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Carol corp is a domestic corporation
| taxable period:2021 | |
| Gross sales | php 2,500,000 |
| other operating income | 200,000 |
| non-operating income | 100,000 |
| cost of sales | 1,000,000 |
| operating expenses | 5,00,000 |
| non operating expenses | 50,000 |
Compute for the 2021 NET TAXABLE INCOME using OSD .show computation
- 1,020,000
- 1,030,000
- 1,080,000
- 1.120,000
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- 1. 1. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of 2021 was $210,000 ( including consideration for the dividends listed below) Marjorie Corporation also had the following information for 2021: Taxable income $350000: federal income tax $119,000 : dividends received ( less than 20% owned domestic corporation $ 100,000 : Cash dividends paid in 2021 $ 40,000: dividends paid January 31 2022 $ 20,000: Consent dividends $ 10,000: Excess charitable contribution $ 16,000. Net capital loss adjustment $ 8000. The Accumulated taxable income for purpose of the Accumulated Earnings Tax for Marjorie’s Corporation for the year of 2021 is 1.$97000 2 $90000 3 $110000 4 $100000 Answer is $97,000 please explain this how 2. Marjorie corporations ”total” reasonable business needs for 2021 was $320,000. Marjorie corporation accumulated earnings and profits ( E & P) at the beginning of…Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018 2019 2020 2021 Gross Income 7,000,000 8,000,000 8,000,000 5,000,000 7,000,000 Deductions 8,000,000 7,500,000 6,000,000 6,000,000 5,900,000 Net (1,000,000) 500,000 2,000,000 (1,000,000) 1,100,000 how much corporate income tax should paid in 2021? A. 275,000 B. 50,000 C. 25,000 D. 20,000 E. ZeroCalculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax??? b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax??? c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???
- Taxpayer: Domestic Corporation engaged in retail business Taxable year: 8th year of operation Taxable period data: Item IN Sales 2,500,000 Cost of sales 1,000,000 Allowable deductions excluding NOLCO 1,350,000 NOLCO 100,000 Total assets excluding land on which the business plant/equipment/office is located 10,000,000 Assuming corporation uses itemized deductions, how much is the net taxable income? How much is the regular corporate income tax? How much income tax should the corporation pay for the taxable year?PHILIPPINES -Mary Company’s pretax accounting income is $66,000 and has the following information: Compensation expense for incentive stock options is $19,000. Interest on municipal bonds is $11,000. Unrealized gain on AFS securities is $1500. Taxable income is $66,000 + $11,000 + $19,000 - $1500. $66,000 + $11,000 - $19,000 + $1500. $66,000 - $11,000 + $19,000. $66,000 - $11,000 - $19,000 .
- Assume that it is a domestic corporation using itemized deduction, compute the net taxable incomeDanube Corporation operates a theatrical costume shop. Taxable income for the current year is $1,000,000. What is Danube's income tax liability? Oa. $0 Ob. $210,000 Oc. $370,000 Od. $390,000 Previclis NextEdmonton corp. is Canadian Controlled Private Corp. It has Dec 31 year-end. The following information relates to its 2020 Taxation y Taxable income amount of $135,000 Non-eligible dividend paid to shareholders during the year of 2020, amount of $40,000; Dividend refund for 2019 amount of $23,700 (from non-eligible) Non-eligible dividend received from Canadian corporations $30,000 Non-eligible Refundable Dividend Tax on Hand balance at Dec 31, 2019 balance of $3,920 Aggregate Investment Income amount of $27,000 Amount eligible for small business deduction $105,000 (tax reduction SBD 19,950) Part I tax payable $56,000 Based on the above, what is the balance of non-eligible Refundable Dividend Tax On Hand (RDTOH) at Dec 31, 20207
- Sh4Merit is a Company that operates in the Retail business and has a 30 June 2021 year end. The Books of Merit private limited are as follows:Statement of Profit or loss and other comprehensive income as at 30 June 2021RSales1 500 000Cost of Sales(750 000)Gross Profit750 000Office expenses (Including interest on debentures)(125 000)Selling expenses(125 000)Profit before Tax500 000Tax(250 000)Net Profit250 000Statement of Financial Position as at 30 June 2021RAssetsFixed Assets5 500 000Inventory175 000Trade Receivables350 000Bills Receivables50 000Cash225 000Intangible Assets100 000Total Assets6 400 000Equity and LiabilitiesShare Capital2 000 00010% Preference shares2 000 000Retained Earnings1 100 00010% Debentures1 000 000Trade Payables100 000Bank Overdraft150 0006Bills Payables45 000Outstanding Expenses5 000Total Equity and Liabilities6 400 000 Additional Information1. Opening Inventory was R 325 0002. A year has 360 days RequiredCalculate the following ratios, Answer ALL questions.…The pretax financial income of Truttman Company differs from its taxable income throughout each of 4 years as follows. Pretax Year Financial Income 2020 2021 2022 2023 $290,000 320,000 350,000 420,000 Taxable Income $180,000 225,000 260,000 560,000 Show Transcribed Text Pretax financial income for each year includes a nondeductible expense of $30,000 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. 0 Prepare the income statement for 2021, beginning with income before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 0 O Tax Rate 35 % 20 % 20 % 20 % 0 Truttman Company Income Statement (Partial) O C S 000 G SUPPORT
