If it opts to claim the tax paid abroad as deduction from gross income, compute  for its income tax.

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: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…

A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…

Q: Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils.…

A: The Taxable rate for foreign corporation is @25%. The taxable income is 34,000,000 The Tax…

Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…

A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO 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: A taxpayer calculated federal tax of $25,712 prior to their non-refundable tax credits. The credits…

A: Non-refundable tax credits are such that can be set off from federal tax payable, directly. Excess…

Q: What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT…

A: Self-Employment Tax: Taxes for Social Security and Medicare are combined into a single payment…

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: Note: Apply Philippine Taxation Nicanor registered as a non-VAT taxpayer in 2019 with a capital of…

A: Every person in Philippine is required to take VAT registration if its Gross sales are more than the…

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

A: As a Government-owned and Controlled Corporation, Qalvin Corporation is subject to a flat income tax…

Q: A taxpayer received during the taxable year the following passive income derived from within the…

A: The income is the income earned without the use of time and labor of the taxpayer. Passive income…

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: 1. On each transaction below, determine the tax type whether it is subject to Basic Income Tax…

A: Graduated tax refers to the system of charging taxation in which the individuals with higher income…

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: Listed below are technical tax terms Normal Tax Year Resident Deductible Allowance Non-Resident…

A: Taxable Income is the aggregate of Income chargeable to Tax under each head of Income, i.e., Income…

Q: If the offshore banking unit can claim allowable deduction of P 2,830,000, how much is the offshore…

A: The offshore banking units means the banking units that are the branch of foreign banks approved by…

Q: Assuming EMERALD Corporation is a manufacturer of sardines. EMERALD has the following information in…

A: As per our protocol we provide solution to the one question only but you have asked multiple…

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: If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax.…

A: Taxable income is the portion of a person's or organization's total income that is subject to taxes…

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

A: The word "income tax" refers to a category of tax that governments levy on income generated by…

Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…

A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…

Q: Magdalene made the following computations of her annual financial savings fr employment, her sole…

A: Scenario 1 - In calculation of Taxable Income withholding tax and manadatory deduction to be added…

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

A: A non-resident foreign corporation is one which does not have any presence in the Philippines but…

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: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…

A: Foreign tax credit Along with deduction and exemption, the foreign tax credit is one of the three…

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

A: Since you have posted multiple questions, as per the guidelines only the first question will be…

Q: Assuming all applicable input taxes are to be claimed as credits against output taxes, the VAT…

A: Vat payable is the tax payable which is the indirect tax which is paid to the government, its…

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

A: As per our protocol we provide solution to either one question or first three sub-parts kindly…

Q: Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the…

A: Answer:- A Computation of income tax due if Sandbox is a resident foreign corporation:-  Income tax…

Q: How much is the total gross income subject to regular income tax if a domestic corporation reported…

A: Gross income includes the total income which is subject to tax.  Domestic corporation means the…

Q: .Statement 1: Non-resident individual taxpayer are also subject to 15% final tax on their income…

A: The capital gains tax is related to appreciation in the value of capital assets or gains realized on…

Q: How much is the income tax due assuming the taxable year is 2021? 2. Assuming the corporation is a…

A: A non-resident foreign corporation is the corporation have to pay tax to the Philippines country…

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

A: It is the amount of tax payable to the government by the taxpayer on their taxable income. This tax…

Q: Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the…

A: Taxable income is the income  earned by a person and he\she is liable to pay tax on it. Corporate…

Q: The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up…

A: Income Tax Computation for an income of M125000: Income Tax = (10% x M70000) + (16% x M55000) =…

Q: Dynasty Corp. just completed its third year of operations. It has the following financial…

A: Here discuss about the taxable income and tax due for domestic corporation, Resident foreign…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.