Qalvin Corporation, a MSME, reported the following gross income and expensesin 2022:Philippines AbroadGross income P400,000DeductionsP300,000200,000350,000Taxable income P200,000 P150,000 P350,000Compute the income tax due if Qalvin is a Government-owned and ControlledCorporation.Total150,000P700,000

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

Answered: Compute the income tax due if Qalvin is…

Business

Accounting

Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation.

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: Which of the following is tax exempt for a domestic corporation? a. business income derived from…

A: income tax charge on the individual or the corporation. there is rate fixed by the government for…

Q: Account for corporate income taxes; explain the effects of these taxes onbefore-tax profits and…

A: Corporate income taxes are taxes paid by companies on their income

Q: Which of the following would not appear on a statement of changes in fiduciary net position?…

A: Statement of Changes in fiduciary net Position A financial statement that details changes in a…

Q: Which of the following is not tax deductible? Gift tax Local income tax Real estate tax…

A: The objective of the question is to identify which among the given options is not tax deductible.…

Q: For federal income tax purposes, what term refers to the business entity not being a separate entity…

A: A mutual entity is an entity that involves a private company or a public company. The shareholders…

Q: g. A municipal property tax on real estate is O regressive, and the incident is on the consumer if…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: corporations

A: An alternative minimum tax (AMT) is a type of tax that a taxpayer pays .The taxpayer has to pay…

Q: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in…

A: Economic income refers to the income earned by any individual or corporation that may be realized or…

Q: Property taxes are considered: a. imposed tax revenues. b. derived tax revenues. c. voluntary…

A: Lets understand all the options. Imposed tax revenue is a revenue generated by the government based…

Q: Understand the estimate tax payment obligations of corporations.

A: Tax Obligation refers to a taxpayer's legal obligation under the tax code to compute the tax…

Q: How does a benefit corporation’s charter differ from that ofa typical U.S. corporation?

A: Corporate structure that extends directors' fiduciary obligations to incorporate different interests…

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: How is a One Person Corporation different from a Regular Domestic Corporation

A: Regular domestic corporations were very famous because of their limited liability ,…

Q: For flow-though business entities with individual owners, how many times is flow-through entity…

A: Flow Through Entities: It is a legal business entity that passes income on to the owners of the…

Q: Which of the following is not a goal of the tax law? a.Economic goals such as reduction in…

A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…

Q: Property tax revenue recorded in the governmental funds may differ from the amount recorded at the…

A: This question is related to the recording of property tax revenue in governmental funds and whether…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation? Taxation is a not a word it means when an authority i.e respective government ,…

Q: Which of the following accurately describes tax considerations for nonprofit organizations? a)…

A: The question is asking about the tax considerations for nonprofit organizations. Nonprofit…

Q: Explain the informational benefit from required disclosure of tax abatements provided by state and…

A: Statement 77 rules the tax abatement. Tax abatement is generally offered by the government as a…

Q: What is the fiduciary duty (i.e., the primary goal) for mostU.S. corporations?

A: Introduction: A fiduciary obligation is the highest level of treatment, where the one who owes these…

Q: ndholders. areholders. areholders and the federal government.

A: Interest tax sheild is the reduced cost of capital due to the advantages of tax deductions.

Q: Which of the following items is not recognized as revenue by a governmental unit? Group of answer…

A: Revenue refers to the amount collected through sales or services. Revenue can be generated on cash…

Q: A shareholder has a personal service business corporation. What rate of federal tax may be expected…

A: The municipality, state, or country where an individual or corporation resides or conducts business…

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: dentify a CORRECT statement: * Government owned and controlled corporations are tax exempt on…

A: Answer: Government owned and controlled corporations are tax exempt on their income as such. This…

Q: How is Gross Income defined in the Tax Code and what are the implications to individual and business…

A: Hi, since you have asked multiple questions, we are answering the 1st question for you. To get the…

Q: Select the best answer. Which of the following statements is true for an S corporation? OA. Each…

A: S corporations are a popular choice of business entity for small business owners because they…

Q: At the federal level, the single most important tax, accounting for slightly less than half of…

