Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities.Compute the income tax due assuming Qalvin is a non-profit charitable institution. mora to ortion no Year 2023 Onwards xmboneTaxable incomeTax dueP250,000 and belowAbove P250,000 to P400,000Above P400,000 to P800,000Above P800,000 to P2,000,000Above P2,000,000 to P8,000,000Above P8,000,000None (0%)15% of excess above P250,000P22,500+20% of excess over P400,000P102,500+ 25% of excess over P800,000P402,500+30% of excess over P2,000,000P2,205,500+ 35% of excess over P8,000,000

The payment owed by an individual, business, or other entity to a federal, state or local tax body…

Answered: Qalvin, a large non-profit non-stock…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities.

Compute the income tax due assuming Qalvin is a non-profit charitable institution.

mora to ortion no Year 2023 Onwards xmbone
Taxable income
Tax due
P250,000 and below
Above P250,000 to P400,000
Above P400,000 to P800,000
Above P800,000 to P2,000,000
Above P2,000,000 to P8,000,000
Above P8,000,000
None (0%)
15% of excess above P250,000
P22,500+20% of excess over P400,000
P102,500+ 25% of excess over P800,000
P402,500+30% of excess over P2,000,000
P2,205,500+ 35% of excess over P8,000,000

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