19 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? Group of answer choices Php 600,000 Php 500,000 Php 480,000 Php 400,000

19 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? Group of answer choices Php 600,000 Php 500,000 Php 480,000 Php 400,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018 2019 2020 2021 Gross Income 7,000,000 8,000,000 8,000,000 5,000,000 7,000,000 Deductions 8,000,000 7,500,000 6,000,000 6,000,000 5,900,000 Net (1,000,000) 500,000 2,000,000 (1,000,000) 1,100,000 how much corporate income tax should paid in 2021? A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. Zero
What is the taxable income if the taxpayer had chosen itemized deduction? * D. Co. is a domestic corporation with the following data for 2002 (first year of operations): Gross profit from sales Dividend from domestic corporation Capital gain on sale of land in the Philippines held for two years (sold at P1,000,000) Capital gains on sale of shares of domestic corporation held for two months (direct sale to buyer) Business expenses Capital loss on bonds of domestic corporation held for 6 months P2,000.000 20,000 200,000 120,000 1,100,000 30,000
An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865
Essentials of Federal Income Taxation for Individuals and Business (2021) CHAPTER 14 C CORPORATIONS/ 14 QUESTIONS AND PROBLEMS 19. Charitable Contributions. (Obj. 2) Regal, Inc. reported the following for the year. Gross income includable on the tax return Allowable business deductions, not including charitable contributions Contributions to qualified charitable organizations Dividends received from domestic corporations (30% ownership and included in the $115,000 gross income amount) $115,000 90,000 2,750 2,000 What is Regal's charitable contribution deduction for the current year? a. b. What is the amount of taxable income for the current year? What is Regal's charitable contribution deduction carryover, if any? C.
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a VAT registered taxpayer and Y Company is a non-VAT registered taxpayer, the journal entry of Y Company would include debit Purchases, 11,200.00credit Cash, 10,000.00debIt Purchases, 10,000.00credit VAT payable, 1,200.00
The information for 2019 was disclosed by Mr. Asta, a resident citizen:800,000 pesos is the business's gross revenue. A maximum of P 600,000 in business costs may be deducted (excluding contributions) Contributions to charities: To the government for P 50,000 in urgent activities P60,000 to the government for non-priority public reasons 15,000 P. to the church What is the net income taxable?
Can I have some help with this practice question?
LAB is a PEZA Registered enterprise in the Philippines, taxable period is 2021 Related activities Unrelated activities gross income php 45,000,000 php 15,000,000 expenses 20,000,000 6,000,000 net 25,000,000 9,000,000 Compute for the tax on the income. choices P1,700,000 P2,250,000 P3,000,000 P4,500,000
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Perk Corporation is subject to tax only in State A. Perk generated the following income and deductions. Federal taxable income $300,000State A income tax expense 15,000Refund of State A income tax 3,000Depreciation allowed for Federal tax purposes 200,000 Depreciation allowed for state tax purposes 120,000 Federal taxable income is the starting point in computing State A taxable income. State income taxes are not deductible for State A tax purposes. Determine Perk’s State A taxable income.
Required information Problem 9-73 (LO 9-4) (Algo) [The following information applies to the questions displayed below) Rebecca is a calendar-year taxpayer who operates a business. She made the following business-related expenditures in December of this year. Indicate the amount of these payments that she may deduct this year under both the cash method of accounting and the accrual method of accounting. Note: Leave no answers blank. Enter zero if applicable. Problem 9-73 Part-c (Algo) c. $3,900 for property taxes payable on her factory. Cash method Accrual method Deductible Amount