A: The correct answer is:a. personal income tax.Explanation:At the federal level, the personal income…

Q: Which of the following business entities, if any, pay income tax at the business entity level?…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Which, if any, of the following transactions incurred by an S corporation is not a separately stated…

A: S Corporation:- S Corporation is a closely held corporation of United States federal income tax…

Q: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: Rent Income, net of 5% creditable withholding tax 500,000.00 Professional Fees, net of 10%…

A: Any income received by a domestic corporation is treated as a regular/ordinary income and therefore…

Q: What is the difference in the tax treatment of interest anddividends paid by a corporation? Does…

A: Introduction: Usually, dividend is nothing but, sharing a portion of profits of the corporation, as…

Q: How do you identify the similarities and difference between the corporate income tax formula and…

A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…

Q: What is not considered a tax base used by government agencies to collect tax? Federal income taxes…

A: Tax is the amount which is charged by government in lieu of various services provided by government.…

Q: What is the IRS’s requirement for tax reporting regarding the choice of a denominator-level capacity…

A: Denominator-level Capacity Concepts:Denominator-level capacity concept is a term used to depict the…

Q: In your opinion, should “tax arbitrage” be made legal? Discuss and provide examples.

A: Tax arbitrage is the practice of profiting from differences that arise from the ways various types…

Q: The income tax consequences of a business transaction depend on which entity engages in the…

A: Income tax is an indirect tax which is levied on the income earned by an individual, corporation or…

Q: How does the federal income tax system treat dividends receivedby a corporation versus those…

A: Income tax is the portion of income paid to the government or the authorized taxation bodies as the…

Q: Provide a summary of how tax levies may be imposed on C or S Corporations. Provide a rationale for…

A: Tax levies can be imposed on C or S Corporations by the government to collect unpaid taxes or other…

Q: Reproduce the tax formula include for individual taxpayers in good form and briefly describe each…

A: Tax formula for computation of tax liability differs between individuals and corporations. They have…

Q: The costs to start a corporation, including legal fees, promoters’ fees, and payments for a charter,…

A: The legal fee, promoter's fees are the expenses that are incurred by the entity for the payments of…

Q: For federal income tax purposes, the difference between the total income and total expenses reported…

A: Lets understand various terms. Accounting income is a income derived by the reducing total income…

Question

Qalvin Corporation, a MSME, reported the following gross income and expenses
in 2022:
Philippines Abroad
Gross income P400,000
Deductions
P300,000
200,000
350,000
Taxable income P200,000 P150,000 P350,000
Compute the income tax due if Qalvin is a Government-owned and Controlled
Corporation.
Total
150,000
P700,000

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 are the three areas of government that can create tax law? How does each area function?
An S corporation is subject to the following tax(es). a.Corporate income tax. b.Built-in gains tax. c.Alternative minimum tax. d.None of these choices are correct.
Professional tax collected by Treasurers of local government units is an example of: A Income tax B Specific tax C Privilege tax D Direct tax
Which of the following taxes is both an employee and an employer tax?a. federal income tax.b. FUTA.c. local income tax.d. OASDI.
The primary revenue for local government is..... a. Income taxation b. Sales taxation c. Estate taxation d. Property taxation
What is the best definition of an S Corporation? A. Type of nonprofit that is not required to pay certain types of taxes B. Private-public corporation that meets certain requirements for tax exemption C. Type of for-profit business that also has a social mission D. Type of corporation with pass-through taxation on income
What would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivable
What role does a corporation audited financial statements Play in determining it's taxable income?
Which of the following accounts is debited to record the payment of employees' state income tax withholding? a. Employees' State Income Tax Payable b. Employees' State Income Tax Received c. Capital d. Cash
Under the TRAIN LAW: Government owned and controlled corporation performing proprietary functions are subject to tax a such as:a. GSIS b. SSS c. PHIC d. The local water districts e. Philippine Amusement and Gaming Corporation.f. All of the above
Which of the following is the primary basis used to decide materiality for a for-profit entity? * Net sales O Net assets O Net income before tax O all of the above
What is the most common example of tax earmarking at the state level?