What are the 5 income items generated by domestic and resident foreign corporations which are subject to final tax?
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What are the 5 income items generated by domestic and resident foreign corporations which are subject to final tax?
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- 5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: A.Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? B.Using the same data in the previous question, what is the income tax due if Sandbox is a non-resident foreign corporation? C.Using the same data in the previous question, what is the income tax due if Sandbox is a private proprietary educational institution?Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes presumed paid in the Philippines equivalent to 15%, dividend received from a domestic corporation by a nonresident foreign corporation shall be subject to a final tax of 15%. False or True
- 1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States? Why? 2. Explain the difference between an individual and a company at the time of paying taxes when they file taxes?Which of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchangea. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?
- Aside from the regular corporate income tax, what other tax(es) may be imposed on corporations under the Philippine tax laws? Minimum Corporate Income Tax (MCIT) Final Withholding Income Tax on Final Income Capital Gains Tax All of the above.Which of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and ivWhich statement is true concerning an individual who is a US tax resident and a corporation that is a US tax resident? A. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their Worldwide. B. An individual who is a US tax resident pays US income tax only on US sources income and very limited foreign source income while a corporation that is a US tax resident pays US income tax on its worldwide income. C. An individual who is a US tax resident pays US income tax on his worldwide income while a corporation that is a US tax resident pays US income tax only on US source income and very limited foreign source income. D. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their worldwide. E. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax only on US source income
