A taxpayer earned the following incomes (gross amounts) in 2020: (Assume source is Phils unless stated) Dividends from ABC Corp. a domestic corp - Php 1,000,000 Dividends from XYZ Corp. a foreign corp* (dominant income is abroad) - Php 1,000,000 Interest income from long-term investments (6th year) - Php 1,000,000 Interest income from short-term deposits - Php 1,000,000 Raffle Prize (car) - Php 1,000,000 Royalty - Php 1.000.000 *Assuming tax treaty rate is 10% Compute the ordinarv/active income if taxpayer is a domestic corporation: O Php4,000,000 O Php 3,000,000 O Php 6,000,000 O Php 5,000,000

A taxpayer earned the following incomes (gross amounts) in 2020: (Assume source is Phils unless stated) Dividends from ABC Corp. a domestic corp - Php 1,000,000 Dividends from XYZ Corp. a foreign corp* (dominant income is abroad) - Php 1,000,000 Interest income from long-term investments (6th year) - Php 1,000,000 Interest income from short-term deposits - Php 1,000,000 Raffle Prize (car) - Php 1,000,000 Royalty - Php 1.000.000 *Assuming tax treaty rate is 10% Compute the ordinarv/active income if taxpayer is a domestic corporation: O Php4,000,000 O Php 3,000,000 O Php 6,000,000 O Php 5,000,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 12CE

See similar textbooks

Similar questions

GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
16 A taxpayer earned the following incomes (gross amounts) in 2020: (Assume source is Phils unless stated) Dividends from ABC Corp. a domestic corp – Php 1,000,000 Dividends from XYZ Corp. a foreign corp* (dominant income is abroad) – Php 1,000,000 Interest income from long-term investments (6th year) – Php 1,000,000 Interest income from short-term deposits – Php 1,000,000 Raffle Prize (car) – Php 1,000,000 Royalty – Php 1,000,000 *Assuming tax treaty rate is 10% Compute the ordinary/active income if taxpayer is a resident citizen: Group of answer choices Php 3,000,000 Php 2,000,000 Php 6,000,000 Php 1,000,000
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
Thinker Corporation’s income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records: Tax Return Book records Rent income P 120,000 P 70,000 Depreciation 220,000 280,000 Premiums on officer’s life insurance* --- 90,000 *the Corporation is the beneficiary of the insurance policy of the officer. Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?
STAR Corporation, a domestic corporation, had the following data: YEAR GROSS INCOME DEDUCTIONS 2016 Php 1,000,000 Php 1,200,000 2017 2,000,000 1,900,000 2018 3,000,000 2,950,000 2019 1,000,000 1,100,000 2020 980,000 500,000 The taxable income in 2020 is:
Q1.
EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during theyear. To compute the provision for income tax, the following data are provided:• Tax depreciation in excess of financial statement amount - ₱ 36,500• Interest income received - ₱ 80,500• Rent received in advance - ₱ 175,000• Dividend income - ₱ 91,700• Estimated tax payment in the current year - ₱ 65,000• Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300• Tax penalties due to late filing on tax return - ₱ 20,000• Corporate tax rate – 30% Required: 14. What is the total income tax expense for the year?15. What is the net income after tax?
EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during the year. To compute the provision for income tax, the following data are provided: • Tax depreciation in excess of financial statement amount - ₱ 36,500 • Interest income received - ₱ 80,500 • Rent received in advance - ₱ 175,000 • Dividend income - ₱ 91,700 • Estimated tax payment in the current year - ₱ 65,000 • Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300 • Tax penalties due to late filing on tax return - ₱ 20,000 • Corporate tax rate – 30% Required: 11. How much is the taxable income for the year? 12. How much is the current tax expense for the year? 13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position? 14. What is the total income tax expense for the year? 15. What is the net income after tax?
GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000
A domestic corporation has the following data 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 How much is the income tax payable in the 2nd Qtr? PHP 350,000 PHP 29,440 PHP 14,000 PHP 70,000
A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000