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2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.

2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.

FINANCIAL ACCOUNTING
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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2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.
Transcribed Image Text:2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.
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