For calendar year January to December 2020, A duly accredited private educational institution with valid accrediation reported net taxable income in its 1702 amounting to P1,000,000. If its total assets is less than P100,000, 000, its income tax due in 1702 is a. 32.5k b. 50,000 c. 55,000 d. 10,000
1. For calendar year January to December 2020, A duly accredited private educational institution with valid accrediation reported net taxable income in its 1702 amounting to P1,000,000. If its total assets is less than P100,000, 000, its income tax due in 1702 is
a. 32.5k
b. 50,000
c. 55,000
d. 10,000
2. For calendar year January to December 2020, A private educational institution with no Valid accreditation reported net taxable income in its 1702 amounting to P1,000,000. If its total assets is less than P100,000, 000, its income tax due in 1702 is
a. 250,000
b. 200,000
c. 275,000
d. 225,000
3. For calendar year January to December 2020, A duly accredited private not for profit hospital reported net taxable income in its 1702 amounting to P1,000,000, P550,000 of which are from unrelated businesses. If its total assets is less than P100,000, 000, its income tax due in 1702 is
a. 250,000
b. 200,000
c. 275,000
d. 225,000
4. In the general professional partnership of X and Y, P1,500,000 net income from professional fee after itemized expenses was reported for 2020. Their profit sharing is 2/3 and 1/3 to X and Y respectively.
a. 850,000
b. 636.5k
c. 425,000
d. 450,000
5. In the general professional partnership of X and Y, P1,500,000 net income from professional fee after itemized expenses was reported for 2020. Their profit sharing is 2/3 and 1/3 to X and Y respectively.
a. 850,000
b. 636.5k
c. 425,000
d. 450,000
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