s of December 31, 2019, its first year of operations, PNR Co. had taxable temporary differences totaling P3,000,000, of which P1,000,000 relates to current items. PNR Co. also had deductible temporary differences totaling P1,500,000, of which P250,000 relates to current items. Pre-tax financial income for the year was P20,000,000. The income tax rate is 30%. How much should PNR Co. report as income tax payable on December 31, 2019?   5,550,000 5,775,000 6,000,000 6,450,000 answer not given

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A: Tax liability and incomeThe amount of money paid by the government on the income or gains earned by…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: KAY Co. reported net income for the current year 2021 at ₱4,180,000 before taxes. Included in the…

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Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…

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Q: Discord Inc. income tax return shows taxes currently payable for 2020 of $85,000. The company…

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Q: In 2021, the company accrued wages payable $68,000 and will make the payment in 2022.   Taxable…

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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.