A domestic corporation has the following dataExcess tax credits from 2022 PHP 150,000For the year 2023: 1st QTR2nd QTRIncome, net of 1% EWT PHP 4,950,000PHP 7,920,000Deductions PHP 4,600,000PHP 7,000,000 How much is the income tax payable in the 2nd Qtr?PHP 350,000PHP 29,440PHP 14,000PHP 70,000

To find the income tax payable in the 2nd Qtr of 2023, we need to compute the taxable…

Answered: A domestic corporation has the…

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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Magdalene made the following computations of her annual financial savings from employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses Net savings for 2020 P 321,000 A P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 c. P 380,000 b. P 321,000 d. P 392,000 lead stilldeleb of strump)
Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Gross income Deductions Taxable income Philippines Abroad P400,000 200,000 P 200.000 P300,000 150,000 P150,000 Total P700,000 350,000 P350,000
A corporation which started in 2016 reported the following date in 2020: Total gross income 3,000,000 Regular allowable deductions 1,600,000 Special allowance deductions 400,000 How much is the income tax due?
What is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000 P50,000 P25,000
The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700? 15% 25% 34% 39%
How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000
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Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 Deductions P300,000 200,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. Total 150,000 P700,000
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. Zero
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How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
a. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?

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Excess tax credits from 2022		PHP 150,000
For the year 2023:	1st QTR	2nd QTR
Income, net of 1% EWT	PHP 4,950,000	PHP 7,920,000
Deductions		PHP 4,600,000	PHP 7,000,000