Seven Aces Finance Company presented the data for the first quarter of 2017: Interest, commissions, discounts from lending Activities / financial leasing:On short-term maturity Php 47, 500On long term maturity (over 7 years) Php 107, 500On medium term maturity Php 87, 500Rental income on personal properties Php 22, 500Dividend income Php 12, 500Other ordinary income under the NIRC Php 180, 000How much is the total percentage tax due?Select one:a.Php 8, 500b.Php 9, 000c.Php 17, 500 d.Php 15, 750Clear my choice
Question
Seven Aces Finance Company presented the data for the first quarter of 2017: Interest, commissions, discounts from lending Activities / financial leasing:On short-term maturity Php 47, 500On long term maturity (over 7 years) Php 107, 500On medium term maturity Php 87, 500Rental income on personal properties Php 22, 500Dividend income Php 12, 500Other ordinary income under the NIRC Php 180, 000How much is the total percentage tax due?Select one:a.Php 8, 500b.Php 9, 000c.Php 17, 500 d.Php 15, 750Clear my choice
Solution
To answer this question, we first need to understand what the percentage tax rate is. Unfortunately, the question does not provide this information. The percentage tax due is calculated by multiplying the total income by the tax rate.
For example, if the tax rate was 10%, we would add up all the income sources:
Interest, commissions, discounts from lending Activities / financial leasing: On short-term maturity: Php 47,500 On long term maturity (over 7 years): Php 107,500 On medium term maturity: Php 87,500 Rental income on personal properties: Php 22,500 Dividend income: Php 12,500 Other ordinary income under the NIRC: Php 180,000
Total income = Php 457,500
Then we would multiply this total by the tax rate (10% in this example):
Percentage tax due = Php 457,500 * 10% = Php 45,750
However, without the actual tax rate, we cannot calculate the exact percentage tax due.
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