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: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 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.

Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…

A: As a Government-owned and Controlled Corporation (GOCC), Qalvin Corporation is subject to a special…

Q: The government started imposing a Digital Services Tax (DST) of six per cent on 1 January 2020 on…

A: There are many implications of Digital Services Tax(DST)  imposed by the Government of 6% from 01,…

Q: A. Using itemized deductions, determine the income tax payable at the end of the year (TRAIN LAW)…

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b.…

A: Answer: Non resident foreign corporations are taxed over income earned from Philippines only. The…

Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Q: Elmo Inc. is a U.S. corporation with a branch office in foreign country Z. During the current year,…

A: A U.S. tax credit known as the foreign tax credit is utilized to offset overseas income tax paid.…

Q: ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50).…

A: Income tax refers to a category of tax that governments charged on income generated by enterprises…

Q: If the nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: A, a VAT Taxpayer, had the following data during the quarter: Export Sales, P3,000,000 Domestic…

A: The value added to goods and services during manufacturing and distribution is taxed using the term…

Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…

A: The income tax is payable on the earned income. The tax rates in Country P are different for the…

Q: Turbo is a U.S. corporation. This year, it earned $5 million before-tax income and paid $175,000…

A: Tax liability is the total amount of tax owed in a given period, by individuals and organizations,…

Q: tan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above…

A: The tax on prizes and winnings is calculated using a flat rate as specified by the tax laws of…

Q: Transcom, an Ohio corporation, earned $700,000 U.S. source income from sales of goods to U.S.…

A: To avoid double taxation, the US Taxation authorities will provide credit on the taxes paid in other…

Q: What is the foreign tax credit X Corp, a US Corp, is able to take on its current year return based…

A: The following calculations are done in the records of X Corporation which is based in the US.

Q: Waco Leather Inc., a U.S. corporation, reported total taxable income of $4.8 million. Taxable incor…

A: Lets understand the basics.The amount of foreign income taxes that the taxpayer has paid or is…

Q: 3. The following table contains metrics as reported in JLR's three primary financial statements.…

A: To proceed with specific calculations, let's break down each adjustment in detail based on general…

Q: U.S. International Corporation (USIC), a U.S. taxpayer, has investments in Foreign Entities A-G.…

A: Tax Liability -Any person, business, or institution's tax burden is the amount they owe the Indian…

Q: Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.

A: The foreign tax credit (FTC) is a tax relief mechanism allowing individuals or businesses to offset…

Q: 4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following…

A: The income tax rate for the domestic companies in Philippines is 30% for the year 2021 on the…

Q: Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of NCIT

A: Optional Standard Deduction (OSD): To determine how much a firm spends, the OSD is a simpler…

Q: Which of the following is liable for the 3% percentage tax under section 116 of the NIRC?

A: Percentage Tax is a form of Sales Tax in Philippines computed on the basis of gross sales, receipts…

Q: ABC corporation provided the following data for calendar year ending December 31,          2021 ($…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: Summer Corporation’s business is international in scope and is subject to income taxes in a foreign…

A: A foreign tax credit is a tax credit which reduces the taxpayer's overall tax liability. This credit…

Q: Which of the following foreign taxes is not a creditable foreign tax for U.S. tax purposes? Multiple…

A: The following foreign taxes is not a creditable foreign tax for U.S Tax purposes: - Value- added tax…

Q: True or False 2. Dividend received from a domestic corparation by a non resident foreign corporation…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: Waco Leather Incorporated, a U.S. corporation, reported total taxable income of $5.05 million.…

A: The amount of foreign income taxes that the taxpayer has paid or is assumed to have paid is equal to…

Q: Spartan Corporation, a U.S. corporation, reported $7.6 million of pretax income from its business…

A: Tax liability is the payment owed by an individual, business, or other entity to the tax department.

Q: Determine the income tax payable of Air Jordan

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Q: Tree Inc. is a branch of Todd Corporation located in Foreignland. The corporate tax rate in…

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Q: S. source income reign source income. xable income $19,000,000 2,890,000 $21,890,000 son paid…

A: The term taxable income refers to any gross income earned that is used to calculate the amount of…

Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…

A: Tax liability refers to the actual amount due to the revenue collection authority by the income…

Q: WJM is a corporation owned by Wenjoy, John Prosper and Mica which was organized in 2015. In the year…

A: Numerous foreign firms and entities conduct business in the Philippines in one manner or another…

Q: Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: Axtell Corporation has the following taxable income: U.S. source income Foreign source income:…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: Philippines - P700,000 Foreign - 400,000 Expenses: Philippines - 380,000 Foreign - 220,000 %3D

A: Answer: The taxes of Philippines tax non resident alien only for the income that is earned in…

Q: How much is the gross selling price?

A: Answer:   VAT Rate 12%       Amount in P Gross sales exclusive of VAT 425000 Sales Return…

Q: If a branch of a foreign corporation (resident foreign corporation) derives net income of…

A: Branch profit tax refers to the tax which is imposed on the branches of the foreign companies in…

Q: Dont uplode any image in answer Telson (Pty) Ltd received income from a foreign source amounting to…

A: A Double Taxation Agreement (DTA) is a treaty between two countries that aims to eliminate the…

Q: The Tax Code provides that an international carrier doing business in the Philippines shall pay a…

A: Taxes: Taxes are the obligations levied on the varied taxpayers every year in respect of their…

Q: Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales,…

A: Taxable net income is the amount of earnings on which tax liability is determined. The taxable…

Q: ue if Sandbox orporation which is an SME domestic prporation reported the allowing aross income

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Q: The UK tax gap in 2021 was £35billion or 5.6% of total tax liability.  • Required: Identify two…

A: Two factors that contribute to the gross UK tax gap are non-compliance and errors. Non-compliance…