Corporation had the following data for 2020 taxable year:
Gross business income, Philippines
P1,500,000.00
Gross business income, USA
500,000.00
Business expenses, Philippines
700,000.00
Business expenses, USA
430,000.00
Compensation income, Philippines
600,000.00
Dividend income from a domestic corporation
50,000.00
Dividend income from a foreign corporation
40,000.00
Interest income from peso bank deposit-Philippines
20,000.00
Interest income from bank deposits abroad
30,000.00
Interest income from FCDS deposits
40,000.00
Royalty income from composition
10,000.00
Raffle draw prizes PCSO winnings
10,000.00
Creditable withholding taxes on business income
125,000.00
REQUIRED:
Determine the following assuming the taxpayer is a resident alien:
A. Taxable net income
B. Income tax payable
C. Total final taxes on passive income
D. Total income tax expense