ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3,000,000 25,000 2,000,000 P17,450,000 P30,025,000 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines.

ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3,000,000 25,000 2,000,000 P17,450,000 P30,025,000 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines.

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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ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000
If a branch of a foreign corporation (resident foreign corporation) derives net income of P20,000,000.00 to be remitted to the foreign head office, how much is the branch profits remittance tax? Group of answer choices P1,500,000.00 P2,000,000.00 P3,000,000.00 P2,250,000.00
The following are the revenue items in the Income Statement of a domestic corporation for the year 2021:Interest income from bank deposit, Philippines, P40,000Yield from deposit substitute, Philippines, P80,000Interest income received from a depositary bank under EFCDS, Philippines, P60,000Interest income from bank deposit, USA, P400,000Interest on trade notes receivable, Philippines, P30,000Advance rent for 2 years, Philippines, P600,000Royalties, Philippines, P100,000Royalties, USA, P300,000Dividend received from domestic corporation, P150,000Dividend received from a foreign corporation, P350,000Prizes and winnings, Philippines, P400,000Refund of Philippine value-added tax, P100,000How much is the total final withholding taxes on passive income?
Katya Corporation had the following data in 2022: Gross Income, Philippines P 600,000 500,000 300,000 Gross Income, USA Expenses, Philippines Expenses, USA Interest from time deposit 300,000 10,000 21,000 interest on money market placement, net of tax Compute the income tax due and the final taxes payable if Katya is a: 1. Domestic Corporation 2. Resident Foreign Corporation 3. Nonresident Foreign Corporation
"Easy lang ito" Corporation provided the following data for the calendar year ending December 31, 2012. ($1=P50) (See image) If it is a resident foreign corporation, its income tax is * Philippines P4,000,000 P2,500,000 Abroad $40,000 $15,000 $3,000 Gross Income Deductions Income tax paid a. P730,000 b. P450,000 c. P480,000 d. P525,000
A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000
U.S. International Corporation (USIC), a U.S. taxpayer, has investments in Foreign Entities A-G. Relevant Information for these entities for the current fiscal year appears in the following table: Entity Country % Owned Activity Income before tax ($ millions) Income Tax Rate Dividend Withholding tax Rate Net Amount Received by Parent ($ millions) USIC United States 35.00% Argentina Brazil Canada Hong Kong 100% Liechtenstein 100% A B C D E F G 100% 100% 100% 51% Japan New Zealand 60% Manufacturing $10.00 Manufacturing $1.00 Manufacturing $2.00 Manufacturing $3.00 Investment $2.00 Distribution $3.00 Manufacturing $2.00 $4.00 Banking 35.00% 34.00% 26.00% 16.50% 10.00% 38.00% 28.00% 0% 0% 5% 0% 4% 5% 5% $0.20 $2.50 $1.00 $1.50 S- $0.50 $1.00 Additional Information 1. USIC's $10 million income before tax is derived from the production and sale of products in the United States. 2. Each entity is legally incorporated in its host country other than Entity A, which is registered with the…
Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P700,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government
Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 P5,750,000 P2,750,000 P8,500,000 P6,800,000
Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-resident Foreign Corporation.
ABC Corporation has the following data for the 2019: Gross Income, Philippines P2,500,000 1,000,000 1,500,000 800,000 Expenses, Philippines Gross Income, Japan Expenses, Japan Interest on bank deposits, Philippines How much is the income tax due if ABC Corporation is a foreign corporation with no branch or office in the Philippines? O P756,000 OP664,000 O P660,000 OP450,000 20,000 K