CHAPT-14 WITHHOLDING TAX - 107 INCOME TAXATION 5TH Edition...

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SUGGESTED ANSWERS Chapter 14: Withholding Taxes CHAPTER 14 WITHHOLDING TAXES Problem  14  – 1  TRUE OR FALSE 1. True 2. True 3. True 4. True 5. False  – final  withholding  taxes  are  not  creditable. 6. False  – the  tax  is final  tax,  hence  not  required  to file an  income  tax  return. 7. False  – Business  income  is an  income  earned  but  not  all subject  to expanded   withholding  tax. 8. True 9. True 10. True   11. True 12. False  – all payments  made  by the  government  are  net  of withholding  taxes. 13. True 14. True 15. True Problem  14  – 2   C Share  from  the  professional  partnership  (P500,000  x 50%) P250,000 Less:  Creditable  withholding  tax  (P250,000  x 10%)     25,000 Amount  received,  net  of withholding  tax P225,000 Problem  14  – 3   D Dividend  income  (P10  x 10,000) P 100,000 Less:  Withholding  tax  on  dividends  income  of NRFC  (30%)      30,000
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CHAPT-14 WITHHOLDING TAX - 107 INCOME TAXATION 5TH Edition...

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