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Taxation > Individuals > Flashcards

Individuals Flashcards

1
Q

Resident Citizen

A

derived income from abroad < 183 days

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2
Q

Non res Citizen

A

Derived income from abroad > or equal to 183 days
- ofw reg with poea
nrc till he go back to ph

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3
Q

Resident Alien

A

come to ph for definite purpose which requires extended stay (continuous 1yr)

  • married a filipino
  • come here without definite intention
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4
Q

NRA

A

ETB - > 180 days
NETB < or equal - 180 days (Tax table not allowed) only fwt cgt
*if my gross income then sa Fwt papasok 25%

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5
Q

Situs of Taxation

A
  1. persons - place of residence
  2. real property - location of property
  3. Tangible Personal property - location
  4. intangible - domicile of owner
  5. business - place of business
  6. dividends - nationality of corp *
  • 50% of annual gross receipts from ph in past 3 yrs
    total within / total all income ph and abroad
    total ng tatlong taon hindi per yr ang calculate
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6
Q

types of income tax

A
  • basic income tax
  • FWT on passive income (PH only)
  • CGT on sale of sst unlisted domestic company
  • CGT on sale of real property (PH)
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7
Q

business or profession

A

Gross sale or Gross receipt + other income

  • < or equal 3M = tax table or 8% (excess of 250k)
  • > 3m = tax table and subj to bus tax
  • 8% in lieu of tax table and 3% perc tax
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8
Q

qualifications of 8% in excess of 250k

A
  • non vat reg
  • subj to 3% perc tax
  • not subj to vat exempt trans/sales
  • cant be purely comp inc
  • cant have perc tax business but need to be 3m kaya 3% perc tax lol
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9
Q

Mixed earners

A

Compensation
- tax table

Bus or prof

  • Gross sale or Gross receipt + other income
  • < or equal 3M = tax table or 8% (excess of 250k)
  • > 3m = tax table and subj to bus tax
  • 12% vat - vat reg and >3m
  • 3% percentage tax - non vat reg and < or equal to 3m
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10
Q

taxable income

A 
Gross sale
  gross receipt
       (cogs)
       (opex)
\_\_\_\_\_\_\_\_\_\_\_\_\_\_
Taxable income
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11
Q

Interest income from any currency bank dep, dep subs, trust fund, other monetary benefit

A

RC, RA - 20%
NRC, NRAETB - 20%
NRANETB - 25%

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12
Q

interest from dep bank under forex

A

RC, RA - 15%
NRC, NRAETB - exempt
NRANETB - exempt

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13
Q

interest from long term bank dep (if ganire lang sinabi assume long term at hindi terminate)

A

RC, RA - E
NRC, NRAETB - E
NRANETB - 25%
* need nasa name ng individual not under comp para magamit
*if sold na hindi na pwede sa gain na yon papasok na sa basic tax

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14
Q

long term bank dep int (pre termination period) <5 yrs

A

RC, RA - E
NRC, NRAETB - E
NRANETB - 25%

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15
Q

long term bank dep int (pre termination period) <4 yrs - >5yrs

A

RC, RA - 5%
NRC, NRAETB - 5%
NRANETB - 25%

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16
Q

long term bank dep int (pre termination period) <3 yrs - >4yrs

A

RC, RA - 12%
NRC, NRAETB - 12%
NRANETB - 25%

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17
Q

long term bank dep int (pre termination period) > 3yrs

A

RC, RA - 20%
NRC, NRAETB - 20%
NRANETB - 25%

18
Q

royalties (literary works, books, musical comp)

A

RC, RA NRC - 10%
NRAETB - 10%
NRANETB - 25%

19
Q

other royalties

A

RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%

20
Q
  • Dividends rec from DC, join stock, insurance, and roh of multi comp *
  • Share in distri NI after tax of partnership (XPN: GPP), assoc, tax JV
A

RC, RA NRC - 10%
NRAETB - 20%
NRANETB - 25%

  • 50% of annual gross receipts from ph in past 3 yrs
    total within / total all income ph and abroad
    total ng tatlong taon hindi per yr ang calculate
21
Q

prizes > 10000

  • NOT FROM RELIGIOUS, CHARITY, SCIENTIFIC, RECIPIENT DIDNT ENTER THE CONTEST OR DIDNT RENDER SERVICE, ATLETHES NATIONAL SPORTS ABORAD OR PH
A

RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%

22
Q

prizes < or equal 10000

  • NOT FROM RELIGIOUS, CHARITY, SCIENTIFIC, RECIPIENT DIDNT ENTER THE CONTEST OR DIDNT RENDER SERVICE, ATLETHES NATIONAL SPORTS ABORAD OR PH
A

RC, RA NRC - Tax table
NRAETB - tax table
NRANETB - 25%

23
Q

other winnings

*NOT FROM 126 OF OPT

A

RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%

24
Q

Winnings pcso or lotto > 10000

A

RC, RA NRC - 20%
NRAETB - EXEMPT
NRANETB - 25%

25
Q

Winnings pcso or lotto < or equal 10000

A

RC, RA - E
NRC, NRAETB - E
NRANETB - 25%

26
Q

CWT professional fee talent fee

A

annual income < 3m = 5%

annual income > 3m = 10%

27
Q

CWT rentals

A

5% gr

28
Q

CWT payment to contarctor

A

2%GP

29
Q

CWT beneficiary of estate or trust

A

15% of inc distribution

30
Q

CWT income dist to GPP

A

< 720k = 10%

> 720k = 15 %

31
Q

CGT stocks or check seperate cgt notes

A

SST unlisted = 15% of capital gain

 SP
(AC) use fmv
\_\_\_\_
Net cap gain or loss
x 15%
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
CGT
32
Q

CGT RP

A

6% of higher SP, FMV, ZONAL

33
Q

MWE

A

XPN ON INC TAX
-BPHONHA
but with limit 90k and de minimis (kasama sa fbt notes)

34
Q

NOTE

A

8% laging may 250k deduction bago tax

35
Q

Change of tax %

A

unless signify by the taxpayer in 1st quarter of the tax yr the taxpayer will pay using tax table.

to change vat to 8% or vice vers = shall upddate reg records on or before 1st quarter of a taxable yr to reflect the change or shall remain liable for vat as long as no update

36
Q

employees of ROHQ RHQ OBU petroleum contactore and sub contactor
Senior citizen and PWD

A

subj to bsic inc tax

37
Q

NOTE

A

if jointly ang FCDU then tax half half sa % nila

38
Q

NOTE

A

SP - SPE - COST = Cap gain or loss

39
Q

NOTE

A

if my kasamang business ang binentang bldg or RP katulad ng rentals then Ord Asset

40
Q

NOTE

A

CGT di pwede sa nasa aborad kahit res cit pa, sa basic tax papasok

Taxation (3 decks)

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