php 2,
Q: Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018…
A: SOLUTION GROSS INCOME 7000000 LESS DEDUCTION (6000000) TAXABLE INCOME (A) 1000000…
Q: AMCD Corporation, a manufacturer, has gross sales of P250,000,000.00 for calendar year 2021, it's…
A: Minimum Corporate income tax It is charged on corporation who have normal income tax that is lesser…
Q: XYZ Corporation has accounting income for the year ending October 31 of $ 174795. Included in this…
A: Dividend received from Canadian subsidiary is not eligible for tax withholding. Therefore, dividend…
Q: The refundable amount of Part I tax for the current year ending December 31 is:
A: Our guideline is the solve one question only but you have asked two questions under a single…
Q: Requirements a. What is Sigma Corporation's income tax liability assuming its taxable income is (a)…
A: Income tax liability is the amount of tax that an individual or entity owes to the government based…
Q: Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: FACTS / DATA / GIVEN: . Тахрауer: 1t year of operation: Taxable period: Domestic Corporation (SME)…
A: solution concept when there is a loss in the preceding year the loss can be carried forward to the…
Q: Problem 13-18 (LO. 2) Penguin Corporation (a cash basis, calendar year taxpayer) recorded the…
A: a)Gross income: $440,000Less: operating expenses: $81,432Taxable income before dividends received…
Q: Taxpayer: Domestic Corporation Taxable period data: Item IN OUT Gross income from…
A: Tax is the charges levied by the central and state government on the net income, sale or capital…
Q: A distribution of money is made from an S corporation to its sole shareholder. Determine the tax…
A: Distribution of $50,000:The entire distribution of $50,000 is treated as a non-taxable return of…
Q: Instructions Jefferson Corporation reported the following pretax and taxable income items from 2020:…
A: A "discontinued division" is a division or business unit that a company has decided to end or stop…
Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…
A: Formula: Tax liability = Taxable income x Tax rate
Q: XY is a domestic corporation. The corporation started operating year 2017. The taxable period is…
A:
Q: Corporations face the following tax schedule: Taxable Income Tax on Base of Bracket…
A: Step 1: Introduction to Corporate Income Tax:The corporate income tax refers to the government's…
Q: axpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating…
A: SOLUTION- EXPLANATION- GROSS SALES 2700000 OTHER OPERATING INCOME 250000 NON…
Q: XY is a domestic corporation. The corporation started operating year 2017. The taxable period is…
A: Tax is a charge which is charged to the corporation on the taxable income earned during the year.…
Q: Calculate Rainbow Companies Part I Federal Tax for 2020 given the following additional information:
A: Net income for tax purpose = $407,500 Net income for business purpose = $365,000
Q: Click here to access tax table for this problem. Carryout the tax computations to two decimal places…
A: Taxable income refers to an amount to be charged on the revenue earned by the company after…
Q: -Rays was organized in January 2019 as a corporation in the jurisdiction of Puerto Rico. During…
A: Christopher Columbus named the island San Juan Bautista after John the Baptist. The first settlement…
Q: A corporation has the following taxable income in its first 5 years of operations: Tax year Taxable…
A:
Q: 150,000 (150,000) 133,000 133, 000 1,000 1, (32, (5,000) 120,000 (120, 000) (6 270,000 30,000 (27,…
A: Shareholders refer to the entities or an individual who buys some shares in a company and is…
Q: is $2,500,000 ($1,900,000). Compute the company's current income tax expense or benefit. Note: Leave…
A: The deferred tax liability is created when the taxes to be paid as per income tax are greater than…
Q: 30,000. Use Exhibit 16-6. Gross profit from inventory sales of $310,000 (no book–tax differences).…
A: Taxable income refers to the concept of determining the desired sum of tax an entity needs to pay to…
Q: In its 20X1 income statement, what amount should Kent report as the deferred portion of income tax…
A: The income tax expense is the charge against the net taxable income of the taxpayer. The income…
Q: If a Corporation's Taxable Income Is Up to $50,000 $50,000-$75,000 $75,000-$100,000…
A: The income tax liability is computed based on the taxable income and tax rate as applicable for the…
Q: c. P60,000
A: Computation of Total amount of tax payable for the year 2022 2020 2021 2022 Regular Corporate…
Q: Tiepare vVITgm E18-18 Calculating Intraperiod Income Taxes EyeBeam Corporation reports the following…
A:
Q: Blue Jay Corporation has ordinary income from operations of $60,000, net long-term capital gain of…
A: Net Capital Gain: First, we need to consider both long-term and short-term capital gains and losses.…
Q: P 800,000 40,000 Equipment (net) Estimated warranty liability JCCI estimates that the warranty…
A: Tax is imposed as percentage of taxable income. Here tax rate 30% Taxable income =800000
Q: Assume Banahaw Transport, not VAT-registered, has the following gross receipts for the month of…
A: The answer is stated below:
Q: Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…
A: The amount of taxes that an individual or business owes is generally determined by the government…
Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation:…
A: To calculate the New Jersey state tax liability for ABC Corporation, we need to follow these…
Q: me me Tax Liability Paid Interest Income
A: The answer has been mentioned below.
