4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P10,200,000 P6,900,000 P8,500,000 P6,800,000
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4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses:
Philippines | Abroad | ||
Gross income | 38, 000, 000 | 14, 000, 000 | 52, 000, 000 |
Deductions | 15, 000, 000 | 3, 000, 000 | 18, 000, 000 |
Taxable Income | 23, 000, 000 | 11, 000, 000 | 34, 000, 000 |
P10,200,000
P6,900,000
P8,500,000
P6,800,000
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- 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 P350.0004. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 P5,750,000 P2,750,000 P8,500,000 P6,800,000
- 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 -franchiseXYZ 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.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…
- 5. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 Compute the income tax due for 2019 if Phils is a domestic corporation: P10,200,000 P6,900,000 P8,500,000 P6,800,000A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Domestic Corporation.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.Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.