-8dad-ff02c36d85a8%2Fgvrss3t_processed.png&w=3840&q=75)
Transcribed Image Text:Business Income-Philippines
1,000,000.00
Business Income-Abroad
500,000.00
Rent Income on property abroad
350,000.00
Interest received from long-term deposit
30,000.00
Interest received from short-term deposit
15,000.00
Rent Income on property in Isabela
200,000.00
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