What is the income tax due if X corporation is a regular domestic corporation? P75,000P60,000P50,000P25,000 X corporation, a corporation withP120,000,000 in total assets,reported the following for the year2021:A ELEVGross incomeRelatedUnrelatedTotalP300,000100,000P200,000P200,000100,000P 100,000P500,000200,000P300,000DeductionsTaxable Income

Domestic corporation are subjected to corporate tax rate and also depending on assets held by them…

Answered: at is the income tax due if X…

Business

Accounting

at is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000 P50,000 P25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The tax rates are as shown below: Taxable Income Tax Rate 15% $0 - 50,000 50,00175,000 25% 75,001…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: Requirements a. What is Sigma Corporation's income tax liability assuming its taxable income is (a)…

A: Income tax liability is the amount of tax that an individual or entity owes to the government based…

Q: In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income…

A: Federal Income Tax -The federal government is responsible for collecting federal income taxes,…

Q: The tax rates for a particular year are shown below: Taxable Income $0-50,000 Tax Rate 15 % - 50,001…

A: Solution:Average tax rate refers to the percentage of total taxes paid to the total taxable…

Q: The corporate tax rates are as follows: Taxable income ($) Tax rate 0- 50,000 15% 50,001- 75,000…

A: Tax rates are taken into account by businesses when choosing where to locate, invest, and grow. A…

Q: Assume that dividends are taxed at your marginal tax rate of 38% while capital gains are taxed at…

A: The portion of the earnings per share that is given to the shareholder is termed as the dividend.

Q: of an individual taxpayer for the current taxable period: s sales of sales discounts granted (for…

A: Standard deduction from Taxable Income: It is the amount which deducted from the taxable income of…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Tax liability = Taxable income x Tax rate

Q: Given the information below, what is the marginal tax rate if a firm has taxable income of $160,000?…

A: Calculation: Formula snip:

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Net income after taxes = Taxable income - Tax liability

Q: which has the highest marginal tax rate, an individual or a C corporation?

A: The marginal tax rate represents the percentage of tax applied to an individual's or entity's next…

Q: Refer to the Tax Rate Table below (or Table 2.3 in the book). Corporation Growth has $92000 in…

A: Income tax is charged on the taxable income of the corporation. It can be calculated on the basis of…

Q: (Philippine domestic corporation) Questions: 1. How much is the income tax payable for 2020?…

A: Philippines corporate tax rate:- The corporate income tax rate both for domestic and resident…

Q: Given this tax table, what is the average tax rate for a firm with taxable income of $160,000?…

A: Under Tax slab system, the taxable value is divided into several different level and for each level…

Q: The total tax on an income of $256,600 is: Select one: a. $96,194 b. $113,900 c. $112,944 d.…

A: First 50,000 will taxed at 15%, Next 25,000 will taxed at 25%, Next 25,000 will be taxed at 34% and…

Q: The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001…

A: Tge Tax on an income is the amount of charge to be paid to the government calculated as a percentage…

Q: 11. An investor received $100 in capital gains and $100 in dividends from a taxable Canadian…

A: Investor received Capital gains = $100 Dividends from taxable Canadian corporation = $100 Federal…

Q: Which passive income is subject to regular tax? Dividend income from resident corporation…

A: Answer: The passive income are those income which are not always regular and there is based on…

Q: 18. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Tax liability is calculated as flat tax rate multiplied by taxable income. Net income after taxes is…

Q: c. P60,000

A: Computation of Total amount of tax payable for the year 2022 2020 2021 2022 Regular Corporate…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Net income after taxes = $10,625,500

Q: FIT (Federal Income Tax) is tax paid from your income to the national level of government. Your…

A: Tax is a payment made to the government by a taxpayer for the government or social resources used by…

Q: Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with…

A: The government of a nation can charge income tax based on regressive method, proportional method and…

Q: soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and…

A: The question is based on the concept of Financial Accounting.

Q: 3. Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022…

Q: Source of income Taxable income before any foreign income…

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

Q: MYRRH Company reported #9,000,000 income before provision for income tax. The following data are…

A: Taxable income = Income before tax + Rent received in advance - Interest income from depository…

Q: For the year ended December 31, 2021, THREE Company reported pre-tax financial income of P7,500,000.…

A: Deductible Temporary difference = Pretax financial income - Taxable income = 7500000-6500000 =…

Q: This dividend is subject to normal income tax

A: We know that dividend received till 31st March 2020 was exempt because company pay off dividend…

Q: (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $319,000. Calculate…

A: Tax liability refers to an amount that is being charged on the income of an individual or…

Q: Which of the following dividend income is tax exempt? Dividend income received from

