Qalvin Corporation, a MSME, reported the following gross income and expensesin 2022: Philippines Abroad TotalGross income P400,000 P300,000 P700,000Deductions 200,000 150,000 350,000Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. (depends if it need the tabel) 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

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

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

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

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

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