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 Non-profit Entity.
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 Non-profit Entity.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 20P
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Question
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 Non-profit Entity.
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