What is the regular corporate income tax if the corporation has a total allowable deduction of Php 1,500,000?  The following are the composition of the total gross income of a domestic corporation which is subject to MCIT in 2021 Sales: net of discounts and allowances php 4,000,000 cost of sale 2,400,000 dividend income 100,000 roylaty income 250,000 gain on sale of building 150,000     P50,000 P75,000 P35,000 P17,500

Q: CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v…

A: The deduction can be taken OSD or itemized deductions. Although the amount of deduction is given so…

Q: Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021.…

A: Tax liability is the total income tax payable by the firm for the income generated during the year.…

Q: YORMS Corp has the following data for the year ended December 31, 2021:…

A: The corporate tax rates apply to gross revenue obtained from sources within the Philippines for…

Q: The corporate tax rates are as follows: Taxable income ($) Tax rate 0- 50,000 15% 50,001- 75,000…

A: Tax rates are taken into account by businesses when choosing where to locate, invest, and grow. A…

Q: The Tacurong Company has the following business income and expenses in year 2020:   Gross Income…

A: An individual or entity's income from holding shares or stocks of a firm that pays dividends is…

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A: Journal entry refers to the process of recording financial transactions in a company's accounting…

Q: Required: Determine the dividend refund for 2022. Would the dividend refund change if Wrap Ltd. was…

A: To determine the dividend refund for 2022, we'll calculate the refundable portion of the Part I tax…

Q: what is the possible tax implication?

A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…

Q: 1. BATO Corp has the following data for the year ended December 31, 2021:…

A: As per our protocol we provide solutions to only one question but as you have asked multiple…

Q: An S corporation earns $4.7 per share before taxes. The corporate tax rate is​ 35%, the personal tax…

A: In S corporation is a type of business format in which the income is directly transferred to the…

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: A corporation pays taxes at the flat rate of 39% and has operating profit of $1 million.  It pays…

A: Taxes collected by government is as under -

Q: prts the following transactions for the 2020 tax year. The trustee accum come from a business…

A: The taxable income refers to the sum value of income gained by an entity that is subject to the…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Net income after taxes = Taxable income - Tax liability

Q: (Philippine domestic corporation) Questions: 1. The income tax due is             2. The…

A: For all the income derived from sources within or outside Philippines…

Q: Refer to the Tax Rate Table below (or Table 2.3 in the book). Corporation Growth has $92000 in…

A: Income tax is charged on the taxable income of the corporation. It can be calculated on the basis of…

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: on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases,…

A: There are taxes on business there are taxes on the profit earned by business and these taxes are…

Q: sing itemized deductions, determine the income tax payable at the end of the year (Train law).

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: During 20X1, Grove Corporation sells products with a two-year warranty and pays $45,000 to service…

A: Prepaid expense: It is the amount of expense that is paid in advance for the future period.

Q: (Philippine domestic corporation) Questions: 1. How much is the income tax payable for 2020?…

A: Philippines corporate tax rate:-  The corporate income tax rate both for domestic and resident…

Q: GIVEN: • Taxpayer: Domestic corporation Tax period: 2021 Description Business gross income Business…

A: Regular taxable income is the income that is taxable as per the regular tax rate that is used to…

Q: The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40…

A: In the context of the given question, we are required to compute the income tax payable in Quarter…

Q: · Easy Problems Corp. produces and sells a single product. The selling price is Php 25.00 and the…

A: Solution Given Selling price per unit 25  Less Variable cost per unit (15)…

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A: Under Tax slab system, the taxable value is divided into several different level and for each level…

Q: The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001…

A: Tge Tax on an income is the amount of charge to be paid to the government calculated as a percentage…

Q: Zeta Corporation reports taxable income of $500,000 on its tax return. Given the following…

A: Corporate Tax and Taxable Income. Corporate Tax is a form of direct tax levied on the net income of…

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A: Given, Gross Income = $365,000 Interest on Municipal bonds = $8,000 Tax credits = $164,000…

Q: 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of…

A: As per our rules, in case of multiple questions we are only allowed to solve the first question if…

Q: Kendrick Inc, a domestic corporation, earned $46,250 interest income on in depositary account in an…

A: Step 1 Interest income from bank deposits or monetary benefit from depository received by a domestic…

Q: Which passive income is subject to regular tax?     Dividend income from resident corporation…

A: Answer: The passive income are those income which are not always regular and there is based on…

Q: The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 - 50,000 15% -…

A: The average tax rate represents the overall tax rate applicable to the taxable income. The average…

Q: 18. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Tax liability is calculated as flat tax rate multiplied by taxable income. Net income after taxes is…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Net income after taxes = $10,625,500

Q: Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

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A: Taxes are the compulsory payment that should be made by the taxpayer.

Q: Suppose that in addition to $17.95 million of taxable income, Texas Taco, Inc., received $2,100,000…

A: The average tax rate represents the overall tax rate applicable to the taxable income. While the…

Q: SAYPI

A: Here the corporate tax is individual income tax slabs and not flat rate on the…

Q: Corporation BBB, a public company, give you the following Financial Information for this year: ($)…

A: Rental Profit: $10,000 Taxable Capital Gains: $30,000 Net Capital Loss Carry Forward: $20,000

Q: 2. The following are the composition of the total gross income of a domestic corporation which is…

A: Minimum Corporation Income tax is the minimum amount of tax payable on the Gross Income of the…

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A: The income  tax slab for indiviudals in Phillipines is as…

Q: is the income tax due if X corporation is a proprietary educational institution

A:

Q: A closely-held corporation, deemed committed unreasonably accumulating its income, shows the…

A: Improperly accumulated earnings tax (IAET) refers to penalty tax imposed on corporate taxpayers in…

Q: ABC Corp operates in the city and would besubjected to the following taxes:   i. Federal corp…

A: Federal Corporation income tax surtax: 26% Normal tax: 22% Income before taxes: $370,000 Tax…

Q: A domestic corporation presented the following information in 2019: REQUIRED: 1. Compute the net…

A: OSD :         It stands for Optional Standard Deduction, means the deductions available to the…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.