ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it is a domestic corporation, Compute for its income tax after tax credit. B. If it is a resident corporation, Compute for its income tax. C. If it is a non-resident corporation, Compute for its income tax.
- ABC corporation provided the following data for calendar year ending December 31,
2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)
Philippines Abroad
Gross income P4, 000, 000 $ 40, 000
Deductions 2, 500, 000 $ 15, 000
Income Tax Paid $ 3, 000
REQUIRED: Compute for the below:
A. If it is a domestic corporation, Compute for its income tax after tax credit.
B. If it is a resident corporation, Compute for its income tax.
C. If it is a non-resident corporation, Compute for its income tax.
D. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax.
E. If it is private educational institution, Compute for its income tax due after tax credit.
F. If it is a non-profit hospital, Compute for its income tax credit.
G. If it is a resident international carrier, Compute for its income tax.
H. If it is a non-resident cinematographic film owner/lessor, Compute for its income tax.
I. If it is a non-resident lessor of vessels, Compute for its income tax.
J. If it is a non-resident lessor of aircrafts, machineries and equipment, Compute for its income tax.
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