Q: XY is a domestic corporation in the philippines. The corporation started operating year 2017. The…
A: CIT termed as Corporate income tax which is imposed through the state as well as federal governments…
Q: Y is a domestic corporation in the philippines. The corporation started operating year 2017. The…
A: Income tax refers to the tax levied on the income or profit gained by an individual or an entity in…
Q: has 15% ownership of a and adopts the fair value method in it's recognition for this investment. the…
A: Lets understand the basics. Fair value method is also known as cost method. This method generally…
Q: Nn.169. Subject : - Accounting
A: Introduction: An income statement representation that describes the income and expenses of an…
Q: The John and John Corporation has ordinary income of $250,000 for 2021, including dividends of…
A: Under USA Taxation rules, if the corporates are receiving any dividend from the other body…
Q: Alpesh
A: The income generated by a taxpayer from sources other than employment income or contractual income…
Q: The Parent consolidated group reports the following results for the tax year. Entity Income or Loss…
A: Consolidated taxable income means the amount of income which is being taxable in the hands of both…
Q: X4, lowers had a pre-tax loss of $630,000. ngs of each year is equal to taxable income. ncome tax…
A: To calculate the balances in the deferred income tax related accounts for Towers Corporation for…
Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal…
A: The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…
Q: The Parent consolidated group reports the following results for the tax year. Entity Income or Loss…
A: Consolidated Tax - It is return filed by the corporate of their group of companies with the income…
Q: XY is a domestic corporation. The corporation started operating year 2017. The taxable period is…
A: According to Income Tax Act, 1961
Q: receipts from services 75,000 dividend income 5000 interest from municipal bonds…
A: The assessment of taxable income includes identification of type of taxpayer and its business. In…
Q: Champ received a $27,600 distribution from NeatCo, a U.S. C corporation. NeatCo’s earnings and…
A: Taxable income is the amount of income that is used to calculate an individual's or a company's…
Carol corp is a domestic corporation
taxable period:2021 | |
Gross sales | php 2,500,000 |
other operating income | 200,000 |
non-operating income | 100,000 |
cost of sales | 1,000,000 |
operating expenses | 5,00,000 |
non operating expenses | 50,000 |
Compute for the 2021 NET TAXABLE INCOME using OSD .show computation
- 1,020,000
- 1,030,000
- 1,080,000
- 1.120,000
Step by step
Solved in 2 steps with 2 images
- 1. 1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings Tax for Marjorie’s Corporation for the year of 2021 is 1.$97000 2 $90000 3 $110000 4 $100000 Answer is $97,000 please explain this how 2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of…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. ZeroCalculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax??? b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax??? c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???
- Taxpayer: Domestic Corporation engaged in retail business Taxable year: 8th year of operation Taxable period data: Item IN Sales 2,500,000 Cost of sales 1,000,000 Allowable deductions excluding NOLCO 1,350,000 NOLCO 100,000 Total assets excluding land on which the business plant/equipment/office is located 10,000,000 Assuming corporation uses itemized deductions, how much is the net taxable income? How much is the regular corporate income tax? How much income tax should the corporation pay for the taxable year?PHILIPPINES -Mary Company’s pretax accounting income is $66,000 and has the following information: Compensation expense for incentive stock options is $19,000. Interest on municipal bonds is $11,000. Unrealized gain on AFS securities is $1500. Taxable income is $66,000 + $11,000 + $19,000 - $1500. $66,000 + $11,000 - $19,000 + $1500. $66,000 - $11,000 + $19,000. $66,000 - $11,000 - $19,000 .
- Assume that it is a domestic corporation using itemized deduction, compute the net taxable incomeDanube Corporation operates a theatrical costume shop. Taxable income for the current year is $1,000,000. What is Danube's income tax liability? Oa. $0 Ob. $210,000 Oc. $370,000 Od. $390,000 Previclis NextEdmonton corp. is Canadian Controlled Private Corp. It has Dec 31 year-end. The following information relates to its 2020 Taxation y Taxable income amount of $135,000 Non-eligible dividend paid to shareholders during the year of 2020, amount of $40,000; Dividend refund for 2019 amount of $23,700 (from non-eligible) Non-eligible dividend received from Canadian corporations $30,000 Non-eligible Refundable Dividend Tax on Hand balance at Dec 31, 2019 balance of $3,920 Aggregate Investment Income amount of $27,000 Amount eligible for small business deduction $105,000 (tax reduction SBD 19,950) Part I tax payable $56,000 Based on the above, what is the balance of non-eligible Refundable Dividend Tax On Hand (RDTOH) at Dec 31, 20207
- Sh4Merit is a Company that operates in the Retail business and has a 30 June 2021 year end. The Books of Merit private limited are as follows:Statement of Profit or loss and other comprehensive income as at 30 June 2021RSales1 500 000Cost of Sales(750 000)Gross Profit750 000Office expenses (Including interest on debentures)(125 000)Selling expenses(125 000)Profit before Tax500 000Tax(250 000)Net Profit250 000Statement of Financial Position as at 30 June 2021RAssetsFixed Assets5 500 000Inventory175 000Trade Receivables350 000Bills Receivables50 000Cash225 000Intangible Assets100 000Total Assets6 400 000Equity and LiabilitiesShare Capital2 000 00010% Preference shares2 000 000Retained Earnings1 100 00010% Debentures1 000 000Trade Payables100 000Bank Overdraft150 0006Bills Payables45 000Outstanding Expenses5 000Total Equity and Liabilities6 400 000 Additional Information1. Opening Inventory was R 325 0002. A year has 360 days RequiredCalculate the following ratios, Answer ALL questions.…The pretax financial income of Truttman Company differs from its taxable income throughout each of 4 years as follows. Pretax Year Financial Income 2020 2021 2022 2023 $290,000 320,000 350,000 420,000 Taxable Income $180,000 225,000 260,000 560,000 Show Transcribed Text Pretax financial income for each year includes a nondeductible expense of $30,000 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. 0 Prepare the income statement for 2021, beginning with income before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 0 O Tax Rate 35 % 20 % 20 % 20 % 0 Truttman Company Income Statement (Partial) O C S 000 G SUPPORT