A: As per BIR, Dividend received by domestic or resident foreign corporation from another domestic…

Q: The tax rates are as shown below: Taxable Income Tax Rate $ 0 - 50,000 15 % 50,001 - 75,000 25 %…

A: The objective of this question is to calculate the additional tax that will be owed if the taxable…

Q: The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001…

A: Tax liability is the amount of tax that an entity has to pay to the taxation authorities or the…

Q: The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000…

A: Tax liability refers to an amount that is paid to the government by an individual, corporation, etc…

Q: The tax rates for a particular year are shown below: Taxable Income $0-50,000 50,00175,000 75,001…

A: The average tax rate is the percentage of total taxable income that is paid in taxes. The average…

Q: ow much is the income tax payable assuming the taxable year is 2021? a. 330,000

A: Income Tax : It is the amount of income which levied by the Government of the state on the income…

Q: Data of an individual taxpayer for the current taxable period: Gross sales Cost of sales Sales…

A: In the context of the given question, we are required to compute the net taxable income using the…

Q: Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000…

A: Income tax refers to the form of tax which is imposed by the governments on the income generated by…

Q: what is the income tax due if Sandbox is a private proprietary educational institution? P7,000…

A: Income Tax: - Income Tax is the tax charged by the government on the income earned by a Company or…

Q: In step 2 how did you get the excess income tax of 19,520.00?

A: Excess income tax is the amount of income tax which has been previously paid in excess if the…

Q: 1 Calculate the Tax implications if the company has earnings before taxes of $ 350,000.00 Both if…

A: The objective of this question is to calculate the tax implications for a company with earnings…

Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

What is the income tax due if X corporation is a regular domestic corporation?

P75,000

P60,000

P50,000

P25,000

X corporation, a corporation with
P120,000,000 in total assets,
reported the following for the year
2021:
A ELEV
Gross income
Related
Unrelated
Total
P300,000
100,000
P200,000
P200,000
100,000
P 100,000
P500,000
200,000
P300,000
Deductions
Taxable Income

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is the minimum corporate income tax rate? Group of answer choices 2% 5% 2 1/2 % 1 1/2%
Item 2 The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $129,513?
The taxable income for Company X is $65,000.00. The Corporate Tax Rate Table is listed below. RATES INCOME LEVELS 15% 0-50,000 25% 50,001 – 75,000 34% 75,001 – 100,000 What is company X's average tax rate?
25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Таxable Tax Net Income Name Income Liability after Taxes Corporation 3 $13,450,000 $ $
For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00
Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign corporation 40,000 Dividends received from a non-resident foreign corp 30,000 • The domestic corporation is doing 40% of its business outside the Philippines. • The resident foreign corporation has been doing 60% of its business in the Philippines. • The taxpayer is a resident citizen How much dividend income is taxable? . How much is the final tax on his dividend income? Assuming taxpayer is domestic corporation, how much dividend income is taxable?
With the same data given above, what is the income tax due if X corporation is a proprietary educational institution? P75,000 P1,000 P3,000 P2,000
1. Which of the following nominal rates does not apply to a C corporation? a. 10% b. 15% c. 25% d. 35% 2. Which of the following is never included in gross income? a. Loss on stock sale b. Social security benefits c. Gifts d.Unemployment benefits 3. What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000 4. Azure Corporation (a C corporation) sold $100,000 of merchandise for which it paid $40,000. It also paid $35,000 of other expenses. All transactions were in cash. What is Azure’s Corporation’s after-tax net cash inflow? a. $21,250 b. $25,000 c. $60,000 d. $100,000 5. Koral Corporation can invest in a project that costs $400,000. The projectisexpectedtohaveanafter-taxreturnof$250,000ineachof years 1 and 2. Koral normally uses a 10 percent discount rate to…
BOM21 B BACD002 BOM1 10:30AM 12:00NN TUESDAY & FRIDAY EA#9 Tax on Corporation: Problem Solving FnB Question 24 of 43 Fill in the blanks The books of a corporation show the following for the taxable year 2019 Gross income Deductions Philippines P400,000 P200,000 United States of America 300,000 100,000 Singapore 200,000 150,000 Malaysia 100,000 50,000 The corporation paid tax on net income of P70,000 in the US, P19,000 in Singapore and P15,000 in Malaysia The tax still due assuming that the corporation is Domestic Corporation is NOTE: Answers are in numerical form COMMA, PESO SIGN, and other characters are NOT REQUIRED < Previous 4 Shot on OnePlus Powered by Triple Camera O (foreign income taxes are claimed as tax credit) W 1741 327c
Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax? A. P690,000 B. P540,000 C. P530,000 D. P500,000
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
58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D. some other answer